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What is Bitcoin? How Bitcoin Works?

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Written by   17
1 year ago

Bitcoin is a "virtual currency" that anyone can use "digitally".

Just as there are other currencies, such as the dollar, the rupee, etc., so is bitcoin a currency.

And, we can't feel these kinds of virtual coins holding hands, we can't even see them with our eyes.

Therefore, Bitcoin is also called "digital currency".

However, it can also be called electronic money.

Bitcoin is a type of currency that can only be bought and sold digitally online.

Using this type of digital currency or electronic money, you can do online transactions in different fields.

Bitcoin can only be deposited in online wallets.

Moreover, in case of any online bitcoin transaction, you need to use this wallet app or website.

Because as I said before, "Bitcoin can't be seen holding hands and it can't be seen with the naked eye".

This type of cryptocurrency can only be expressed through numbers.

Just as the value of 1 dollar (1 dollar value) is different for each country abroad, so the value of 1 bitcoin (1 bitcoin value) will be different in different countries.

Now maybe a common question is definitely coming to your mind.

How much money is equal to 1 bitcoin?

So, the answer will be different in different countries.

In the case of India,

“ 1 bitcoin equals 790,919.65 rupee".

In case of Bangladesh,

" 1 bitcoin equals 912,285.36 Taka.

But keep in mind, this value of 1 bitcoin continues to go down every day.

So, it is not necessary that the number I have given should remain the same forever.

Tomorrow, maybe, it will be more or less than double.

Hey, it looks a bit like share market, that's why.

However, Bitcoin has no link with the stock market.

Straightforward, what is Bitcoin?

Bitcoin means a decentralized virtual currency.

This means that it is a type of currency that there is no bank, authorities or government to control.

Simply put, bitcoin has no owner.

By the way, there is no owner of the internet but we are all benefiting from using it, just like there is no owner of bitcoin but JK can use this currency digitally.

I hope you understand the meaning of "bitcoin"

Who invented Bitcoin?

In 2009, Bitcoin was discovered by a man named "Satoshi Nakamato".

However, the popularity and popularity of Bitcoin at that time was never like today.

According to the Wikipedia.org website, when Bitcoin was invented in 2009, between 2009 and 2010, the value of 1 bitcoin was almost non-existent.

However, in March 2010, 1 bitcoin equals $ 0.003 and in July $ 0.008– $ 0.08.

Then, from 2012 to about 2013, the, value of 1 bitcoin increased rapidly.

On this day in 2020, the value of 1 bitcoin is several lakhs of rupees (as per Google).

So imagine, if you had bought something within the first 2 to 3 years of the introduction of Bitcoin, you would own a few lakhs of rupees today instead of 100 or 200 rupees.

However, if I had known, I would have bought it.

And, that's how a lot of people are making money through bitcoin.

But there are also fortunes and opportunities that do not apply to everyone.

How does Bitcoin work?

See, how does Bitcoin work, there is no point in taking this question in a more complex way.

Let's face it - most Bitcoins don't know how to work.

As I said before, Bitcoin is a kind of electronic currency or digital currency.

And, to use, exchange or buy this type of currency, the Internet is needed.

For example,

Nowadays there are many types of online wallet apps, such as “paytm”, “freecharge” etc.

Just as we can transfer money from our own app to another's wallet app without having to hold or see money, we can also transfer money digitally from our own app to another wallet app, just like Bitcoin and a type of virtual money that can never be seen by hand. You can or can't see with your eyes.

This whole process is done virtually or digitally through the internet.

However, you must use one of the "Bitcoin apps" or "websites" to buy, sell or exchange Bitcoin.

Through the website or apps, you can see the numerical value or amount of bitcoin you have.

And, through these Bitcoin websites or apps, you can buy and sell Bitcoin as needed.

In general, people buy bitcoin when the market demand is low.

Because, when the demand in the market is low, then the value of every bitcoin will go down.

So, you can buy more bitcoin by spending less money.

Again, when the demand for bitcoin rises again in the market, its price will remain high.

And, this is the time when you buy Bitcoin at a lower price and sell it again, you can earn more profit or money.

You will also find out about the price or value of the bitcoin you have bought through apps or websites.

How do I open a Bitcoin account?

Bitcoin can only be deposited electronically online.

