What is Bitcoin?
Bitcoin has been a great topic of discussion among young college students, investors, finance professionals, bloggers. People often call it by different names. Some call it as Digital Gold, Scam, Bubble, Ponzi Scheme and more. Today we are going to dive into the fundamentals of what is Bitcoin and I will share my own experience with it.
Bitcoin essentially has 2 components, the token and the protocol/code, that powers the token. It was founded back in 2009, just after the Global Financial Crisis by an anonymous inventor, Satoshi Nakamoto. It was called as a Peer to Peer Electronic Cash in the White Paper.
Bitcoin essentially is a medium of Exchange, the total supply is restricted to 21 million and so far we have mined more than 18 million of BTC. The last one would be mined in the year 2140.
Not any single person or any authority has a complete control over Bitcoin. It uses Cryptography for supply, issuance and verification of Transactions. Hence, it’s called as a cryptocurrency. On a protocol level, it’s a distributed network of computers that maintain a record of each single transaction every conducted on Bitcoin.
You might wonder how you can buy a Bitcoin. It’s really easy to get hands on a portion of it. Unlike Gold, Bitcoin is highly divisible which means you can get a really small portion of it called as Satoshi. In India, we have different platforms offering what we call as buying options for Bitcoin. You can go to any of these to buy a part of Bitcoin.
Personally, I would recommend using WazirX, it’s one of the safest and most secure way of buying Bitcoin in India. I have been using their app for almost 2 years now and I have faced no issues so far. They have one of the best in class customer support and if you ever face any problem, it will probably get resolved by their team. You can find the signup link on our blog page (http://t4techblog.com/decentralised-projects/).