#BitcoinSahiHai

About

BitcoinSahiHai

BitcoinSahiHai is an initiative by the Indian Crypto Community towards spreading social awareness about Bitcoin and other cryptocurrencies. The initiative helps the general masses understand the importance of investing in cryptocurrencies, like Bitcoin, and warns them against frauds and malpractices at the same time.

What is Bitcoin?

Bitcoin is a digital asset used through peer to peer technology, with no direct accountability towards governments or countries, thus, everything is managed and supported collectively through the network. Moreover, Bitcoin is open-source in nature, which allows everyone to be a part of it anytime.

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Videos

Bitcoin explained and made simple

What is Blockchain Technology

Why Blockchain Matters?

What is the difference between Bitcoin and blockchain?

What is Bitcoin Mining?

4 Common Scams in Bitcoin and Other Cryptocurrencies (Hindi)

Global

Crypto

Adoption

Top Influential Personalities Supporting Bitcoin

Bill Gates
Co-founder & CEO Microsoft | Chairman & Co-founder Terra Power | Branded Entertainment Network

“Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.”

Elon Musk
Founder & CEO - SpaceX | Tesla | The Boring Company

“I think bitcoin is on the verge of getting broad acceptance by conventional finance people,”

 

 

Mark Zuckerberg
Founder & CEO - Facebook | Philanthropist

 “There are important counter-trends to this — encryption and cryptocurrency — that take power from centralized systems and put it back into people’s hands.”

 

Al Kelly
CEO of Visa

Visa CEO Al Kelly said the payments giant is in a position to make cryptocurrencies more “safe, useful and applicable” and may add them to the company’s payments network.

Mark Cuban
Owner of NBA’s Dallas Mavericks | Co-owner 2929 Entertainment | Chairman AXS TV Also one of the main “Shark” investors on TV series Shark Tank

Cuban believes there is an intrinsic value in Crypto even if most people don’t see it because it seems crazy.”

Ray Dalio
Founder Bridgewater Associates | Philanthropist

Ray Dalio, called Bitcoin “one hell of an invention” and said it is making early believers very rich, much like the bankers who had invented credit in the Middle Ages.

Scott Minerd
Founder and Managing partner - Guggenheim Partners

“Our fundamental work shows that Bitcoin should be worth $400,000”. It’s based on the scarcity and relative valuation such as things like gold as a percentage of GDP.”

Larry Summers
Former US Treasury Secretary

 “Bitcoin is here to stay” and the “financial industry will adopt the technology underpinning bitcoin.”

 

 

Alexis Ohanian
Founder of Reddit

“Cryptocurrencies are a fuel for a potentially new internet,” “Things like Bitcoin and cryptocurrency are opportunities for us to have a store of value that is not backed by a single country.”

Jack Dorsey
Co-founder & CEO - Twitter | Founder & CEO Square

 Has said bitcoin is “probably the best” native currency of the internet due to bitcoin being “consensus-driven” and “built by everyone.”

 

Lionel Messi
Professional Football Player | Captain of Spanish Club Barcelona and the Argentina National Team

Lionel Messi tweeted “Let’s Start to change The world! #SIRINLABS #blockchain #bitcoin”

 

Akon
Singer, Rapper, Songwriter, Record Producer, Entrepreneur, Philanthropist

Cryptocurrency and blockchain technology offer a more secure currency that enables people in Africa to advance themselves independent of the government.

Institutions Supporting or Accepting Cryptocurrencies

Information Technology

Finance

Retail & Service

Sports

Non-Profit Oraganizations

Global

Bitcoin

Legality

India's Stance On

Bitcoin

India does not have any restrictions on Cryptocurrency trading as of now. Banking restrictions were in place by RBI from April 2018 to March 2020, which have been lifted by the Supreme Court on 3rd April, 2020. Speaking of the current scenarios, the government has listed a bill titled “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021” that aims to provide a framework for creating an official digital currency to be issued by the RBI and prohibit all existing “private” cryptocurrencies.

