What Is Bitcoin? 💰#01


Hello I am Tausif and you are watching Billi4you.
What is bitcoin
Lots of people have asked me about bitcoin
That inspired me to make a series about it
In which I am going to show you….
lots of videos will come
so if you want to know more about bitcoin
then subscribe our channel
and you will get all the videos gradually
in this video I am going to tell you what is bitcoin
I have divided this video in 6 sections
so if you want to jump on any section you can follow time link in the description
so let’s begin
bitcoin is a virtual and digital currency or you can say it’s kind of an internet money
you cannot store it in your pocket or wallet
because it doesn’t have any physical form like a coin or a note
you can use bitcoin online only
bitcoin is a decentralized currency
there is no authority, bank or government to control it
it works on peer to peer network
and bitcoin users believe in it as a currency
and this makes bitcoin as a global currency
it was invented by Satoshi Nakamoto in 2008
and since then it has become a very popular currency
let’s find out its value
at the time of this recording
but it doesn’t mean you have to buy 1 bitcoin
the smallest unit of bitcoin is Satoshi
like 1 rupees is equal to 100 paise
it means you can break a bitcoin up to 8 decimal places
you can even use 0.0001 bitcoin also
it is not necessary to use 1 bitcoin
you need a bitcoin wallet to store bitcoin
lots of applications, software and cloud-based wallet are available
you just need to make an account
so let us see use of bitcoin wallet
eg: you earn or mine any bitcoin
and you have to transfer it to your account
then you need an address that will help you to receive bitcoin
I will show you how and where to create a bitcoin wallet
and the things you require for it
before going to Mining first i will tell you
that just like every country has a limitation on the no. of notes it can print
same case is with bitcoin also
new bitcoins come to the market through mining
so lets find out what is mining
eg: i sent 5 bitcoins to you
this transaction is verified
and those who verify the transactions are called miners
and these miners have high performance computers with high performance GPUs
and they verify the transaction using them
but what are they verifying? they verify whether the transaction is correct or not
is there any cheating or scam in the transaction or not
and they get some bitcoins as a reward for mining
and this is how new bitcoins come into the market
so if you have a heavy computer with powerful GPU
then you can also mine bitcoin
the record shows that the value of bitcoin is continuously increasing
since there is no governing authority to control it, many people are using it for illegal purposes like drugs etc
because of no governing authority its rate continuously fluctuates,
sometimes it goes up and sometimes it goes down
like a week ago its value was about INR 80000 and now it is again goes down
so because of this it is a bit risky
and the second thing is if your account gets hacked then your bitcoin could be lost
and then you cannot get it back
and no one can help you
and the third thing is if you store your bitcoin in hardware and if it gets any trouble then you could loose your bitcoin
so these were some information about bitcoin
actually, the whole series is coming about bitcoins, and all are How to videos
in which I will not only explain but will show you also
so if you want to know full details about bitcoin
then subscribe our channel
and very very thanks if you have already subscribed it
so please like and share our video
for more interesting videos, tips and tricks please subscribe our channel
until next time, Khuda Hafiz, Take Care

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