Bitcoin: All about this currency trend

The establishment of this alternative currency started in 2009 facing many challenges time and again. After a severe crash in 2018, the Bitcoin market saw a massive growth post the Covid-19 pandemic in 2020. Tesla collaborated with Bitcoin by investing $ 1.5 billion in the company and giving it the green signal for its acceptance as an electronic payment transfer. This development made it to the headlines. In simple terms, Bitcoin is a virtual record of currency stored in online wallet apps of computers and smartphones for digital use. Unlike regular currency, Bitcoin is only stored in digital wallets and not in banks. For a secure and smooth digital transfer of payment, the digital wallets are backed by private and public keys. A public ledger called the blockchain stores all transaction records for safety purposes. In March 2021, the government made it mandatory for companies to disclose the data for digital transactions and investments using bitcoin. According to this government mandate, Bitcoin trade is currently not illegal in India. Individuals can buy Bitcoins through Bitcoin exchange apps safely.