Like our 1 Taka 2 Taka and 5 Taka coins it is also a coin but it is just a coin in name only because this coin cannot be physically seen, touched, touched or kept in your wallet or pocket, but even with this coin Like money or dollars if you wantYou can buy everything if your seller supports bitcoin, in fact bitcoin is a kind of virtual currency. It's just like our ordinary money or dollars. However, bitcoin transactions have not yet been legalized in Bangladesh. Bitcoin has been in the market for many years. But even then many people do not know much about this bitcoin so my attempt today is to give them a clear idea about bitcoin.
Is this bitcoin actually?
Simply put, Bitcoin is a digital currency that is protected by an encryption layer, so it is also commonly called a cryptocurrency. The money or dollars that we trade with have to be printed, made. Bitcoin is also made. But not like normal money. Because you don't have to print bitcoin. Bitcoin is created by solving huge amounts of money. With bitcoin mining, many people are now wondering why it is necessary to solve numbers in virtual money. I will discuss all these with you today.
Types of Bitcoin?
You may have heard that "Bitcoin can be traded quickly with a small fee" - but now due to the huge popularity of Bitcoin, the network is having problems. As a result, it takes half an hour to an hour for transactions to be confirmed and the minor fee has increased a lot. Paying a low fee will take a long time to confirm your transaction, or not at all.
To overcome this problem, miners have upgraded Bitcoin and split Bitcoin into two parts from August 1, 2016. One is the old bitcoin and the other is Bitcoin Cash. On November 13, 2018, the Bitcoin Cash Network will be upgraded.
How does this bitcoin work?
All the money in the world has a controlling body, be it money, dollars or any other currency. This work is usually done by the government. But you would be surprised to know that Bitcoin has no such company. Bitcoin is entirely public. No one controls Bitcoin. Bitcoin continues to do its own thing.
When you have bitcoin, this bitcoin will work just like the valuables you keep in your house. Because you will have a secret code when you own Bitcoin. Bitcoin has everything inside that code. That means if someone gets that code, then they own that bitcoin.
Many people store this code in online services such as Coinbase. However, those who own a lot of bitcoin usually keep this code with them. You have to be very careful while keeping it to yourself. Because once someone gets this code, there is no way to get this bitcoin back.
But the biggest thing is that no one will ever be able to cheat with Bitcoin. Because everyone can see how much bitcoin they have in Bitcoin. But even if you can see it, it is not possible to find out who actually owns that bitcoin. Because as I said before, whoever has bitcoin has only one number. So while everyone can see the issue of bitcoin exchange, it is not possible to understand who actually owns that bitcoin.
Bitcoin rules and pricing.
You will be surprised to know that at this very moment today (02.11.17 1:52 PM) the price of 1 bitcoin is 6866.12 dollars or 570574.99 rupees. Even a few days ago, the price of Bitcoin was not so much. But in just a few days, the price of Bitcoin has almost doubled. Like money or dollars, the price of Bitcoin also changes every second.
Since Bitcoin is not controlled by anyone, Bitcoin adheres to certain rules and regulations. These rules were fixed when creating Bitcoin. When we put our money in the bank, the bank keeps the same amount of gold in that money. But that doesn't happen with Bitcoin. Because Bitcoin is not controlled by anyone, the value of Bitcoin is Bitcoin itself.
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How is Bitcoin made?
To understand how Bitcoin is made, one must first understand how Bitcoin is actually stored. Each bitcoin has a blockchain. Its blockchain has three parts. One is the secret number of Bitcoin. Another part is who got the bitcoin from car to car. And the last part is a private log file. Bitcoin transactions are verified with this log file.
When someone sends Bitcoin from their own wallet to another's wallet, the Bitcoin network stores everything that Bitcoin sends to its own server. But if Bitcoin is transferred in this way without security, then anyone can commit fraud with Bitcoin. So to solve this problem, whenever someone exchanges a bitcoin, they have to verify whether the bitcoin is genuine or not. And it is Bitcoin miners who do the verification.
