How currency that came in 2009 today is valued at 10 lakh Why government is against bitcoin What’s the benefit of gov? Whether Gov faces loss because of it or can you earn money via bitcoin. Today bitcoin covered 12k , 17k Whether you can earn money from bitcoin? today we’ll talk about this.
WHAT IS BITCOIN
Suppose the note in my pocket 10rs, 50rs, 100rs Same kind of note is in my computer which is called bitcoin cryptocurrency This currency can not be seen but could be heard, I am kiddigng It’s a currency that we can not feel, it can seen in the technology that currency rate is this etc WE can transfer this like a normal currency If i buy vegetables.
I can not offer them bitcoin in return, This is the limitation of bitcoin It’s only used in the market of bitcoin. If you need bitcoin, it’s rate is 100rs If you give me 100rs, i offer you 100 bitcoins.
But if there is a shopkeeper who doesn’t need bitcoin. If i give him bitcoin, he won’t takee I won’t dive deep into this.
BUSINESS MODEL OF BITCOIN
Let’s get to the point, launched in jan 2009 One company made this with this rule that if a person transfers a bitcoin There’ll be a person who verifies it. and that person will get commission and this is called mininig.
so those who made bitcoin They transfered it to the other person and he gets 50 bitcoin as a reward Now those 50 bitcoins are in the market If that 50 bitcoins are transferred further, middle person will get commission So this is all about bitcoin and it’s increasing.
In starting, those 50$ are converted into thousands and they’ll reah 21 million just like our normal currency We ban certain notes BUt here it’s fixed Suppose gov prints new notes of 1000 rs and our currency is diluted.
But bitcoin is fixed 21 million This is the main benefit of bitcoin. It’s price will always increase It can decrease too if demands decreases more the demand, more the price So because of news about bitcoin People are buying bitcoin and it’s demand is increasing, prices are increasing too .
19 july 2010, it’s rate was 0.06 USD which is around 4 rs. and today it’s worth 10 lakh means In just some years, It’s increased the price by 2.5 lakh times. If i was aware of this at that time I should have bought bitcoin too But bitcoin is illegal because no regulatory body No one is regulating this.
Normally if something happens with your money, then RBI is there to help BUt money gets stolen, You can file a complaint. But in case of bitcoin, no one is responsible for this.
Now bitcoin has both cons as well as pros In normal trading, you can not generated this level of trading the amount we receive in bitcoin But if it gets stolen You forget the password of your wallet or anything.
then no one is responsible I saw a news that bitcoin reached $17k So Do i need to pay 17k to buy one bitcon? to make it easy .
They created a term called satoshi it’s the lowest form of bitcoin Just like 1 rs coin. In the past, 1 paise was the lowest same is in the bitcoin and it’s worth 10 crore Means 1 bitcoin contains 10 crore satoshi.
People who are buying bitcoins today are in the form of satoshi it’s very costly to buy it in terms of bitcoins.
You can buy it, if you want One more thing i want to clear that if i buy today, i can sell it tomorrow. and can earn money Let me tell you the chart.
Lowest price of one-day was 14300rs and the highest price – 17105rs. This much difference in just one day In bitcoin, it’s the biggest volatile market. It’ll increase Possibility of profit and loss is same. so don’t be so sure about profit.
$10K to $15k to $5k first of all, it is illegal If something happens, your money is gone and let me tell you one thing why gov is against it Because Where black money will go? If it is converted into bitcoins then that won’t be tracked and it can be used.
If they bought it today, even after 10 years, 1000 years, money will be there and is multiplied. so that’s why RBI is against it. and do not trade Suppose i am a corrupt politician I invested all my money in bitcoins.
Now demand is increasing. Whenever i want to encash my bitcoins. then i can only sold it in india only It’s a very big game.
This hasn’t happened so far. And the most stable currency is of japan And our currency is stable too right. 65rs, 70rs I am kidding this was all about the story of bitcoin I hope you understood their business model what is happening in the world of bitcoin.