1 Bitcoin equals
671,781.78 Bangladeshi Taka
Each Bitcoinis basically a computer file which is stored in a 'digital wallet' app on a
smartphone or computer. People can send Bitcoins(or part of one) to your digital
wallet, and you can send Bitcoinsto other people. Every single transaction is recorded
in a public list called the blockchain.
Guide: What is Bitcoin and how does Bitcoin work?what is Bitcoin and how does it all
work?
What is Bitcoin?
Bitcoin, often described as a cryptocurrency, a virtual currency or a digital currency - is
a type of money that is completely virtual.
It's like an online version of cash. You can use it to buy products and services, but not
many shops accept Bitcoin yet and some countries have banned it altogether.
The physical Bitcoins you see in photos are a novelty. They would be worthless without
the private codes printed inside them.
How does Bitcoin work?
Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a
smartphone or computer.
People can send Bitcoins (or part of one) to your digital wallet, and you can send
Bitcoins to other people.
Every single transaction is recorded in a public list called the blockchain.
This makes it possible to trace the history of Bitcoins to stop people from spending
coins they do not own, making copies or undo-ing transactions.
How do people get Bitcoins?
There are three main ways people get Bitcoins.
● You can buy Bitcoinsusing 'real' money.
● You can sell things and let people pay you with Bitcoins.
● Or they can be createdusing a computer.
How are new Bitcoins created?
Is Bitcoin a good investment?
Unfortunately, many companies do not recognize bitcoinas a legitimate exchange.
Cryptocurrency could be an effective online currency exchange; however, buyers buy
up bitcoinswith the intent of investingmuch as they would with stocks. Some even
think that
bitcoinis a solid investmentopportunity for retirement.
What is Bitcoin used for?
Bitcoinis a digital currency created in 2009 by a mysterious figure using the alias
Satoshi Nakamoto. It can be usedto buy or sell items from people and companies that
accept bitcoinas payment, but it differs in several key ways from traditional currencies
How Do You Get Bitcoins?
1. Buy Bitcoins Online. To buy or earn free bitcoins, you first need to download a bitcoin
wallet, which is software that allows you to securely send, receive, and store funds in
the bitcoin network. ...
2. Buy Bitcoins in Person. If you'd rather buy bitcoins in person, you have four options to
choose from:
In order for the Bitcoin system to work, people can make their computer process
transactions for everybody.
The computers are made to work out incredibly difficult sums. Occasionally they are
rewarded with a Bitcoin for the owner to keep.
People set up powerful computers just to try and get Bitcoins. This is called mining.
But the sums are becoming more and more difficult to stop too many Bitcoins being
generated.
If you started mining now it could be years before you got a single Bitcoin.
You could end up spending more money on electricity for your computer than the
Bitcoin would be worth.
Why are Bitcoins valuable?
are
they
There are lots of things other than money which we consider valuable like gold and
diamonds. The Aztecs used cocoa beans as money!
Bitcoins are valuable because people are willing to exchange them for real goods and
services, and even cash.
Why do people want Bitcoins?
Some people like the fact that Bitcoin is not controlled by the government or banks.
People can also spend their Bitcoins fairly anonymously. Although all transactions are
recorded, nobody would know which 'account number' was yours unless you told them.
Is it secure?
Every transaction is recorded publicly so it's very difficult to copy Bitcoins, make fake
ones or spend ones you don't own.
It is possible to lose your Bitcoin wallet or delete your Bitcoins and lose them forever.
There have also been thefts from websites that let you store your Bitcoins remotely.
The value of Bitcoins has gone up and down over the years since it was created in 2009
and some people don't think it's safe to turn your 'real' money into Bitcoins.
Bitcoin
Bitcoin
Prevailing bitcoin logo
Denominations
Plural bitcoins
Symbol
[a]
Ticker symbol BTC, XBT[b]
Precision 10−8
Subunits
1 ⁄1000 millibitcoin
1 ⁄100000000 satoshi[2]
Development
Original author(s) Satoshi Nakamoto
White paper "Bitcoin: A Peer-to-Peer
Electronic Cash System"[4]
Implementation(s) Bitcoin Core
Initial release 0.1.0 / 9 January 2009 (10
years ago)
Latest release 0.18.1 / 9 August 2019 (2
months ago)[3]
Development status Active
Website bitcoin.org
Ledger
Ledger start 3 January 2009 (10 years ago)
Timestamping Proof-of-work (partial hash
scheme inversion)
Hash function SHA-256
Issuance schedule Decentralized (block reward)
Initially 50 per block, halved
every 210,000 blocks[8][9]
Block reward 12.5[c]
Block time 10 minutes
Block explorer bitaps.com
Circulating supply 17,754,100 (as of
11 June 2019)
Supply limit 21,000,000[5][d]
Bitcoin( ) is a cryptocurrency. It is a decentralized digital currencywithout a central
bankor single administrator that can be sent from user to user on
the peer-to-peerbitcoin network without the need for intermediaries.
Transactions are verified by network nodesthrough cryptographyand recorded in a
public distributed ledgercalled a blockchain. Bitcoin was invented in 2008 by an
unknown person or group of people using the name Satoshi Nakamoto[15] and started in
2009[16] when its source code was released as open-source software.[7]
:ch. 1 Bitcoins are
created as a reward for a process known as mining. They can be exchanged for other
currencies, products, and services.[17] Research produced by University of
Cambridgeestimates that in 2017, there were 2.9 to 5.8 million unique users using
a cryptocurrency wallet, most of them using bitcoin.
Bitcoin has been criticized for its use in illegal transactions, its high electricity
consumption, price volatility, and thefts from exchanges. Some economists, including
several Nobel laureates, have characterized it as a speculative bubble. Bitcoin has also
been used as an investment, although several regulatory agencies have issued investor
alerts about bitcoin.
Definition: Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital
currency without a central bank or single administrator that can be sent from user to user
on the peer-to-peer bitcoin blockchain network without the need for intermediaries.
Small wonder that Bitcoin emerged in 2008 just after Occupy Wall Street accused big
banks of misusing borrowers’ money, duping clients, rigging the system, and charging
boggling fees. Bitcoin pioneers wanted to put the seller in charge, eliminate the
middleman, cancel interest fees, and make transactions transparent, to hack corruption
and cut fees. They created a decentralized system, where you could control your funds
and know what was going on.
Bitcoin has come far in a relatively short time. All over the world, companies, from REEDS
Jewelers, a large jewelry chain in the US, to a private hospital in Warsaw, Poland, accept
its currency. Billion dollar businesses such as Dell, Expedia, PayPal, and Microsoft do, too.
Websites promote it, publications such as Bitcoin Magazine publish its news, forums
discuss cryptocurrency and trade its coins. It has its application programming interface
(API), price index, and exchange rate.
Problems include thieves hacking accounts, high volatility, and transaction delays. On the
other hand, people in third world countries may find Bitcoin their most reliable channel yet
for giving or receiving money.
