Bitcoin price, advantages, disadvantages, types, working procedure and impact in real life

 

Crypto-currency

Bitcoin is basically a type of virtual currency or crypto-currency that is transacted over the internet. Generally, we use money as a medium of exchange. Bitcoin is a medium of exchange that is used as a medium of exchange in the digital world.

At the end of 2008, a Japanese citizen named Satoshi Nakamoto or a group of software scientists invented this 'cryptocurrency'. Such currencies are known as cryptocurrencies. The cryptocurrency invented by Nakamoto was named Bitcoin. Cryptocurrency bitcoin is used like dollar, pound or euro when shopping online. As the government and central bank of different countries play a role in the conventional monetary system, this is not the case in the world of cryptocurrencies. So far it is surprising that, nothing is known specifically about who or who controls Bitcoin.

 Types of crypto-currencies

Crypto-currencies are of different types, the most notable being Bit-Coin and Dose-Coin. There are also various types of crypto-currencies including Ethereum, Litecoin, Bytecoin, Dogecoin, Ripple, Monero, Dash etc. As the popularity of crypto-currencies grows, new types of crypto-currencies continue to emerge.

 Bitcoin pricing

Due to the constant fluctuations in the price of crypto-currencies, it is not possible to determine or say the exact value of crypto-currencies. However, the price of a crypto-currency is determined depending on the demand for the crypto-currency, the cost of creation, the amount of bitcoins, the exchange rate, etc. Bitcoin is currently considered as the most valuable crypto-currency. Currently the value of 1 Bitcoin is approximately 65386 US Dollars.

 How Cryptocurrencies Work

Cryptocurrency works through blockchain technology. This blockchain is not stored on a specific server. Everyone who mines (creates) Bitcoins has a copy of this block. It exists in thousands of copies rather than on a single server. It is stored on a ledger. Once any data is recorded in the ledger, it cannot be changed in any way. If someone makes any changes to the ledger of one copy it will no longer match another miner's copy. If someone changes the information in a block, the code of this block will change and it will not match the next block. This makes it not only secure from hacking but also almost impossible to hack.

Due to blockchain, cryptocurrency transactions are very reliable and do not require any third parties like banks or any financial institutions etc. As a result, any kind of confusion in financial transactions is avoided. Cryptocurrency trading means buying and selling through crypto exchanges. A crypto exchange is a medium through which Bitcoins are traded. This is where the profits can be made by investing in crypto currencies. It is also possible to convert common currency to Bitcoin through crypto exchanges. Some notable crypto exchanges are Coinbase and Coinbase Pro, Cash App, Bisq, Biance, WazirX, Coinone, crypto.com etc.

 Advantages of Cryptocurrencies

• Cryptocurrency is an online based digital currency that is almost impossible to hack. As a result, safe transactions are possible.
• Transactions in cryptocurrencies are peer-to-peer so there is no need for banks or third parties for transactions.
• Transactions in cryptocurrencies save money.
• There are no restrictions or obligations for transactions in cryptocurrencies.
• Cryptocurrency is good for investment, as its returns are very good.
• Buying, selling and investing in cryptocurrencies is very easy. Because it has many cryptocurrency wallets.
• Through this, transactions can be done anywhere in the world where there is an internet connection.
• Getting money from wallet to bank account in cryptocurrency takes only 10 minutes max.
• The popularity of cryptocurrency is increasing day by day due to its security and ease of use.

 Disadvantages of using Bitcoin

• While it is true that the rise of Bitcoin has made many millionaires in a short period of time, there have also been many losses from investing in Bitcoin. Disadvantages of using Bitcoin:
• Any transaction or payment made in error is non-refundable.
• The Bitcoin market is volatile. In 2009, the value of Bitcoin was 0.0 and now it has reached several trillion dollars. Also, at any time, the value of Bitcoin can decrease.
• Investing in Bitcoin is much safer and hacking free. But if the Bitcoin wallet account details are saved on a server or a device, the complete information will be lost to the hackers if the device is hacked. This can cause bitcoins to disappear from wallets at any time.
• One of the major disadvantages of Bitcoin is that any transaction or payment made by mistake is irreversible. Even if one loses the cryptocurrency wallet i.e. if one forgets the private key of the wallet, there is no way to recover it.
• Investing in Bitcoin is much safer and hacking free. But if the Bitcoin wallet account details are saved on a server or a device, the complete information will be lost to the hackers if the device is hacked. This can cause bitcoins to disappear from wallets at any time.
• The country's government has no role in regulating cryptocurrency, so it is used for illegal transactions. One can buy and sell drugs or weapons anonymously using Bitcoin. In this case it is very difficult to catch the culprit.
• Due to being a new currency, most of the countries do not transact through this currency, even in many countries of the world like Bangladesh, this currency has not been legalized yet.

