In india , Finance Minister Nirmala sitharaman says there is no intention of Govt. to accept bitcoin as currency .
The govt. has no intention to recognise BITCOIN as a currency in the country , finance minister said in the reply to the lok sabha on monday . She also said that the govt. does not collect any data of bitcoin transaction .
In present time , according to news Cryptocurrency is not legal .
All Cryptocurrency Work on Blockchain System .
Top cryptocurrencies
1. Bitcoin
2. Ethereum
3. Binance coin
4. Thether
5. Solana
6. Cardano
7. XRP
8. USD Coin
9. Polkadot
10. Dogecoin
11. Avalanche
12. Shiba Inu
13. Crypto.com coin
14. Terra
15. Wrapped bitcoin
16. Litecoin
17. Binance USD
18. Uniswap
19. Polygon
20. Chainlink and more
1.What Technolgy Bitcoin use ?
Bitcoin uses peer to peer technology to operate with no central authority or banks ; managing transaction and the issuing of bitcoins is carried out collectively by the network . Bitcoin is open source ; its design is public , nobody owns or controls bitcoin and everyone take part . Through many of its unique properties , bitcoin allows exciting uses that could not be covered by any previous payment system .
Who created Bitcoin ?
Bitcoin is the first implementation of the concept called ' Cryptocurrency ' which was first described in 1988 by WEI Dai on the cypherpunks mailing list ,suggesting the idea of a new form of money that uses cryptography to control its creation and transaction , rathar than a cental authority . The first bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto . Satoshi left the project in late 2010 without revealing much about himself . The community has since grown expontially with many developers working on bitcoin .
Satoshi's anonymity often raised unjustified concerns ,many of which are linked to misunderstanding of the open- source nature of bitcoin . The bitcoin protocol and software are published openly and any developer around the world can review the code or make their own modified version of the bitcoin software . Just like current developers .
Who controls the bitcoin network ?
Nobody owns the network of bitcoin . Bitcoin technogy is used by every users who create bitcoin .bitcoin is control by all bitcoin users around the world . Developers always improving softwares , Bitcoin protocol is free and all users uses software according to him .
What are the advantages of bitcoin ?
Payment freedom -
It is possible to send and received bitcoins anywhere in the world at any time . No bank holidays , No borders , No bureacracy . Bitcoins allows its users to be full control of their money .
Choose your own fees -
There is a no fees of received bitcoins , and many wallets lets you control how large a fee to pay when spending . Higher fees can encourage faster confirmation of your transaction . Fees are unrelated to the amount transferred , so it's possible to sent 100000 bitcoins for the same fee it costs to send 1 bitcoin . Additionally , merchant processors exit to assits merchants in processing transaction ,converting bitcoins to fiat currency and depositing funds directly into merchants accounts daily . As these services are based on bitcoin , they can be offered for much lower fees than with paypal or credit card networks .