Countries Embracing

Cryptocurrencies

Singapore

Registration with the Monetary Authority of Singapore required Must register with AUSTRAC

Canada

Required to register with FinTRAC after June 1, 2020

Australia

Must register with AUSTRAC

South Korea

Must register with FSS

United Kingdom

Registration requirements with FCA

Switzerland

Regulated by SFTA

Germany

Must register with BaFin

United States Of America

Regulation varies by state

France

Subject to AML/KYC policies

Japan

Must register with the Financial Services Agency

Hong Kong

Must register with SFC

United Arab Emirates

Positive draft regulations being considered

South Africa

Positive draft regulations being considered

Pakistan

Positive draft regulations being considered

Frequently Asked Questions

Bitcoin is a digital asset used through peer to peer technology, with no direct accountability towards governments or countries, thus, everything is managed and supported collectively through the network. Moreover, Bitcoin is open-source in nature, which allows everyone to be a part of it anytime

Satoshi Nakomoto is the name of a pseudonymous developer or group of developers, who released the Bitcoin white paper in 2008 and released the Bitcoin protocol in 2009. Satoshi Nakomoto disappeared a few years after the launch of Bitcoin and still remains anonymous.

One of the beautiful things about Bitcoin is that it is decentralized. This means it can not be censored or controlled or manipulated by any single governing or centralized party, and all transactions are mathematically verified by a network of thousands of computers.

Bitcoin as a protocol itself cannot be hacked (well, theoretically it’s possible but it would take 100 yrs+ to achieve) and can not be controlled or manipulated by any single-point-of-failure. If you own Bitcoin, you are your own bank, and it is your responsibility to keep your coins safe.

Cryptocurrency is largely borderless and censorship-resistant and can be used by anyone in the world with an internet connection. Fiat currency is issued by a government to be used within a particular geographical location and can be printed in unlimited amounts, whereas cryptocurrencies like Bitcoin are decentralized and have a capped supply

Bitcoins are created through a process called mining. Supercomputers in the network called mining nodes are competing to solve an incredibly complex mathematical equation. The equation is so difficult to achieve, the ‘logical’ way of solving it is through guessing hundreds of different numbers (or nonces) a second. Unable to solve the equation in any other way, it takes approximately 10 minutes for the network of over 1 million computers to guess the correct answer. The miner who guesses the correct answer is rewarded in Bitcoin.

Bitcoin is powered by blockchain technology, a revolutionary, decentralized, electronic database or distributed ledger that stores all transaction details within the Bitcoin Network. This network consists of over a million computers called nodes. Each node mathematically verifies each transaction, which is then stored in a block. When a block becomes full of transactions it gets appended to the blockchain, an infinitely-long history of all previous transactions.

Upon losing Bitcoins, there isn’t much that can be done, the funds cannot be retrieved in any way. Hence, it is essential to note down and store seed phrase, passwords, etc safely and accurately. According to the estimates so far, a total of 5 million Bitcoins have been misplaced and lost since inception.

The blockchain records all of the newly minted bitcoins rewarded to miners who find blocks. Blocks are sets of sent/received transactions that miners confirm for the network. As these actions take place within the Bitcoin protocol the blockchain acts as a ledger of account for all transactions undertaken within the Bitcoin network.

Until Bitcoin becomes the dominant currency for payments around the world, it will be more popular among traders and price speculators. As a result, the price is subject to the market forces of supply and demand which, at this point in time, goes hand in hand with the trends and whims of speculators – as a result, the price can move suddenly and sharply up or down in response to news events.

Bitcoin is a network operating by the three foundational principles of technological freedom decentralization, open source code, and true peer-to-peer technology. Bitcoin’s trust is based on the subjective valuations of human faith in mathematical algorithms, encryption and numbers. With the three pillars of technological principles Bitcoin’s blockchain is a peer-reviewed system of integrity.

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