What is Bitcoin, why is it necessary?

eliashossain (63)in #bitcoin • 6 years ago

The use of cryptococcern 'bitcoin' has been steadily increasing. On 15th August, Bangladesh became the first country in Bangladesh to receive Bitcoin Foundation membership.

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★What is Bitcoin?

So 'Bitcoin' - in English B, the capital letter - is a peer-to-peer network where currency ownership is possible without a trusted third party, and the unit used in this network is 'bitcoin' - b in English, which is completely digital-cryptography Through computing is made using coding.

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★Bitcoin Properties:

Made entirely of digital means, in reality it has no physical presence. No central bank controls it. The currency system is in progress due to the use of it by individuals or individuals worldwide. Due to the peer-to-peer system, direct trading is done without any institution or middleman. Because of the use of cryptography, it is impossible to get Bitcoin access without proper permission. Above all, it is possible to make a complete transaction in Bitakayane.

★The difference between conventional currency and bitcoin

The most common currency used in the world is paper making. Any type of service is at the root of accounting transactions. The way in which the service is to be shared, face-to-face services, online services, taking services through banks or financial institutions etc.

Bitcoin is a type of cryptococoncy created using cryptography. The main difference between conventional currency and cryptococoncy is that due to physical existence, conventional coins can be hand-held, hand-picked. On the other hand, cryptocarrency can be used only. Because it is virtual or digital, it can be used only, and can not be easily handled.

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Due to peer-to-peer networks, Bitcoin Transaction or Transaction Service is available from 'wallet' and 'wallet' from donor and recipient. Bitcoins are stored in 'Wallet'. It can be either online or offline. A Bitcoin user needs to use two keys. A 'Public Key', it's open to everyone. The other is 'Private key', it is always hidden and used to guarantee transactions.

Transaction history is recorded in an open account (public laser), which is called 'Block chain'. In this case 'public keys' are used and the same transaction can not be repeated through the same user. From the account of the first transaction in Blockachen, all accounts have been preserved and updated regularly.

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★Bitcoin Deficiency

According to information and technology specialist writer Kishi Hash, there are some bad luck in Bitcoin. Firstly, due to the inability of the transaction to be repeated, if there is no service related to the service provider, there is no way to get back the coin. Secondly, if the bitcoin 'wallet' is lost or damaged then it can not be returned. That is not the case for our used wallet or currency.

Thirdly, Bitcoin is very unstable as a medium of exchange.

Fourthly though the use of bitcane is increasing gradually, but it is very limited in comparison to the conventional currency. So it has to be used to convert it to conventional currencies. After all, there is no credit facility in bitcoin. Although it is a good direction, but the economy of the current world is running credit-based. Depending on the credit, we take advance care services.

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★Bitcoin competitor

Today, 454 types of cryptococerns are used most often around the world. However, Litecoin and Ripple are one of them. Other cryptocarcans are not so much like Bitcoin. Apparently Litecoin considered Bitcoin's rival, but its probability is very weak.

★The world renowned brand / company who took Bitcoin

In the real world, Bitcoin was bought for the first time on May 21, 2010, when Bitcoin user Laszlo bought a pack of 25 dollars in exchange for 10 thousand bits of coins.

More than 30,000 traders and philanthropic organizations worldwide took Bitcoin. According to Nasdaq, a US-based stock exchange, US based online retailer Overstock.com, a UK-based business tycoon, Virgin Galactic, a popular free blogging platform, powered by UK-based business tycoon Richard Brianson, popular mobile gaming company Zynga, international e-commerce payments website PayPal, American Car maker Tesla Motors, online data Website OkCupid, and the popular torrent site The Pirate Bay is Bitcoin exchange for their services.