Bitcoin and Blockchain Technology || Tindit India ||

 Author- Hrishabh Jaiswal

Bitcoin is based on the concept of the number of bits in the computing system. There are only 2¹²⁸ Bits and since the number is limited hence Bitcoin cannot be created. So bits exist Virtually hence it cannot be destroyed. The Bitcoin is a universal currency that cannot be controlled by any government or Bank. The value of Bitcoin depends upon the demand and supply formula Integrated into the blockchain. The blockchain is a highly secure system It cannot be hacked. The Transition of Bitcoin takes place through blockchain only and each and every transaction is listed in it Therefore blockchain bits are centralised ledger.

 Government of India declared Bitcoin as a inlegal currency because It was found that Bitcoin is being used for an inlegal transaction such as in terrorist funding drug transaction Conversion of black into white money etc. Government of Japan has legalised Bitcoin also.

1 Satoshi = 0.00000001 Bitcoin

Blockchain-

Blockchain is based on peer to peer network in which each and every block is directly connected to all other blocks, therefore, it is de-centralised system Where there is no Central authority to carry out the transactions. Blockchain is also called as a distributed system because the transaction cannot be distributed to each and every block. It cannot be had because it requires to hack all other blocks at the same time, therefore, the computing power required is very large so that it is impossible to hack it. Blockchain can be used in e-governance E-Commerce and also in digital certificate and transactions etc. It is also called as small Ledger because it is a centralised ledger that update itself. The concept of blockchain is given by Satoshi Nakamoto.

CryptoCurrency-

Cryptocurrency is a currency based on cryptography i.e., encryption. The transaction of cryptocurrency takes place through a specialised system such as blockchain. Some of the popular cryptocurrency are Bitcoin, ripple, litecoin, ethereum etc. Libra is also a Cryptocurrency launched by Facebook in 2019.

In current scenario all internet-based companies operating in India must have their data centre within the geographical boundary of the country only so that the Indian IT Act can be applied on them this is called data localisation

The authorised government Agencies should be Empowered to track on this data and remove it from the origin only if it is found to be a threat to the country.