When the value of digital currency bitcoin touched the record high of $ 1,240 in the past, people around the world were curious about it, but its use in our country is rare. A conference is also being organized by an organization in Bangalore to raise awareness of Bitcoin on December 14-15.
An organization is also organizing a conference in Bangalore.
This currency was introduced in 2009 by a pseudo group called Satoshi Nakamoto. It is also called cryptocrycration because it uses cryptography for payment. To transact bitcoin, the consumer has to send a message of payment through digital media connected to the private key, which is verified through a decentralized network spread all over the world.
Bitcoin is a virtual currency, used only for online transactions. Since it is not supported by any central bank, it is exchanged privately. It is generated through a process called 'mining', which requires a certain type of software.
For this, there is a need for speedy processor and uninterrupted power supply, which is difficult in our country. Due to heavy fluctuations in the prices of bitcoin, the question often arises whether it is capable of working as a currency.