Bitcoin’s dominance is increasing around the world. Now the world’s famous electric company Tesla has also said that it will soon accept Bitcoin fintech as payment for its vehicles. Besides, Uber company is also moving towards Bitcoin.
What is bitcoin fintech?
Bitcoin is a virtual currency. It was start in the year 2009, which has gradually become so popular that the price of one bitcoin has reach lakhs of rupees. It is also called cryptocurrency, because it uses cryptography for payments. That is, now this currency can also be call the currency of the future.
How does the transaction take place?
To transact Bitcoin fintech, the consumer has to send a payment message through digital means link to a private key, which is verify through a decentralize network spread across the world. The payment through this is unlike the payment through debit or credit card. Bitcoin is a virtual currency, which is used only for online transactions. Due to the huge fluctuations in the value of Bitcoin, the question often arises whether it is capable of functioning as a currency. Since it is not back by any central bank, it is privately exchanged. It is generate through a process call ‘mining’, which requires a special type of software. This requires a better processor and uninterrupted power supply, which is difficult in our country.
Is bitcoin safe?
This cryptocurrency is highly volatile and therefore very risky. For example, Bitcoin’s value rose to $42,000 in January, then fell to $30,000, then rose again to $40,000 over the course of a week. For Bitcoin you have an app through which you make transactions. Suppose your file gets delete from the server or your password becomes wrong, then understand that your money is lost forever. Recently there were reports that some people lost bitcoins worth lakhs of rupees because they did not have the password.
There was a 10-year jail sentence for buying and selling cryptocurrency in India.
In the draft of the Ban on Cryptocurrencies and Official Digital Currency Bill, 2019, it was propose that those buying and selling cryptocurrencies in the country would receive a jail sentence of 10 years. According to the draft, all those people who create cryptocurrency, sell it, keep cryptocurrency, send it to someone or make any kind of deal in cryptocurrency will come under its jurisdiction. Those found guilty in all these cases received a jail sentence of up to 10 years. But now the Supreme Court has removed this ban.
Today, Bitcoin Price
As you might know that the rate or price of Bitcoin does not remain stable. There are ups and downs in its rate, that is, there is a lot of volatility in it. Therefore, people are afraid of investing in it for this main reason. If you want to know the price of bitcoin today or any day. Then there are many websites for this, one of which is CoinDesk. From here you can see the details of the current bitcoin rate on the graph.
1. Why is it called fintech?
Ans. A portmanteau of the words “financial” and “technology”.
2. How Bitcoin is used?
Ans. A Bitcoin debit card allows you to spend crypto anywhere that accepts debit cards.
3. Who is behind Bitcoin?
Ans. Satoshi Nakamoto