What is Bitcoin?

General November 13, 2019
About Bitcoin

All About Bitcoin

Bitcoins are the talk of many conversations on the web. Some are praising it while some are highlighting its drawbacks. Before getting into either side of the conversation, let us learn what is Bitcoin and know all about bitcoin.

What is Bitcoin?

what is bitcoin

Bitcoin is a Cryptocurrency that was created in 2009 by Satshi Nakamoto. Satoshi to date remains unknown. For those who don’t know what Cryptocurrency is, follow this link.

The invention of Bitcoin was motivated in order to avoid the middlemen factor involved in a transaction between parties. The term cryptocurrency became widely popular and known among the masses after the creation of Bitcoin.

Bitcoin in a real sense came out as an invention for those individuals who wanted to perform trade without the interference of banks and governmental organizations. Trading through Bitcoins is easy and hustle free. They do not come under any nations’ trade regulation. Bitcoin offer anonymity. No individual has to reveal his or her identity in order to purchase or sell. This makes Bitcoin more appealing and usable in transactions.

How is Bitcoin made?

How bitcoin

Bitcoins are created, generated and used electronically. They are not printed nor are authorized by some Government authorities. Bitcoins are created using computer software. People who create Bitcoins are called Minors. These minors run-heavy computers to make Bitcoins. A network of miners works round the clock in creating Bitcoins.

According to ctsafelink, the energy utilized in the creation of Bitcoins through mining around the globe is equal to the power Denmark consumes in a year. Also, the costing involved in creation varies from system to system.

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Why Bitcoin?

why bitcoin

For all those who are wondering why was Bitcoin created in the first place, it is because of the following reasons:

No Control

Bitcoins are decentralized in nature. In simple words, no single party controls the flow of Bitcoins. The creation of Bitcoins is open and is performed on a global computer network. This makes the cryptocurrency more popular among those individuals who are willing to escape the involvement of banks in their financial freedom.

Limited Supply

Global currencies have an unlimited supply. Meaning, the central banks can issue a ‘n’ number of notes. In some nations, there are cases of circulation of fake currencies. The case of fake currencies can only be witnessed where there is excessive money in the market.

In the case of Bitcoins, flow and creation are limited. The algorithm strictly restraints the making of Bitcoins.

The Future of Bitcoins

future of bitcoin

Though there are speculations around the usage of Bitcoins, they are the future of cryptocurrency.

Government of nations like Japan, USA, and a few others have already rolled out organizations to look in the in and out of Bitcoins.

With more than half of the globe active on the internet, Bitcoins can be the possible alternative of payment. Bitcoins are safe and feasible in the long-run.

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Besant Technologies – Chennai & Bangalore Branch Locations

Besant Technologies - Velachery Branch

Plot No. 119, No.8, 11th Main road, Vijaya nagar,

Velachery, Chennai - 600 042

Tamil Nadu, India

Landmark - Reliance Digital Opposite Street

Besant Technologies - Tambaram Branch

No.2A, 1st Floor, Duraisami Reddy Street,

West Tambaram, Chennai - 600 045

Tamil Nadu, India

Landmark - Near By Passport Seva

Besant Technologies - OMR Branch

No. 5/318, 2nd Floor, Sri Sowdeswari Nagar,

OMR, Okkiyam Thoraipakkam, Chennai - 600 097

Tamil Nadu, India

Landmark - Behind Okkiyampet Bus Stop,

Besant Technologies - Porur Branch

No. 180/84, 1st Floor, Karnataka Bank Building,

Trunk Road, Porur, Chennai - 600 116

Tamil Nadu, India

Landmark - Opposite to Gopalakrishna Theatre

Besant Technologies - Anna Nagar Branch

Plot No:1371, 28th street kambar colony,

I Block, Anna Nagar, Chennai - 600 040

Tamil Nadu, India

Landmark - Behind Reliance Fresh

Besant Technologies - T.Nagar Branch

Old No:146/2- New No: 48,

Habibullah Road,T.Nagar, Chennai - 600 017

Tamil Nadu, India

Landmark - Opposite to SGS Sabha

Besant Technologies - Thiruvanmiyur Branch

22/67, 1st Floor, North mada street, Kamaraj Nagar

Thiruvanmiyur, Chennai 600041

Tamil Nadu, India

Landmark - Above Thiruvanmiyur ICICI Bank

Besant Technologies - Siruseri Branch

No. 4/76, Ambedkar Street, OMR Road, Egatoor, Navallur,

Siruseri, Chennai 600130

Tamil Nadu, India

Landmark - Near Navallur Toll Gate, Next to Yamaha Showroom

Besant Technologies - Maraimalai Nagar Branch

No.37, Ground Floor, Thiruvalluvar Salai,

Maraimalai Nagar,Chennai 603209

Tamil Nadu, India

Landmark - Near to Maraimalai Nagar Arch

Besant Technologies - BTM Layout Branch

No 2, Ground floor, 29th Main Road,

Kuvempu Nagar,BTM Layout 2nd Coming from Silkboard,

AXA company signal, Stage, Bangalore - 560 076

Karnataka, India

Landmark - Next to OI Play School

Besant Technologies - Marathahalli Branch

No. 43/2, 2nd Floor, VMR Arcade,

Varthur Main Road, Silver Springs Layout,

Munnekollal, Marathahalli, Bengaluru - 560037

Karnataka, India

Landmark - Near Kundalahalli Gate Signal

Besant Technologies - Rajaji Nagar Branch

No. 309/43, JRS Ecstasy, First Floor,

59th Cross, 3rd Block, Bashyam Circle,

Rajaji Nagar, Bangalore - 560 010

Karnataka, India

Landmark - Near Bashyam Circle

Besant Technologies - Jaya Nagar Branch

No. 2nd Floor,1575,11th Main Road,

4th T-Block, Pattabhirama Nagar,

Jaya Nagar, Bangalore - 560 041

Karnataka, India

Landmark - Opposite to Shanthi Nursing Home

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No.513, 4th Cross Rd

2nd Block, HRBR Layout,

Kalyan Nagar, Bangalore - 560 043

Karnataka, India

Landmark - Opposite to kalayan nagar Axis Bank

Besant Technologies - Electronic City Branch

No. 7, 3rd Floor, Ganga Enclave,

Neeladri Road, Karuna Nagar, Doddathoguru Village,

Electronics City Phase 1, Electronic City,

Bangalore - 560100, karnataka, India

Landmark - Adjacent to HDFC Bank and State Bank Of India

Besant Technologies - Indira Nagar Branch

No.54, 1st Floor,

5th Main kodihalli,

Bengaluru, Karnataka 560008, India

Landmark - Behind Leela Palace Hotel,

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Plot No. 2799 & 2800, 27th Main,

1st Sector, HSR Layout,

Bengaluru, Karnataka 560102, India

Besant Technologies - Hebbal Branch

No.29, 2nd Floor, SN Complex,

14th Main Road, E-Block Extention, Sahakara Nagar,

Bengaluru, Karnataka -560092, India

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