When Bitcoin is exchanged, it is added to the blockchain. As I said before. So you need a hash at the end of the blockchain to verify that this exchange is valid. And without this hash the exchange of bitcoin is not possible. So whenever someone sends Bitcoin to someone, Bitcoin miners create hashes using their own powerful computers.
And a lot of information is needed to create this hash. Such as who sent bitcoin. To whom did Bitcoin go? And the previous hash of this blockchain is also needed later. And the whole hash changes when a number or character of the data used to create this hash changes. So if someone goes to Bitcoin fraud by changing this hash, he will be caught immediately. Because every bitcoin has a previous hash. So no one can make bitcoin by fraud.
How is the new bitcoin created?
As I said before, Bitcoin miners use their computers to create bitcoin exchange hashes. And it takes a lot more processing power to create this hash. Because this hash has to be in a certain format. And the data that it takes to create this hash includes data that the computer has to provide manually.
And since a little hash is not made whole, it is not clear whether the hash is correct. So bitcoin miner computers start generating thousands of hashes in one second. And it remains to be seen whether this hashtag meets the needs of Bitcoin's network. And whether this hash means Bitcoin's rules. If so then this hash is accepted. And as a gift, Minor is given some amount of Bitcoin.
The Bitcoin network will support a total of 21 million or 21,000,000 Bitcoins. Due to limited supply, there is a good demand for this digital currencyEvery 10 minutes a new bitcoin is added to its system which is given to the minors as a reward. The amount of this reward is almost halved every four years. Initially, 50 new bitcoins were added to the network every 10 minutes. Now it is 12.5, currently there are 16 million bitcoins in the market.
According to this graph, the last bitcoin will come in approximately 2140, after which no new bitcoin will come to the network. Until then, if there is bitcoin, miners will only earn from the transaction feeDue to this limited supply the price of Bitcoin will increase over time. Usually a country can print dollars, pounds, money at will, which causes the value of that currency to fall.
What is Bitcoin Mining ?Bitcoin mining is the process by which transactions are verified and added to a public ledger known as a blockchain. And it is added with the release of new bitcoins. Anyone can participate in mining through suitable hardware on the internet. In the mining process the last transaction in the block is compiled through a difficult puzzle. If the participant can solve the puzzle, he / she can go to the next block and claim the prize.The hackers who launched the Wanakrai ransomware attack on computers worldwide a few months ago demanded payments in Bitcoin, and since transactions can be made in complete anonymity, all transactions on the Dark Web are done through Bitcoin because this means no worldwideIt is not possible for the government to trace.Another reason for the growing interest in Bitcoin is that the price of Bitcoin has skyrocketed recently.
Who is Bitcoin Minor?
You can be a bitcoin minor yourself. When Bitcoin was first mined, it was done with a computer with very little power. But the more bitcoin is being mined, the more difficult bitcoin mining is becoming.
Because then it has become more difficult to create hashes. .So you can mine with a laptop before, but now it takes a computer with a lot of power. And graphics cards can do better than processors. Bitcoin is now usually mined using a graphics card. .If you want to earn bitcoin by bitcoin mining, let me know by commenting, I will write another article on how to do bitcoin mining, although bitcoin mining with your home PC or laptop is not possible at least now. .This requires enterprise level hardware.
How secure is Bitcoin?
Bitcoin is as secure as money in your pocket. Because it is impossible to break the security of Bitcoin. .However, if you save your secret number to a website and if that website is hacked, then your secret number will also fall into the hands of hackers. So it is better to save this number on your computer.
.And bitcoins are more secure during transactions because when a transaction is organized the transaction is verified by a minor. He will use his PC and internet to match his laser and the one I made. .When he sees that the two are OK, I have not done any fraud, then he will approve this laser. This is called a confirmation. Thus, after at least 6 confirmations, the transaction is considered valid. If there is no confirmation, Bitcoin will be returned to my account.
.Who controls Bitcoin?
Bitcoin is not controlled by anyone. The person who created Bitcoin, Shatoshi Nakamoto, or they (according to some, Shatoshi Nakamoto is not a person's name, it is an IT banking team) does not control Bitcoin. .Because Bitcoin is made this way. So no one can reduce or increase the price of Bitcoin if they want to. And Bitcoin has no physical value.
