Bitcoin, Cryptocarrency and Blockchain

Bitcoin has become very familiar to us in the past few months. Recently, Bangladesh Bank also issued a circular by issuing warnings about Bitcoin trading. But what is Bitcoin? Many people have no idea about this. There is no visible evidence in Bengali about this. Writing for the interpretation of Bitcoin and related cryptoconcerns and blockchain in Bengal, it is written in Bengali.

Bitcoin is a kind of cryptococoncus or symbolic coin. It is not possible to exchange money, dollars, yen, etc. in the form of symbolic currency. The existence of signage is only in the form of information in the world of the Internet. Apart from Bitcoin, there are thousands of such symbols. It is well-known, Etherium, Littlekken, Ripol, Altkayen etc. Bitcoin is the predecessor and most popular of all.

Bitcoin is one kind of information. For example, a person named 'A' has 100 bitscakes, this is an information. What is the source of this information or how can a person named 'A' earn 100 bitakayana ownership? To explain it, we have to look at the beginning of Bitcoin. Satyashi Nakamoto, the father of Bitakayana, is one of the pseudonym, whose real identity is yet to be known. He created Bitcoin in 2009. The basic technology of Bitcoin is called Blockchain. In this technology, Bitcoin exchange information is to be verified. This is an unverified block of information created by checking. It's a lot like building a brick wall. Each block is like a brick, once installed and can not be broken. As new bricks are installed, on older bricks, new blocks of Bitcoin are built on the basis of the old block. Satatashi Nakamoto created the first block and in return earned 50 Bitakainas. Thus, the creation of Bitcoin. The key point of Bitcoin is that any exchange has to go through a very complex process of scrutiny. Through this verification process, the unchanging blocks of data are created one after the other. The verification process is called mining and those who do the job are called miner. It can be said in Bengal, excavator and excavator. Bitcoin is the reward for the scrutiny and the creation of blocks. That is why Bitcoin Mining is compared to bringing the gold out of digging hills. Satoshi Nakamoto wrote his program in such a way that the creation of a maximum of 21 million (2,010 million Bitcoin) can be mined and it will be by 2140. Other signals are also mained in the form of block creation and scrutiny. Blockbuster is the main technology of all.

A person named 'A' can get Bitcoin ownership in two ways when he comes back to the previous question. It has a bitcoin mining and another, as a purchase or gift from others. But there is a currency relationship with Bitcoin? The main thing is to make the commodity exchange possible. There is acceptability relation with currency exchangeability. A 500 rupee or 100 dollar note actually has no value. We accept these as currency, so they are valuable and exchangable. In the case of signals also Let us see that people used to use kari as coins. There is no difference from signage, gold or paper currency.

Supporters of Blockchain technology say that signals will make exchange of commodities much easier. For example, someone wants to export some from Japan to Japan. The money is transferred through bank and other financial institutions, and these organizations are taking huge amount of fees for this. If you use blockchain technology, you do not need to pay this fee, so the cost will be much lower. Likewise, for sending remittances from one country to other countries, the use of sign currency is very less.

That means that other sign symbols, including Bitakayena, are easily able to occupy the currency of the current currency and that may happen in the near future. There is no doubt about this significance of blockbuster technology. But should the symbolism be considered as an investment asset such as shares, gold or diamonds? Many people are doing it and they are quite beneficial. A bitcoin was worth about $ 1 a year ago, now its price is about 14 thousand dollars. That means many people have become rich overnight investing in bitcoin. Now should we all do the same?

I think it is not fair to consider other sign symbols, such as Bitcoin, as investment. One or two of them may benefit but mostly capitalize. What is happening with Bitcoin's price rise is like a hollow balloon. Once the balloon bursts or stops, it will also happen in Bitcoin. But why would the consequence? To talk about this, our economy will have to return to a basic question. The question is, how is the value of a thing determined? For example, gold is a precious metal for us, but why? The valuation of anything is determined by two factors. One is a ready price, that is, how much it costs to create a thing. The cost of excavation of gold, diamonds etc. is very high, its reflection is at its selling price. Bitcoin mining or mining costs are also very high. Bitcoin is a powerful computer that needs to be mined, its power consumption is abnormal. So the excise value of Bitcoin is too much. In case of other signals, the cost is slightly lower. That's because Bitcoin is very expensive. The second thing that determines the value is how much people are willing to pay in return for the product. For example, we consider the gold as rare and attractive metallic. There is no alternative to gold and for this we are willing to pay a lot. There is no shortage of bitcoin or any sign exchange option. Since signage coins can easily be replaced by each other, so they are equally useful in terms of usage. On the other hand, Bitcoin's ready price or mining costs are extremely high. So the next coins are much more affordable than Bitcoin. That means they will take the place of Bitcoin. But they can occupy this place for a short time only. Because the next signals will be more cost-effective. Like buying a lot of computers, the more you buy, the more advanced technology.

