Bitcoin

27 August 2022
What is Bitcoin?
Post:7

What is Bitcoin?

Bitcoin is the world's first open-source cryptocurrency or digital currency. One bitcoin is worth about 36 lakhs in Bangladeshi currency. Its price fluctuates daily. Bitcoin transactions do not require any institution or organization. Peer-to-peer means that Bitcoins are traded online in direct customer-to-customer contact. Bitcoin was introduced in 2009 by a person or group named Satoshi Nakamoto. However, no person or organization with this name has been found to exist so far. One of the new traders jumping into the new business of cryptocurrency that has quickly gathered in Kazakhstan is Moldir Shubayeva. He himself is overseeing all the details of the construction of his new mine in the city of Almaty.Bitcoin is now used in all countries, Bitcoin trading can earn a lot of money and this site is important.In this male-dominated business world, Moldi has become quite an exceptional figure. The respect of the business community has also increased for him as he has become a leading businessman in the country's Bitcoin mining business.

Let's talk about a bitcoin trader

For the last four years I have devoted almost all my life to this business. I even slept in the office at night,'' he said. Maldi got interested in the Bitcoin mining business five years ago and started mining the currency at home with his brother. He then moved into building larger mines and began renting out several of his mines to other clients. He says the Bitcoin business in Kazakhstan has boomed, along with his own business. Especially in the last year the business boom has never wavered. "Every morning I start by looking at how much the price of Bitcoin has gone up. When I see a single Bitcoin hit $50,000 - I go togbog with excitement! The adrenaline level in my blood jumps too. remains.

A few words about Bangladesh Bitcoin

Bitcoin prices fluctuate dramatically. In March 2020, one Bitcoin coin was worth about five thousand dollars. And in just one year, the price of a coin jumped to 65 thousand dollars. But after that, the price of Bitcoin fell again. At the time of writing this report, the price of one coin is now 35 thousand dollars. So you can understand how volatile this Bitcoin market is - what kind of uncertain gambling this business is. The price of this digital currency has started to rise again since the US billionaire Elon Musk's company Tesla announced an investment of 1.5 billion dollars in this cryptocurrency. When this report is published, At that time, the value of a bitcoin in Bangladeshi taka is about 40 lakhs. What is bitcoin? Bitcoin is a kind of crypto-currency or virtual currency. This currency is transacted over the Internet. Bitcoin Cash builds on all fronts, with serious people supporting the network's progress with developments that secure the blockchain's robustness and permissionless nature.At the end of 2008, a Japanese citizen named Satoshi Nakamoto or a group of software scientists invented this 'cryptocurrency'. Although the real name or identity of this person is not yet known. This new virtual currency is called Bitcoin. Around 2013, after the price of this currency exceeded 10 thousand dollars, it started to become popular. It is directly between two users using the Internet without revealing their identity. Exchange is done (peer-to-peer). This transaction information is secured through the blockchain network, but there is no central bank-like authority to oversee the transactions of this currency. New Bitcoins are generated by this miner. After Bitcoins are generated or purchased, they are deposited as customers. Later he can use them to buy or sell goods. If sold, it can be accepted in conventional currency instead of Bitcoin. Even though transactions are done using different computers, the information is updated on a central server.

Bitcoin is considered by many to be the currency of the future.

It is not required and its transaction movements cannot be followed, as a result, many fear that it is being used for drug, black market and money laundering. In the last few years, the Bitcoin ecosystem or market system has expanded, and online Bitcoin exchanges have also been launched. Bitcoin is now available in many countries around the world. There is legal recognition. However, Bitcoin is still banned in countries like Bangladesh, Egypt, Algeria, Morocco, etc. Last year, Elon Musk's electric car company Tesla came into discussion for a large investment in Bitcoin. Tesla recently sold 75 percent of its bitcoins after a steady decline in bitcoin.(July 20) Tesla's financial report shows that the company recently sold $936 million worth of bitcoins, which is 75 percent of the total supply. Tesla said in this regard, "As two-quarters of the fiscal year ends, they want to keep some dollars on hand." That is the purpose of selling Bitcoin. Tesla CEO Elon Musk said, "We are not making a decision about Bitcoin right now." In a discussion with Tesla investors on Wednesday (July 20), Musk said, "We want to keep some liquid money on hand." Due to the lockdown in China, we have to make some business decisions. That's why the bitcoins are sold. In the first half of last year, Tesla invested about one and a half billion dollars worth of bitcoins. Tesla is the second largest company in the world to have invested so many dollars in Bitcoin, according to currency analyst firm CoinZeco. In addition, Tesla announced last year that Tesla cars can be purchased through Bitcoin. However, Elon Musk returned from such a decision within two months.(July 20) Tesla's financial report shows that the company recently sold $936 million worth of bitcoins, which is 75 percent of the total supply. Tesla said in this regard, "As two-quarters of the fiscal year ends, they want to keep some dollars on hand." That is the purpose of selling Bitcoin. Tesla CEO Elon Musk said, "We are not making a decision about Bitcoin right now." In a discussion with Tesla investors on Wednesday (July 20), Musk said, "We want to keep some liquid money on hand." Due to the lockdown in China, we have to make some business decisions. That's why the bitcoins are sold. In the first half of last year, Tesla invested about one and a half billion dollars worth of bitcoins. Tesla is the second largest company in the world to have invested so many dollars in Bitcoin, according to currency analyst firm CoinZeco. In addition, Tesla announced last year that Tesla cars can be purchased through Bitcoin. However, Elon Musk returned from such a decision within two months.The cryptocurrency market was booming in November last year as well. But this year came a downturn in the cryptocurrency market. Last month, the price of the popular cryptocurrency Bitcoin fell so much that it surpassed the previous 18-month record. To increase that touch, this time the government is thinking about the circulation of digital currency. Which has been common in the world for a long time. But nowadays this digital currency called cryptocurrency has become much more popular. In the budget proposal for the current fiscal year 2022-23, Finance Minister AHM Mustafa Kamal is thinking of exploring the feasibility of introducing digital currency through the central bank. The paper notes or currency issued by the central bank are kept in people's pockets in vaults or markets and can be seen. But digital currency will not be so visible. Much like digital wallets contain money in development or cash, digital currency will also contain it. But in cash or development like cash money has to be brought to a bank account or agent - that will not happen here. Everything here will be digital from the start.That is, maybe the central bank will issue one hundred rupees. Of this, seventy taka are paper notes and the remaining thirty taka are digital. Now, just as one can collect paper notes and keep them in his pocket, he can take digital currency from that thirty taka and keep it in his account or digital wallet. Cryptocurrency market ups and downs but if central bank issues digital currency it will be used like money. Now currency exists in three formats - paper currency, e-money (mobile financial services), cryptocurrency (virtual currency like Bitcoin). After that, if the central banks bring their currency into digital format, it will be a valid digital currency. Although experts say, many questions will have to be answered through experiments before the digital currency is ever launched. But when that digital currency comes, there will be no paper currency - no one thinks that. All the people of the country do not have bank accounts and those who don't, how will they get digital currency?Paper currency does not seem to be going away. Rather, both can run parallel. There will also be opportunities for people to convert digital currency into cash. And before doing digital currency, the market and people have to prepare a lot, which can be very time consuming. In digital currency, all kinds of payments and any transaction can be done digitally. As a result, the transaction costs of common people will decrease. After printing the money, huge expenses are also incurred in distribution. If the digital currency is introduced, these costs will be saved by the central bank and commercial banks. Because of these advantages, the world has started thinking about digital currency locally, regionally and internationally. In continuation of this, the central bank is preparing to conduct a pilot project with digital currency in Bangladesh