What is Bitcoin? Requirements for Bitcoin
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| What is Bitcoin? Requirements for Bitcoin |
What is Bitcoin?
Bitcoin is a virtual digital currency that has no national boundaries, no third party interference, meaning no banks are needed to exchange it, no government can value or regulate the currency. With Bitcoin, you can buy anything from anywhere in the world if both the buyer and the seller are involved in blockchain technology, that is, if they both have Bitcoin. Bitcoin transactions have also started in some big hotels in our country, such as Hotel Sheraton.
Bitcoin transactions have a digital wallet, and Bitcoin is transferred from one wallet to another through this blockchain technology.
Those who trade Bitcoin will depend on how they want to get the money in exchange for Bitcoin. Suppose you buy bitcoin, the price of a bitcoin in Bangladeshi rupees is more than 32 lakh rupees. You can pay Bitcoin in different ways to the person from whom you buy Bitcoin.
You can send money directly from your bank account to his account and he will transfer his bitcoin to your blockchain wallet. Again, if that person is someone next to you, you can give him money in hand.
There are also various banks and brokerage houses that will help you make money transactions in bitcoin trading and in return they will charge you a fee. Some of these popular brokerage houses are - Coinbase, Kraken, as well as LocalBitcoins, Paypal, Payoneer, Western Union, and many more media that will help in P2P transactions.
Bitcoin is a symbolic currency, it has no visual existence, no shape. It's just computer software.
* Requirements for Bitcoin:
But we are already using the digital version of the currency, debit card, credit card. Bitcoin is a digital currency that has different features but the same functionality The diversity of this currency makes it popular and necessary all over the world.
1. It has no specific controller, its exchange network is just a connector of a network chain. So its exchange process is very flexible. This currency is exchanged directly between the sender and the recipient through the Peer to Peer network. Suppose I had Bitcoin at the moment, I could send it directly to buy something from an American seller.
2. Where you have to manually send money out of the country through a bank, you have to wait for the bank to open tomorrow at 10 am, again on Friday and Saturday you have to wait for two days, where to transact bitcoin through blockchain can be transacted anywhere in just 10 minutes. The closure of the manual banking system two days a week has resulted in millions of rupees in transactions worldwide and severely damaged businesses, which can be solved by transacting these cryptocurrencies through blockchain technology.
3. A nominal charge is deducted in exchange for bitcoin, even if 10 bitcoins are sent, the charge is 10 million.
4. Cryptocurrency cannot be forged. Once a bitcoin is exchanged, it cannot be returned, or exchanged, because that currency exchange information is stored in blockchains on thousands of computers around the world.
5. Cryptocurrency can prevent inflation. Because it cannot be printed at wills like paper or coins, it is impossible for a country to control the inflation-deflation of a currency in order to get the economic benefits it wants, with cryptocurrency.