.People buy and sell with Bitcoin because the one who buys Bitcoin has faith in Bitcoin and the one who sells Bitcoin also has faith in Bitcoin. .Again, since it is understood that the person who sent the bitcoin to whom cannot be separated, many people use bitcoin for security.
Bitcoin legal or invalid:
.Bitcoin has been outlawed in five other countries, including Bangladesh: Vietnam, Iceland, Bolivia, Ecuador, Kyrgyzstan, and BangladeshBitcoin can be used for money laundering, drug trafficking, tax evasion, and other illegal activities, so they do not legalize bitcoins, but many countries are slowly declaring bitcoins legal. .Japan and Australia have legalized bitcoins and removed taxes on bitcoins.Use of Bitcoin
Bitcoin can be traded for any purpose. It's global so you can transact with anyone in the world. Usually when you pay from one country to another it takes time, you have to do currency conversations, and you have to pay bank fees. .Bitcoin does not require a third party such as a bank. To use Bitcoin, you need to create a wallet, which you can create online or by installing a mobile app. You can also generate a Bitcoin address if you wishIf you want to use Bitcoin, you just need a wallet address and a password. If someone wants to send you Bitcoin, he will use this address. (You can share this address)
MGnM27hi8jMxU3QbkM84dc3gHpSjwjouT7
.Then use this password if you want to give / spend bitcoin of this address to someone else. (You will not share this password!)
qp5ghtv7pk6mncgsw3z63sy8fjktkvl5dy32hfhtud
.Bitcoin is anonymous - meaning you can make money transactions without knowing anything about yourself. With your address, anyone can see how many transactions have been made, but no one will know your name or addressNowadays, in addition to online, you can buy something with Bitcoin in many stores, coffee shops and bars in Europe and America. The more people are interested in Bitcoin, the more people will continue to use it. How to get Bitcoin?
.There are different ways you can earn or buy Bitcoin. You can get Bitcoin payment by working freelance online. You can also get Bitcoin for free. There are some websites called Faucet. They give bitcoin for free. .They usually give a very small amount of bitcoin / satoshi. In return, they make money by putting ads on their website.
Here are the addresses of some trusted free bitcoin sites (these are my referral links)
.1 Moon Bitcoin II 2 BitFun II 3 Bonus Bitcoin II 4 Moon Litecoin II 5 Moon Dogecoin
6 CoinPot (micro wallet where your earnings will be deposited)
.You can go to these sites 2-3 times a day and get some bitcoin for free and you will have a hands-on experience on how bitcoin works.
Bitcoin storage
If you put your bitcoin on an online site or exchange, that site is likely to be hacked. .This has happened before and as a result you will not get the bitcoins back. If you keep them on your PC or mobile wallet from the exchange, you can still lose the PC / phone format .Therefore, it is better to print your wallet address and password on paper and keep it in a safe place.
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My ideas about Bitcoin and other coins
I have seen many alternative coins after seeing Bitcoin. Many of them have come up with better features. .Among them Ethereum Ethereum, Lightcoin Litecoin, Dash Dash, Dodgecoin Dogecoin are notable among them. .For example, the new generation Etherum (Etherum) is not only a digital currency, it is also a computer networking platform. At present, Etherium is being considered as the Bitcoin of the future. People are comparing Bitcoin with the Internet and email. .The more people use it, the more its value and demand will increase. We are all currently trading in digital currencies like MasterCard, bKash, PayPal etc., so why not Bitcoin?
.In my opinion, Bitcoin and other coins will increase, but Bitcoin will be surpassed by other modern coins such as Ethereum, Dash and Lightcoin. There are now over 900 cryptocurrencies in the market, of which maybe 20 will last. .In the future, when everyone trades in digital coins, the general public will recognize Bitcoin, as the Internet website now means .COM
Last word
Thank you so much for reading this article for a long time. Hope you have a good idea about Bitcoin so far. .Even then, if you do not understand any of the questions, you must comment. I will try to explain it to you. And if you like the article, share it and give others a chance to know about Bitcoin. Until today, everyone will be fine. .Stay healthy.
Nice to read your article