Bitcoins is a crypto currency or you can say that it is a virtual currency which is not an official currency by any country in the world. There is no government control by any country on Bitcoins. Perhaps that’s why you can hide Bitcoins from the any country’s government and you do not have any tax liabilities on Bitcoins.
Crypto currency is not new to the world, and people used to do earnings transactions in Crypto currency for some of the very complex tasks.
Who invented Bitcoins
An unknown people invented Bitcoin or group of people named Satoshi Nakamoto from Japan, and has released in 2009 as open-source software. Bitcoin has developed by using C++ programming language.
Although there is no clear information available for Satoshi Nakamoto, but few people believe, it can be a Finnish sociologist or a mathematician of Israel. Some think that Nakamoto is the pseudonym of software developer Gavin Andresen, others believe that this Tesla maker Alan Musk.
How many virtual currencies are there?
If we talk about the whole world, then maybe 900 or many more, such kind of crypto currency has in used.
What is a virtual currency?
A virtual currency is a digital belonging developed and controlled by its developers and it has used, accepted and flowed among the members of their network.
Is there both virtual money/currency and digital money/currency are same?
Digital currencies are fully stored currencies and transferred electronically. Any money based in binary format (that means 0 and 1) meet this definition; Assume that you have deposited Rupees or a Dollar in a bank account and after that the bank issues you the digital currency worth of your deposited money, which is actually considered a representation of Rupees or Dollars in real.
Virtual currencies are that which do not have any physical basis in reality and which has not meant for the use of expenditure in real life. They are just a word.
Is Bitcoins a currency or how Bitcoins work?
Bitcoins are just a digital code that is stored in digital wallet; you can see that each transaction (purchase or sale) is its general list, which is called the ‘Blockchain’. The main advantage of any digital wallet is that you cannot see it with your eyes. And for this reason you cannot destroy this digital wallet nor you can confiscated it because it is not a currency of any country.
Why people are eager to buy Bitcoins
Bitcoins are in digital form so you can send Bitcoins to any part of the world at any time (for that you just required an Internet). You cannot seize the Bitcoins and in any manner you cannot stop its traffic.
Bitcoin service provider
There are various Bitcoin exchanges available in India, although India’s central bank has announced a ban on the sale or purchase of crypto-currency. The Reserve Bank of India (RBI) has given banks three months to unwind their exposure to such exchanges.
Even though many government from different countries has ban on the sale or purchase of crypto-currency, but then also its popular. Bitcoin often gets huge fluctuations, whose recent impact is also on a famous Bollywood actor whose investment suddenly, disappeared within a few days. Because of the recent increase in Bitcoin, the small portion of that actor had a profit of more than Rs 640 crores in an anonymous company linked to him, but the profit in exchange for the fall in the currency in the last few days rapidly disappeared.