On the one hand where the Rupee is being devalued and contrariwise, the Bitcoin currency is going to soar above day to day. On 25 November 2013, the value of a Bitcoin was equal to $807.
What is Bitcoin? Virtual or Physical?
Now a days, Bitcoin is being discussed aloud in the cyber space. So, for your knowledge let me tell you that Bitcoin is just a virtual currency and not in the physical existence. Various websites accept this currency for online shopping. A Japanese computer programmer invented this currency in 2009.
Bitcoin is the series of characters and numbers which can be placed safely inside a virtual wallet. No central bank issues this currency and no government agency manages the Bitcoin.
How Bitcoin is Created
New Bitcoins are created using an open source software and this process of creating new virtual currencies is known as Bitcoin mining. Everyone can perform mining to create Bitcoins. But, to create Bitcoins it is very necessary to have high speed internet and high performance computer power.
ATM For Bitcoin
Recently, the world’s first Bitcoin ATM began in Canada. Using this ATM, any official currency can be converted into Bitcoin.
According to a survey, more than 1.1 Crore (Approx 55000 Crore Indian Rupees) Bitcoins are available in the world. In case of India, approx 21 Million Bitcoins are hidden across the internet. These all Bitcoins can be bloomed around 2040.