In the case of money, dollar etc., the currency supplier is the state. So there are many countries in the world, so there are a lot of coins. There is no free entry or free access to the terminology of the economy of the conventional currency market. It does not fit in signals. As long as there is profit in signals, new currency will be infiltrated in the symbolic market. Therefore, any sign exchange will not be able to hold short-term, long-term profits.

Many people say that bitcoin will be as rare as gold. Because most of the 20 million Bitcoins will be created. There is a childish confusion at the heart of this concept. They do not realize that there is restriction of general property disintegration and portability, which is not a symbol. Gold can be divided into small portions but can not be conveyed. For example, it is not possible to take a gold ornaments from one place to another. Again, some resources are portable but uninterrupted. For example, we can divide 1 rupee into 100 pieces. But 1 paise can no longer be shared. It is also true for shares. It is not possible to share two shares of one share. But sign currency is simultaneously carrying and dividing. Currently, the minimum is 0.00000001 Bitcoin owners. It is possible to make it even smaller by writing a code. Thinking of Bitcoin's limited resources is just a confusion.

Another sign of the sign of currency is the necessity of mining. As already mentioned, the exchange of signals has to go through some complex scrutiny process. The cost of this process is very high. Those who do this work get signals as incentives, which are now quite beneficial without excluding electricity and machinery costs. If the process of verification is not profitable then they will no longer scrutinize. So it is impossible to exchange coincidence if it does not work. It means that one person can own 1 million BITKENS, but he can not do anything in return.

In the above discussion, I think that the future market price of Bitcoin and other signals will be zero. In the short run, some people have benefited or have been invested in it. But the long-term investment is unsuitable for the symbols as property.

We should discuss a bit more about the key technology behind Blockquane. Regarding the future role of the Bangladesh Bank and the financial institutions of Bangladesh related to it. Blockchain is a very important technology. It has been said that how the people of Blockchain can trust or assure each other, they have changed it. Today, trust and confidence in financial transactions come from intermediary financial institutions. Without the role of intermediary financial institutions through Blockchain, credible exchanges are possible at a lower cost and less time. So, it is estimated that the blockchain will undermine the future of financial institutions. The internet makes information and news sharing very easy, as well as making easy access to the blockchain. So, it may be necessary to bring about a massive change in financial institutions and central bank's activities to survive in the future. It is not possible to stop the storm from just one circular. Like a camel, here, it will not be easy to get rid of the face. If the blind are dormant?

Therefore, Bangladesh Bank and other private banks should now have a complete understanding of all aspects of Blockchain technology by forming a signature mining cell through supercomputers. Super computer, mining equipment and temperature control system requires an estimated 50 million taka. There is no need to bring expert from abroad to do the job, no need to travel abroad. It is possible by recruiting graduates from government and private universities of Bangladesh.

Blackchain technology is now in his childhood Nobody could understand what would happen in the future when the internet was launched or in the nineties. But today, Facebook, YouTube, Amazon, Google, Wikipedia, Smartphone etc. have revolutionized our lives. In the case of blockchains, many economists, including Suzanne Aethi, have estimated that this will happen.

New technologies like artificial intelligence, machine learning and blockbain etc. have already started bringing changes in the financial institutions of the developed world. Countries like Bangladesh will start to see its impact within the next 5-10 years. We do not know what will happen, but it is sure that something big will happen. Therefore, Bangladesh Bank and non-government financial institutions should start investing in this field for knowledge sharing. Stay nowIt is very important to prepare and to make changes in the program in the future.