What is Bitcoin? How does it work? How else can it be found? Where does it live? etc. Various questions may arise in your mind. The Internet system has improved a lot these days. And as a result, now money is being earned sitting at home. And there are many ways to earn money from the Internet. And one of these roads is Bitcoin. Currently (as of writing this blog) 1 Bitcoin is equal to approximately 44,44,080 Bangladeshi Taka and 37,97,626.46 Indian Taka. Can’t believe it! Not to be!
In today’s blog, we will try to find answers to all the questions related to Bitcoin.
What Is Bitcoin?
Bitcoin is actually a virtual currency. Bitcoin is a digital currency just like other currencies – rupees, dollars, etc. But the difference with other currencies is that we cannot see and touch Bitcoin. That is, it is not a substance or object. We can store bitcoins by simply creating an online wallet.
The inventor of Bitcoin is SATOSHI NAKAMOTO, he invented Bitcoin in 2009. Bitcoin is actually a decentralized currency. That is, there is no central agency or bank to regulate it. That is, no central organization owns it. Bitcoin can be used by anyone. Just as the internet is open to all of us with no specific ownership, so is Bitcoin. Anyone can use it.
Why Is Bitcoin Used?
Bitcoin is usually used for online shopping or any other type of transaction. Bitcoin is a PEER TO PEER NETWORK i.e. we can transact with each other without the help of any credit card or bank or company.
Bitcoin is considered very smart when it comes to transactions. Present day- DEVELOPERS, ENTREPRENEURS, etc. people are using bitcoin a lot, and its use is worldwide.
For example, when making outstanding payments, we have to follow all the processes provided by our bank, and all our payment information remains with the bank. But when paying through Bitcoin, no organization or company can see that information. Because Bitcoin has no owner. All information through Bitcoin is stored in a Public Ledger which is called Blockchain. And this Blockchain shows whether the transaction is successful or not.
The Current Market Value Of The Bitcoin
Although the value of Bitcoin fluctuates from day to day, its value is not fixed. Because there is no institution to regulate it. Based on demand, its price is determined. Currently (as of writing this blog) 1 bitcoin is worth approximately – 44,44,080 Bangladeshi Taka and 37,97,626.46 Indian Taka.
Read More>>What Is A Litecoin? How To Invest In This Cryptocurrency Step By Step
What Is A Bitcoin Wallet?
We can deposit Bitcoins only electronically, and this deposit requires a Bitcoin wallet. There are different types of Bitcoin wallets, such as Desktop wallets, Mobile wallets, Web-based wallets, Hardware wallets, etc. And in between, you can make any wallet at your convenience. And it acts like a unique identity card. For example – wherever you earn bitcoins, now you will be asked for a specific ID to store them, where your bitcoins will be deposited.
Also, if you want to buy or sell bitcoins, you will need a bitcoin wallet. And then you can take all the bitcoins you sell to your bank account through the transfer bitcoin wallet.
What Is Bitcoin And How To Make Money?
Today we will talk about three ways to earn Bitcoin.
The First Method
If you have a lot of money, you can buy a bitcoin directly for $999. But that doesn’t mean you need the full $999. You can also buy ‘satoshi’, smaller units of Bitcoin.
As in India, 1 Taka is equal to 100 Paisa, so 1 Bitcoin is equal to 10 Crore Satoshi. In this way, you can accumulate 1 Bitcoin to buy Satoshi gradually if you want.
The question may arise in your mind – what is the benefit of buying Bitcoin?
As the days go by, the price is increasing. When it was first launched it was very cheap. But currently, it is very expensive. And its price is increasing every day. So your money is likely to increase.
The Second Method
Suppose you sell something online. You can get Bitcoins instead of money from the person you sold your products to (if they have them). And these bitcoins will be directly deposited into your bitcoin wallet. And if you want, you can read and sell bitcoins to other people at a higher price.
Third Method
And the third method is – Bitcoin mining. And for this, you will need a computer with a high processor. Not only should the processor be high, but the hardware should also be of good quality.
Before making a payment with Bitcoin, it is verified whether the Bitcoin is real or not! And those who do this verification work are called miners. And these miners have very high-powered computers, and they do the work of payment verification. Their job is to check if the payment is genuine or if there is any fraud hidden in it! And for do this verification they are given some Bitcoin or Satoshi. And this is how new bitcoins come into the market.
And anyone can do this verification, only if they have a computer with high performance and high GPU. And buying all these computers is not in everyone’s budget.
Just as our country has an annual money printing limit, no more than that can be printed, similarly, no more than 21 million bitcoins are available in the market at once.
As per current statistics, there are a little over 13 million Bitcoins in the market. And then all the new bitcoins that come into the market will come through mining.
Benefits Of Bitcoin
1. Here the tax deductions are much less compared to credit cards or debit cards.
2. Bitcoins can be sent anywhere in the world and at any time.
3. As in our bank where our account is closed if we don’t do regular transactions, here we don’t have that problem. Your account will never be closed unless you commit fraud.
4. If you want to invest in Bitcoin for a long time, you can get a lot of profit in the future. Because day by day, the price of Bitcoin is increasing.
5. Bitcoin transactions are not monitored by any government or organization, so there are some people who trade for nefarious purposes, which are especially helpful in their case.
Disadvantages Of Using Bitcoin
1. Because there is no institution or bank to regulate Bitcoin, its price suddenly falls or rises. So if you don’t take proper care you may lose.
2. If your account ever gets hacked, there’s nothing you can do. Even nobody can help you.
3. Even if the payment is unsuccessful at the time of payment, many times the money is deducted, which cannot be recovered.
How to buy bitcoin?
Just like gold or any other jewelry, you can buy Bitcoins in your local currency. Now we will discuss two trusted websites to buy bitcoins and their specialties.
You can easily buy Bitcoins from the below websites.
Unicorn
This is one of the most trusted websites to buy bitcoins. The salient features of this website are-
1. No tax is needed.
2. Buying Bitcoin from this website and its service is very good.
3. If you use Unocoin, you don’t have to pay any charges to use it.
4. You will also find an option here called auto-sell bit-coin.
5. The most important thing is – to keep in mind the security, here you will get 2-step verification.
Zebpay
This website conducts its activities worldwide. As a result, you will get many VENDORS. The salient features of this site are-
1. Through this you can recharge mobile or DTH with Bitcoin.
2. With this you can buy vouchers from big companies like FLIPKART, AMAZON, etc. As a result, you will get an additional 10% discount.
3. It works the fastest. That is, the servicing speed is high.
4. It is much safer.
5. Here the price of Bitcoin is lower than the market.
6. It has an app, so you can control your account from your mobile.
Conclusion
Bitcoins can be used to purchase goods anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or are subject to regulation. Small businesses may like them because there are no credit card fees. Some people simply buy bitcoins as an investment and hope that their value will increase.
People also ask
Cryptocurrency is virtual money based on software. When you buy cryptocurrency, you buy a digital asset based on an algorithm. It is virtual money represented as tokens. Your token represents the specific amount of cryptocurrency you own based on the current market value.
How Secure Is Bitcoin?
It is protected by 256-bit SHA hash functions, the same level of security used by banks, the military, and virtual private networks (VPNs) to encrypt their systems.
