We all come across the term Bitcoin. Do you ever wonder how does even works and what is it?

                 We know that it is a digital form of money that gets stored in our wallets when we buy it. But what exactly it is? So, a bitcoin is nothing but a computer file that is stored in the digital wallets app on a smartphone or computer. 

                 It is a digital currency without any central banks or single administrator, that can be sent from person to person without the need of intermediate. That is, we can individually buy or sell bitcoin.

                Bitcoin is one of the cryptocurrencies. In simple words, as of now, we've different forms of currencies across the world. Like Dolar, Rupee, Euro, Pound… We also have different forms of cryptocurrency. Like Dogecoin, Ethereum…. 

How does Bitcoin work?

               → Bitcoin is the 1st and biggest decentralized cryptocurrency which means we can buy or sell for dollars, rupees, and more through online without any intermediates like banks. Sending bitcoin is as simple as sending an email. 

               → Bitcoins are generated by a process called mining. Those miners process the transactions and secure the bitcoin network and they are collecting the new bitcoins in exchange.

Advantages:

• It minimizes the transaction fees for businesses.
• Easy to set up.
• There are no chargebacks.
• You get additional business for the bitcoin economy.
• We can buy anything using Bitcoin.

Disadvantages:

• Cryptocurrencies are highly volatile(i.e. keep changing), a recent example being the massive swings in the values of Bitcoin and Dogecoin.
• Another problem is the increasing energy use associated with cryptocurrencies.
• Bitcoin production is estimated to generate between 22 and 22.9 million metric tons of Carbon Dioxide emission a year.
• Bitcoin has a high-risk investment in terms of its practical application.

Is Bitcoin legal in India?

              Cryptocurrencies are not illegal in India. However, many countries, including India have allowed the treatment of cryptocurrencies as commodities, resulting in a rising tide of investment in them. 

              After its introduction in 2009, Bitcoin saw its biggest gain in value last year, having started 2020 at $7200 per coin and touching $65,000 in April of 2021, before falling to $30,000 in May. 

The current value of a Bitcoin with respect to Indian Rupee is 28,06,294.79

Is this network is safe for investment?

               The answer is yes, in the case of not hacking our money. Because it is developed using Blockchain technology. So, where is the risk factor? The massive swings in the values of Bitcoin are the risk factor. 

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                                             I hope it' informative😄