Christopher Koch, a Norwegian citizen, has long dreamed of buying a luxury home. In a strange way his dream has come true. The coach has succeeded in his dream by investing only 24 US dollars. Christopher Koch, a 29-year-old engineer, bought 5,000 bitcoins worth 24 four years ago. The price of that 14 bitcoin has risen to $690,000 in the last four years. But what is this bitcoin? It is a digital medium of online transactions from independent customer to customer. Bitcoin is a cryptocurrency that is transacted through open source cryptographic protocols. This type of virtual currency transaction does not require any kind of financial institution, regulatory institution. Lucky Christopher Koch said that he bought Bitcoin in 2009 for $24 as a hobby. Then he forgot about it. A few days ago, when he heard the sudden rise in the price of Bitcoin, he remembered the old property. But he forgot his old password four years ago. When he remembers the password after trying for a whole day, he is like a banana plant with swollen fingers.

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Satoshi Nakamoto mystery.....

The media has at different times tried to portray different people as the real Satoshi Nakamoto. In 2014, for the first time, a Japanese-American computer scientist was considered Nakamoto. Later, another computer scientist named 'Hal Finni' was thought to be the first to trade with Bitcoin. Australian computer scientist Craig Wright claims to be Satoshi Nakamoto. He made the claim in an interview with the BBC, The Economist, GQ. Added to the list is Elon Musk, a billionaire who is passionate about new technologies and ideas. However, he claimed that he was not the inventor of Bitcoin. But a hackernoon.com blogger named Sahil Gupta, a former SpaceX intern claimed in a November 2016 blog that Elon Musk was the real Nakamoto and the "strong possibility" of Bitcoin being an inventor.

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Will Bitcoin be a gold substitute??

Digital currency Bitcoin's Jupiter seems to be at its peak now. The price of this currency has risen by about 63 percent this month. At the time of writing, Bitcoin was trading at $47,221. In the middle of the day, the price of Bitcoin exceeded 35,000 for the first time in history. Earlier on Sunday, the price of Bitcoin rose to 34 thousand dollars. Bitcoin prices have been rising since the Corona epidemic began. In 2020, the price of digital currency has increased by 300 percent. Not only Bitcoin, but other digital currencies are also rising in price. Bitcoin first came to light in 2013. Bitcoin peaked at a maximum of $400 that year. In 2016, there was a big change in the currency, the price went up to 20 thousand dollars. However, it did not take long for that price to come down. In December 2016, the price dropped to $3,200. Even in October 2020, the price of this currency was 10,600 dollars. From then on, prices started rising at a rocket speed. On January 3, the price of each currency rose to 34 thousand dollars. The next day it came down again. Bitcoin's ecosystem or market system has expanded over the last seven to eight years. As new currencies have entered the market, online bitcoin exchanges have also been launched. Many people have become the owners of huge money by investing in it. Its popularity is growing so much that Russell Okung, a player in the United States National Football League, is being paid in Bitcoin by the club. Bitcoin is now legally recognized in most countries of the world. However, bitcoin is still banned in Bangladesh, Egypt, Algeria, Morocco, and other countries. Although not directly banned in some countries, there are various restrictions on the use of Bitcoin. Analysts believe that financial institutions are turning to bitcoin as an asset. Bitcoin users think that Bitcoin is taking the place of gold as an asset. Analysts have speculated that the US dollar may depreciate in 2021, with fears that Bitcoin could rise further this year. At the start of the Corona epidemic, investors leaned towards the dollar to find reassurance amid uncertainty. This increases the value of the dollar. But later the dollar fell due to several incentive packages. As well as the acceptance of Bitcoin has increased as transactions or payment gateways like PayPal have now started accepting digital currencies.

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It started in 2009!!!

Satoshi Nakamoto, a talented Japanese citizen, set up a computer-based transaction system in Japan in late 2008 which was not an alternative to the traditional currency. He wanted to create a transaction system where the transaction would not require any third-party intervention, the account would be on the computer. And an indicator will be used to keep track of these transactions. This index is now known as Bitcoin, which has become known as a digital currency. Satoshi Nakamoto created the digital transaction system using blockchain technology. Later over time, various branches have been added. The main feature of Bitcoin is that it can be traded without the supervision of the central bank. Satoshi's hope was that good work could be done without the oversight of an authoritarian government. The far-reaching negative effect of the system of direct transactions between the two parties around the world is the black market. Since the transaction is between two parties, it is difficult to catch it. Suppose you buy Bitcoin from someone, in exchange for conventional currency. Bitcoin went down in the laser of the person you bought it from. Your ledger is made, the number of bitcoins you bought is deposited there. Those who buy Bitcoin are called cryptocurrency miners and take a seller's seal at the time of sale. However, no recognition is required from any government agency. However, Bitcoin is more volatile than gold as an investment medium. Because, as investment experts say, Bitcoin has no fundamental basis. As a result, if a bubble is created in its market, it will burst very easily. Many can lose capital in it. So a large section of analysts thinks it could never be a gold substitute.

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Bitcoin is becoming popular fast...

Bitcoin is now growing rapidly in many countries around the world. Three young entrepreneurs recently opened the first ATM booth in Vancouver, Canada last Tuesday to facilitate bitcoin transactions. Market analysts say the introduction of bitcoin-based automated calculators (ATMs) has added a new dimension to transactions. The idea is that it will take Bitcoin further to establish itself as a currency. Germany is the first country in the world to declare Bitcoin as a private currency this year. Bitcoin is now widely admired in San Francisco, Berlin, and Argentina. Online companies are also now starting to use virtual currency. The United States and Canada are also considering registering Bitcoin customers to curb drug, smuggling, illicit arms trade, and other illegal uses.

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Bitcoin's known-unknown

• Bitcoin does not have these problems even if the transaction requires a certain amount of money through MasterCard, Visa Card or any other means. Bitcoin can be purchased from the website.
• In some countries, including the United States and Canada, it is possible to make purchases through Bitcoin in online transactions.
• Using Bitcoin is as simple as sending a message on a regular e-mail or mobile phone.