What is cryptocurrency Bitcoin, which was demanding Twitter account hackers
Hackers hacked the Twitter accounts of the world’s top leaders, celebrities, famous businessmen and companies and demanded bitcoins from them. Bitcoin is a cryptocurrency. It was made in 2008 by Satoshi Nakamoti.
Hackers hacked Twitter accounts of many giants and demanded bitcoins, making cryptocurrency bitcoin once again in the news
Hackers hacked the Twitter accounts of the world’s top leaders, celebrities, famous businessmen and companies. On Wednesday, hackers hacked his Twitter account and demanded bitcoins. Let us know what is bitcoin and why is it in the discussion?
What is bitcoin?
In fact, Bitcoin is a cryptocurrency. It was made in 2008 by Satoshi Nakamoti. However, till date it is not known who Satoshi Nakamoti is? Is there any person or organization? From where? It was first released as open source software in 2009. It is not controlled by any bank or government. In India, the Reserve Bank has not recognized this, but the Supreme Court has allowed transactions in cryptocurrency through virtual currency. That is, bitcoin can be traded in India.
What is crypto currency?
Crypto means something that is not real. A crypto currency is a currency built on computer algorithms. It is available only on internet and computer. It is an independent currency that has no owner. This currency is not under the control of any one authority. Digital or crypto currencies are a virtual currency operating on the Internet. Apart from Bitcoin, there are hundreds of other crypto currencies in the world such as Red Coin, Sia Coin, CiscoCoin, Voice Coin and Monero.
In cryptocurrency the returns are very high, online transaction is easier than shopping. There is no regulatory body for crypto currency, so situations like demonetisation or currency devaluation have no effect on it.
When Bitcoin was launched in the year 2009, its value was 0 dollars. Even in 2010, its value did not reach $ 1. But today the rate of bitcoin has reached thousands of dollars.
How is transaction with bitcoin?
A laser is created for Bitcoin transactions. Millions of merchants in the world also deal with bitcoins. However, no central bank has recognized it yet. Many big companies of America also accept bitcoin. In the world of internet, there are many exchanges that make it a trading and selling. It is marketed through many websites and apps of the Internet. In this, the information of those who buy and sell is hidden.
Huge fluctuations and risks
Crypto currency also has many benefits. The first and biggest advantage is that there is a digital currency, so that there is no risk of its disappearance or theft. People investing in Bitcoin have huge profits, but it has a lot of volatility, so the risk is also very high is.
Many times in a single day, bitcoin fell 40 to 50 percent without warning. In April of 2013, the price of bitcoin fell from 70 per cent to $ 67 from $ 233 in a single night. Its biggest disadvantage is that it is a virtual currency and that makes it a risky deal. There is also a fear of this currency being used for illegal activities like supply of drugs and illegal purchase and sale of weapons. There is always the danger of cyber attack on it.
