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Things to know about Bitcoin

Things to know about Bitcoin

Bitcoin is a familiar suffix to many of the users of digital technology. Its journey from almost a decade ago to today. Although from the beginning there were various negative ideas and doubts about its acceptability. However, after putting an end to all doubts, this online monetary system is finally going to be accepted.

Tesla, the American company famous for electric cars, has already decided to adopt this monetary system. The company said it had bought 1.5 billion worth of bitcoin for the transaction.

Meanwhile, Uber and MasterCard say they have also adopted plans for Bitcoin lanes. Bank of New York Mellon, one of the oldest institutions in the United States, has announced that it has formed a unit called Digital Assets. Needless to say, Bitcoin is soon to be established as an alternative currency system due to the initiative of world-renowned companies to adopt Bitcoin and its global recognition.

So if you think it's good to know about this monetary system or want to enrich yourself in today's world of technology, now is the time to know.

What is Bitcoin?

Bitcoin is a secret currency system. It was launched in 2009 by a man named Satoshi Nakamoto of Japanese descent. Its transactions are ‘peer to peer’ or from customer to customer. It is done through computer or mobile. No brokers or intermediaries are required. The identity of the person is preserved due to anonymous transactions. It is also called a kind of symbolic coin.

The most interesting thing is that Bitcoin is a digital currency and has no external use. That is, it cannot be touched. Due to its decentralized approach, no bank or government can control it

Currently it can be used in everything from Overstock.com to PayPal. The field of Bitcoin usage is getting richer day by day.

A large portion of people see Bitcoin as a good way to invest. This is definitely true because this week Bitcoin broke all-time records and reached the milestone of 49,000.

Where to buy?

One thing to keep in mind, Bitcoin is 100% digital. Its marketplace is known as 'Bitcoin Exchange'. Where Bitcoin can be traded for conventional currency. Coinbase is the top currency exchange system. There are also Coinmama, CEX.IO and Gemini.

Where to put your bitcoin?

We keep ordinary money in our wallet or wallet. When the amount of money is more, we go to the bank. But bitcoin has to be kept in the digital wallet as it is out of reach and has no external appearance. It has to be stored in a digital wallet like cloud or computer. This is a system similar to a virtual bank account. But like the bank account, it is not controlled by the state or the central bank. However, any country or central bank may not allow the introduction of bitcoin system. Bitcoin has not yet been legalized in Bangladesh.

How secure is Bitcoin?

Cryptocurrency is a currency that is constantly changing. Like the stock market, its price often fluctuates. Therefore, besides profit, there is also a risk of loss. Let’s make the matter clearer through an example. The price of Bitcoin rose to 42,000 in January this year, after which it dropped to  30,000 again. After that it increased again and reached 40 thousand dollars. Within a week, the price of Bitcoin fluctuated.

There are also some more inherent risks in digital monetary systems. In this system, hacking the server, deleting the file or losing the password means losing the fund forever. For all these reasons, online-based Bitcoin has been described by critics as 'unsafe'.

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