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Today if I talk about a coin that you could never touch, it would not even be in your wallet, but you could spend them and earn them. Yeah that sounds pretty crap to me, Looks like Bitcoin aint for me either. Bitcoin is a type of coin that sounds like a coin — but it doesn't have any busy existence.Got it!!!
It is electronically saved on your phone, tablet, laptop or any storage media. This is not the end of the line. Some more special information you need to know about this currency. Let's find out.
Personally, there is no difference between a normal paper and a note. But the value of a note ranges from Rs 2 to Rs 1,000 — because there is a government behind it, there is a bank, and there is an authority. They sit together and decide what the value of a note will be. And we trust them and make this little piece of paper valuable.
But in the case of Bitcoin, this case is completely different. Because the value of Bitcoin is not determined by any government, nor by any bank. There is also no specific authority to regulate Bitcoin. The currency was first introduced in 2009, and has been around ever since, making it much more popular online.
At present 1 bitcoin is equal to 589 dollars. A few years ago, the price went up to ০০ 1,200. But since there is no authority, no government and no bank to determine its value, its value fluctuates (if the price of Bitcoin is stable now). You and I have confidence in this currency so we can exchange it with each other. The advantage is that if I want to send you some bitcoin, I can send it to you directly. It is not that I have to go to any bank or I have to send you through any authority. Your account can never be frozen and you can send this coin to whomever you wish. No bank or ordinary currency can give you as many benefits as you can get. There are a lot of rules in bank transactions, which you must follow, but there are no rules for bitcoin.
How to Earn Bitcoin?
Bitcoin can be shaved and spent in a number of ways. The easiest way to earn it is to buy some bitcoin directly. Now suppose 1 bitcoin costs ৭ 579, you can buy this coin directly for ৭ 579 and it will be credited electronically to your account online. Again you can sell any service or thing to earn this currency. Now suppose I have a phone that costs ৭ 589. So I can sell this phone online for 1 bitcoin, it will bring me this coin.
You can also mine Bitcoin if you want, and this is the medium by which new Bitcoins come to the market. Friends see which notes in general are regulated by the government or authority. They control its value and all kinds of exchanges. If they ever need a note, they can print it as they wish and thus new notes come into the market. But Bitcoin is not printed, and there is no one to control it, but it has a value that allows only a certain number (21 million) of Bitcoins to be on the market. Because the value of this currency will decrease if it increases too much, so this system has been created to control it. But there will come a time when no new bitcoin will come on the market.
Now the question is how can this currency be exchanged? See the biggest problem but here it happens. And this is a little difficult to explain. Let's try to understand the matter easily.
Suppose you went to a park for a morning walk. So go there and see an apple with an apple sitting for sale and you want to buy an apple. Now you give him money and buy an apple in return. Now you don't have to worry about whether you got the Apple in your hand. Because you can see the apple physically and touch it with your hands. So you don't need anyone else to check it out. This app will be completely yours and you can give it to anyone you want. You can give this apple to your friend, your friend can give it to someone else and that is how this order can be maintained.
But friends, now think of a digital Apple — one that is not in your pocket, but is stored on your computer or any computing device. How do you know that this apple is yours? How do you make sure your friend didn't send it? Hasn't the fun started? Since it is in digital format, it is possible to make thousands of copies. It is possible to send it to someone by mail. It is also possible to download it millions of times if left on the internet.
Then you understand, exchanging physical apples and digital apples is not the same thing. Computer scientists have the same problem when exchanging bitcoins, and the problem is called "double-spending problem".
Now if you want to send a note or some money to someone, that note is a physical coin, which once given to someone will no longer be with you. Or if you want to send money to someone through a bank, you have to pay a fee and sign some paperwork. This will deduct money from your account and add money to another person's account and that money will then be physically delivered to that person through a proper channel. Here you must verify that you have money in your account and that you can pay a single note only once or pay someone.
But when it comes to sending bitcoin, things are a little different. If I want to send you some coins, I may send them from my device to your account. But who will verify this transaction? I mean, I sent you some coins, but what guarantee is there that I don't have them yet?
To fix all these glitches, mathematical problems are added to each bitcoin part and a mathematical number is attached to each coin to track it. In this way it is understood when the coin of any number went from where to where. Now that countless coins are exchanged every day all over the world, who makes these transactions successful?
Those who solve these huge mathematical problems of Bitcoin and make these transactions successful are called Bitcoin Miners. They have a lot of powerful computers. These computers have a lot of powerful GPUs, and if they solve the math problem and get the transaction done first, then you and I will be transacted and Minors Rao will be able to get some bitcoin rewards for doing this.
The disadvantages of bitcoin!
The biggest problem is that Bitcoin is not a stable currency because it has no authority to regulate it. So its price can fluctuate a lot. A 100 taka note is like 100 taka at a time but the value of 1 bitcoin is not always the same. So many times you may have to admit a lot of losses.
You can spend any amount of money from Bitcoin if you want, not that you have to spend 1 bitcoin. You can also spend 0.0001 bitcoin if you want. But the problem is that it is not acceptable in many places. You cannot use it on many websites. Not all sellers accept it. You can't spend as much as you want. This means that in many places you have nothing but Bitcoin. Honestly, this is a kind of risk, so you may be hesitant whether to invest in your bitcoin.
Since this coin is only stored electronically, if your computer or computing device crashes or you forget your account password, all your coins will disappear. And you will never be able to recover these coins.
The benefits of Bitcoin!
In addition to the disadvantages, it also has many advantages. You can send any amount of bitcoin to anyone the way you want, there is no need to follow any rules. Moreover, all coins are associated with mathematical problems, so there is a calculation at the time of each transaction, where and how many coins you have sent or received. No one can ever spend your coins and neither can you.
Even those who do not have bitcoin will not be able to spend any coin. And these are by a proper system which means no one can ever spend the same bitcoin more than once to be controlled by a computer system.