What is a Bitcoin and how it is related to blockchain?

Bitcoin PERIOD 1 MS. Priyanka Bitcoin BASIC UNITS OF FINANCE ___ INTRODUCTION Bitcoin is like printing currency directly or like procuring finished goods directly except with value exchange. The best part is you don’t need a middlemen. With Bitcoin you can take or transfer the amount to anyone and anytime! We have been conditioned to understand any asset with a value such as Us stocks having underlining US Dollars as its value. This is a very normal concept of associating something thus eliminating the fear of loss or theft. Unfortunately the person handling all this is not accustomed to it’s nuances much! Lack of awareness led us to be dependent on banks and this was all pretty much available to us as well. So instead of fearing or making these investment banks such as JP MORGAN rich, Bitcoin is built to transfer, store and manage that value. Bitcoin Structure What most people don’t know is that the concept of bitcoin was outlined in 1991. It was created to ease the payment method hence by eliminating the middlemen i. e financial institutions. Bitcoin acts like a blockchain structure where the number multiplies, unlike banking transactions where the amounts get settled at the end of the day, month or year. It has a scattered ledger that records the data of all the owners. Deals are clubbed as blocks and added to the continuing chain which is known as the blockchain. The First block is known as the “Genesis Block. ” Similar series of the blockchain are arranged on computers worldwide that run the Bitcoin mechanism. These computers are called "nodes. " Bitcoin Anatomy Bitcoin miners can be set up by any individual possessing a strong network and the will to do it. Operators can create money in the form of bitcoin as- Wallet A software-generated on the personal computer connecting the dots to a wide network for the exchange of bitcoins. Mobile wallet An application making transactions feasible for paying at various stores accepting bitcoin as a currency. Online Wallet WzirX an exchange serves as a medium like Phonepay for providing a wallet facility. One needs to open an account to use their service. Websites and Offline Stores Websites such as HighKart. com, Purse, Sapna, etc. provide an advantage to shop with the bitcoins for the purchase of goods and services just like any other UPI or net banking facility provided in India. Exchange Just like Nasdaq or NSE, an online exchange makes it more regulated in order to get traded worldwide irrespective of the currency. One can trade bitcoins using real-world currencies with the help of credit cards and net banking etc. on Coinbase, bitfinex, and many more. Offline Wallet Another way of storing bitcoins is storing them on a computer that is not connected to the internet. This will work similarly to a bank account which is secured and safe from hackers. Bitcoin and Money One can even trade bitcoins physically by looking for someone ready to purchase their bitcoins for cash. Physical Bitcoin Casascius Bitcoin or Physical Bitcoin was created by a guy named Mike Caldwell from Utah. It enables the protection of bitcoins with a Security Key. one needs this passcode to send bitcoins to someone else. If one doesn’t believe in storing bitcoins the digital way they can store it in the form of a coin, finger ring, or even on a piece of paper in a dematerialized form. To conclude, the BTC market is raw and provides a breath of fresh air amongst highly regulated stock exchanges. If the new age era is about to see some advancements then the BTC market is Coming!