What is Bitcoin? | How to earn? | How to spend? – Details
What is Bitcoin? | How to earn? | How to spend? – Details
Dear friends, if I talk about a currency that you can never touch, your moneybag will not be there, but you can spend and earn. Yes, friends are talking about Bitcoin. Bitcoin is a type of coin that can be heard by coins but it does not exist anymore. It is electronically saved on your phone, tablet, laptop or any storage media. Not just this one line, everything is finished. You need to know more about this currency. Let’s know everything.
There is no difference between a typical paper and no note when you see it in a hurry. But the price of a note ranges from 2 taka to 1 thousand rupees – there is a government behind Keno, bank, and there is no authority. They sit together and decide what the value of a note will be. And we believe them and make this little piece of paper valuable.
But this case is totally different in case of Bitcoin. No government determines the value of Kenona Bitcoin, nor is there any bank or bank. Bitcoin does not have any specific authority to control. The currency was first introduced in 2009, and it has been running since today, which is much more popular online.
At present, 1 bitcoin is equal to 579 dollars A few years ago its value went up to 1,200 dollars. But since there is no authority to determine its value, there is no government, and there is no bank, so its value goes up (if Bitcoin is stable now). Because you and I have confidence in this currency, we can exchange it with each other. The advantage is that if I want to send you some bitkayen, then I can send it to you directly. Not that I have to go to a bank and if you do not have to send it through an authority. Your account can never be frozen and you can send this currency to whomever you want. The advantages that you can get, the benefits will not normally be able to give you a bank or general currency. There are a lot of rules in Bank Transaction, which you have to follow, but there is no rule for Bitcoin.
Bitcoin can be shaven and cost in some ways. The easiest way to earn it is to buy some Bitcoin directly. Now think 1 bidet is worth 579 dollars, you can buy this currency directly for $ 579 and it will be stored electronically on your account online. Again, you can sell any service or thing to earn this currency. Now think I have a phone, worth $ 579. So I can sell this phone online at the price of 1 bitkayen, this will bring me the coin.
Besides, you can mine bitkayana if you want, and this is the medium that makes new bittacquains available in the market. Friends, a simple note is controlled by the government or the authority. They control the price and all sorts of transactions. If you ever need a note, they can print the notes as desired and thus the new note comes to the market. But Bitcoin is not printed, and it does not have anyone as its controller, but there is a price that only certain number of (31 million) bits can be in the market. If this coin is increased by many, its value will be reduced, so this system has been created to control it. But it will come when there will be no new Bitcoin in the market.
Now the question is how can this currency be transmitted? See the biggest problem but it happens here. And this thing is a little difficult to understand. Let’s try to understand the matter easily.
Think you went to a park for morning walks. Going there, Apple is looking for Apple to sell and you want to buy an Apple. Now you gave him money and bought an Apple in return. Now that you have got Apple in your hand, but you do not have to worry. You can see that Apple is physically able and touched by hands. So you do not need any other person to check it. This app will be completely yours and you can also give it to Kauka. You can give this apple to your friend, your friend can give it to another, and thus this order can be maintained.
But friends now think about a digital apple-which is not stored in your pocket but rather is stored on your computer or any computing device. How do you know that this apple is yours? How do you make sure that it has not sent your friend? Has not fun started? Since it is in digital format, it is possible to make thousands copies. It is possible to send Kauk by mail. It is also possible to download millions of downloads on the internet.
So, you know, exchange of physical Apple and Digital Apple is not one thing. Computer scientists are also struggling with the exchange of bitcoin, and the problem is called “double-spending problem”.
Now if you want to send a note or some money to Kauka, the note is a physical currency, which you once used to give and you will not have. Or if you want to send money through bank, you have to pay some fees to sign some papers. In this, the money will be withdrawn from your account and the money will be added to another’s account and that money will be returned to the person physically through a proforma channel. You must verify that you have money in your account and you can pay a note only once or spend it.
But it is a bit different when sending bitcoin. If I want to send you some coins, maybe I send it to my account from my desk. But will this transcription verify? I mean, that I sent you a few coins, and the certainty of the fact that I still do not have a deposit?
In order to fix these rumors, a bit of mathematical problem is added to each bitkayana part, and each coin has a mathematical number attached to it to track it. This is how it is understood from whom no number of coins came from. Now every day there is exchange of coins in the whole world, who are able to make these transactions successful?
Bitcoin solves this huge mathematical problem, which makes these transactions successful, they are called Bitcoin Miners. They have a lot of powerful computers. These computers have many powerful GPUs installed, and if they solve the arithmetical problems of this problem, they will be transited first and then you and my transition will be done and minarer Rao will be able to get some Bitcoin prize in order to get this done.
The biggest problem is that Bitcoin is not a stable price currency – it does not have any authority to control it. So its value can be much higher. For a 100 rupee note like 100 rupees, but the value of 1 bitcane is not always the same. It may be that many times you may have to accept many losses.
If you want, you can spend any portion of Bitcoin, not that you have to spend 1 bitcoin. You can also spend 0.0001 bitcane if you want. But the problem is that it is not acceptable in many places. You can not use it on many websites. All vendors do not accept it. You can not afford to spend in it. This means that in many places you have nothing to do with Bitcoin. It’s just a risk to tell the truth, so you can feel confident that you should not be able to invest on your Bitcoin.
Since this currency is only electronically stored, so if your computer or computing device crashes or if you forget the account password, then all your coins will be lost. And you will never be able to recover these coins.
Along with the inconvenience it has many advantages. When you want to send any amount of bitcoin to Kao, you will not need to follow any rule. Besides, all the coins are related to mathematical problems, so each transaction is calculated when you send or receive coins. Nobody can spend your coins and you will not be able to spend any coins.
The person who does not have Bitakaina can not spend any coins. And these are not meant to be used by a shop system to control the computer system, nobody can spend the same bitcoin multiple times.