What is Bitcoin?

Bitcoin is a form of digital currency. It was created in the year 2009, in January. It follows the ideas that had been brought into this world by the pseudonymous developer called Satoshi Nakamoto. His true identity is yet to be verified when it comes to his creation.

It is a cryptocurrency. Bitcoin offers the promise to its user of lower transactions fees rather than the comparatively higher ones charged by the traditional online payment methods. It is operated under a decentralized authority, which is unlike the currencies which are issued by the government.

Bitcoin exists as a virtual currency, which means there are no actual physical bitcoins. There are only balances that are kept in a public ledger on the cloud that along with all of the other Bitcoin transactions, gets verified with the help of a large amount of computing power. Unlike official currencies, there are issued or backed by any sort of bank, nor any sort of government. Even as a commodity, they are not very valuable when taken as individual units.

It is not a valid legal tender, yet it soars high when it comes to the charts of popularity. It has shaken the market and triggered the launch of several hundreds of other virtual currencies.

The value of Bitcoin (btc) differs from currency to currency. The value of 1 btc to 1$ will be different from the value of 1 btc to inr.

Relationship between 1 btc to 1 inr

INR is the official government issued currency that is the legal tender in the country of India. The value of 1 btc to 1 inr is actually quite high when compared to other currencies around the world. It stands much higher, even more than the value of a dollar. 1 Bitcoin is equal to INR5,99,070. That is about 6 lakhs Indian rupee.