So, to buy Bitcoin, we will first need a "Bitcoin Wallet" account.

To open a wallet account, go to a bitcoin wallet and register.

Bitcoin wallets can be of different types.

E.g.,

  • Desktop wallet

  • Mobile wallet

  • Online wallet

  • Hardware wallet

Of these, we have to create an account using any one of the wallets.

These wallets give us an ID, as a unique address.

With this unique address or ID, we can deposit future earned Bitcoin in our wallet account.

Now, two aaps are most commonly used to open a bitcoin account.

  • Unocoin

  • Zebpay

  • Unocoin:

Unocoin is a very good and user-friendly website, which can be used to easily open a JK Bitcoin account.

With this, you can easily buy and sell Bitcoin.

Unicoin has a lot of features for which many people are buying Bitcoin using this website.

Features:

  • Zero% fees

  • Simple integration

  • No chargebacks

  • OTC trading

  • Auto sell bitcoin

Netki: You can create your own bitcoin address.

In case of better security, there is the advantage of 2 step authentication.

To open a bitcoin account, download the Unicoin app and submit some of your information and documents, you can create a bitcoin wallet account.

Zebpay:

Zebpay is a very user friendly website from which we can easily buy bitcoin.

Different people are using it and Zebpay has proven to be the best app for buying bitcoin.

Features Of Zebpay

Here it is possible to recharge mobile and DTH through Bitcoin.

You can buy Amazon, Flipkart and Make My Trip vouchers through Bitcoin.

The fastest way to buy Bitcoin.

Many can safely buy and sell bitcoin.

It is possible to buy and sell bitcoin from mobile using this application.

How to buy bitcoin?

To buy Bitcoin, you need to download this Zebpay app first.

Moreover, you can also register an account by visiting the website of zebpay.

Then you need to register the account with some information and documents.

Finally, after approving the account, you can buy Bitcoin and sell it as you should.

So, there are two good and popular websites or apps for opening a Bitcoin account in India at present.

How to earn bitcoin?

There are basically three main ways or means to earn bitcoin.

The first and most popular way is,

Spending money to buy bitcoin.

If you have money, you can buy a complete bitcoin for money.

Currently, however, you have to spend 7 7,251 to buy a full bitcoin.

In addition, you can buy small parts or units of Bitcoin if you want.

Just like 100 paise for 1 taka, just like a bitcoin has many small units which are called satoshi.

1 bitcoin has 100 million satoshi.

And, you can buy these small satoshi shots at a much lower cost.

If you want you can buy 100, 200 rupees, 1000 rupees or 10,000 satoshi or small bitcoin units.

And in the future, when the value of the bitcoin you buy becomes higher, you can earn more money and profit by selling your bitcoins.

The second medium is,

If you are selling a product online, you can take Bitcoin from the customer in return.

In this way, your product is sold and you can earn some amount of bitcoin in return.

The bitcoin taken in this way will be credited to your Bitcoin wallet account.

Moreover, the future if you want.

These miners must have a high performance computer system.

When verifying a transaction, they see that the transaction is done correctly.

There was no fake process or medium used?

This type of verification of bitcoin transactions resulted in some bitcoin being given as a gift to bitcoin miners.

And this way, they are able to earn a good amount of bitcoin.

Moreover, new bitcoins are coming to the market through mining.

However, anyone can do the work of Bitcoin Minor.

But, as I said before, in this case you will need a strong and high performance comments computer system which is not possible for everyone to buy.

Computer usage and benefits

10 Easy Ways to Recognize a Good Laptop

Then you understand, “What is Bitcoin Mining” (What Is Bitcoin Mining in Bangla).

Our last word,

So hopefully friends, what is bitcoin, how does bitcoin work, how to earn bitcoin and all the questions you had about bitcoin mining, I was able to answer all the shots.

Thus, a few years ago, the price and demand for Bitcoin was low, so for those who bought Bitcoin at that time, today has become an opportunity to earn a lot of profit.

However, if you are currently thinking of buying Bitcoin, think twice.

Because, at the present time its demand and price has increased more and more.

And so, whether there is a chance to make more profit in the future is a matter to be judged with the mind.

Thanks @georgedonnelly , @MarcDeMesel

@ErdoganTalk , @Dreamer & @TheRandomRewarder sir for encouraging us to write authentic & quality article.

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