How does bitcoin make money?

bitcoin

The value of the bitcoin follows the law of supply as well as demand. As demand waxes and wanes, there is numerous volatility in the price of the cryptocurrency. Your bitcoin can also be converted into another currency in order to transfer them such as converting btc to inr.

Apart from mining bitcoin, which needs technical expertise and also an investment in the high performing computers, many numbers of people tend to buy bitcoin in the form of currency speculation betting that the value of your currency in bitcoins will be higher in the future than it is at present.

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Storing your bitcoins: hot wallets vs cold wallets

You can store your bitcoins in the two types of a digital wallets. These are as follows-

  1. Hot wallet- this digital currency can be stored in the cloud on a trusted exchange or provider, and can be accessed via a computer browser, a desktop, or a smartphone app.
  2. Cold wallet- this is an encrypted portable device that is like a thumb drive that allows you to download as well as carry your own bitcoins.

Basically, the hot wallet of yours is connected to the internet but a cold wallet is not. But, you need to have a hot wallet in order to download bitcoin into a portable type cold wallet.

Latest BTC to INR rates

If you are searching for converting your rupees into bitcoins then you will want to get a good value for your money. It is really very worth looking at the prices which are offered by different exchanges and also the fees that they will charge in order to execute a transaction on your behalf. You will be surprised to see the price difference when you will go and compare the prices of many companies.