 Impact of Bitcoin in real life

Countries like Bangladesh that have not yet legalized the cryptocurrency Bitcoin have not seen much of an impact, but countries that have legalized the cryptocurrency are seeing a huge impact. Bitcoin is gaining popularity even though it is not recognized as a currency in many countries. As a result, central banks of many countries have taken the initiative to formulate policies for Bitcoin. Due to this huge influence of cryptocurrency, many countries of the world have already started legalizing Bitcoin by adding cryptocurrency. As El Salvador became the first country in the world to officially recognize Bitcoin, they will be able to use Bitcoin as their official currency alongside the US dollar. It is also valid in many developed countries of the world. Countries such as Japan, USA, Germany, France, Malta, Canada, Belarus, Holland, Vietnam, Singapore, Thailand, India and Russia have not only legalized cryptocurrencies but are actively working on blockchain development. Along with the economic benefits that cryptocurrencies have generated, a great deal of uncertainty has been created. As a result, many have reached the top of success and many have reached the bottom in a short period of time.

 Various countries are thinking about adequate regulatory measures before introducing cryptocurrencies in the country. It is not yet legal in our country. However, many believe that it can be implemented by bringing in specific regulations. Blockchain is the core technology of Bitcoin. The good news for us is that the government is catching up with modern technology and is starting to work on things like blockchain on a limited scale. Blockchain technology will be useful in our VAT, tax, retail, land management, customer, birth registration, e-tin, passport. Cryptocurrency will come with the help of blockchain technology which can be a great opportunity for the country. Seen as an opportunity to bring in investment, startups and entrepreneurs can benefit organizations.

 

 

 1) What is Bitcoin?

Bitcoin is basically a type of virtual currency or crypto-currency that is transacted over the internet. Generally we use money as a medium of exchange. Bitcoin is a medium of exchange that is used as a medium of exchange in the digital world.

 2) Why is Bitcoin used?

Bitcoin is basically a virtual currency or crypto-currency that is used for transactions over the internet.

  3) Who introduced Bitcoin first?

At the end of 2008, a Japanese citizen named Satoshi Nakamoto or a group of software scientists invented this 'cryptocurrency'.

 4) How much is the price of one bitcoin?

Currently the value of 1 Bitcoin is about 18,976.2 USD Dollars which Bangladeshi value is about 1,952,966.81BDT.

 5) In which countries is Bitcoin legal?

Cryptocurrency Bitcoin is legal in countries like Japan, USA, Germany, France, Malta, Canada, Belarus, Holland, Vietnam, Singapore, Thailand, India and Russia.

 6) What are the disadvantages of Bitcoin?

Investing in Bitcoin is much safer and hacking free. But if the Bitcoin wallet account details are saved on a server or a device, the complete information will be lost to the hackers if the device is hacked. This can cause bitcoins to disappear from wallets at any time.

 7) What are the advantages of the cryptocurrency Bitcoin?

Cryptocurrency is an online based digital currency that is almost impossible to hack. As a result, safe transactions are possible.

 8) Bitcoin legal in Bangladesh?

No. Bangladesh government has not yet legalized Bitcoin.

9) In which countries is the cryptocurrency Bitcoin illegal?

Due to being a new currency, most of the countries do not transact through this currency, even in many countries of the world like Bangladesh, this currency has not been legalized yet.

 10) How many cryptocurrencies are there in the world?

Crypto-currencies are of different types, the most notable being Bit-Coin and Dose-Coin. There are also various types of crypto-currencies including Ethereum, Litecoin, Bytecoin, Dogecoin, Ripple, Monero, Dash etc. As the popularity of crypto-currencies grows, new types of crypto-currencies continue to emerge.

11) How much $1 Bitcoin in US dollars?

The value of 1 Bitcoin is about 18,976.2 USD Dollars.

12) Does Bitcoin safe and good medium for investment or is it worth for investment?

Bitcoin is can be safe and good investment for you if you ensure security threats. This is very high risk investment procedure. If you don't have strong economical condition then you should not take that risk.

13) How long it takes to mine one bitcoin?

It takes almost 10 minutes to mine a bitcoin.

14) How to convert bitcoin in cash?

Bitcoin can be converted to cash directly in two ways as

1.    through a bitcoin ATM
2.    peer to peer transaction.

15) Can bitcoin sell in cash?

Bitcoin can be sold in cash.

16) How to transfer bitcoin in cash?

You can ask for a withdrawal in the currency of your choice when the exchange has received your bitcoin. Your bank account will be credited with the withdrawal. Money laundering regulations restrict brokers, therefore you must withdraw to the same bank account that you deposited with.

 17) Which is the best crypto-wallet?

Some of the best crypto-wallets are Coinbase, MetaMask, TrustWallet, Ledger Nano S Plus, Electrum, BlueWallet, Exodus and so on.

18) Which is the best crypto-wallet for mobile?

TrustWallet and BlueWallet is the best crypto-wallet for mobile device.

19) Which is the best crypto-wallet for dextop?

Exodus is the best crypto-wallet for dextop PC.

20) Which is the best crypto-wallet for beginners?

Coinbase Wallet is the best crypto-wallet for beginners.