What Is Bitcoin – How It’s Work

What is Bitcoin

Nowadays, Bitcoin has become a much more popular and popular subject.

And, a lot of people want to know about Bitcoin.

And so, today I will talk about what bitcoin is, “how bitcoin works”, how to buy and sell bitcoin and finally “how to open a bitcoin account”.

As a result of the use of the Internet, human life today is greatly improved and digital technologies can be easily adopted.

With the convenience of receiving any kind of information, we can do online shopping, hotel booking, car or cab booking, train & flight ticket booking and thousands of other things at home through the internet.

Besides, you are all familiar with the topic of making money online through the internet.

However, I have written a lot of articles on this website about the rules or ways to make money from the online internet.

Blogging and the YouTube channel are the best of these ways and rules.

Moreover, at present, there is a lot of opportunities to earn money from bitcoin.

Many of you may have heard of what bitcoin is or what bitcoin is.

However, for those who do not yet know anything about Bitcoin, I have written today’s article.

  • The convenience of using the internet in daily life
  • What is cybercrime?
  • What is the Internet and how does it work?

In this article, I will explain to you very clearly, what is bitcoin (What is bitcoin in Bangla).

What is Bitcoin? (Bitcoin meaning in Bengali)

Bitcoin is a “virtual currency” that anyone can use “digitally”.

Just like other currencies like the dollar, rupee, etc., bitcoin is also a kind of currency.

And, we can’t feel this kind of virtual currency holding hands, we can’t even see it with our eyes.

Therefore, Bitcoin is also called “digital currency”.

However, it can also be called electronic money.

Bitcoin is a type of currency that can only be bought and sold digitally online.

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Using this type of digital currency or electronic money, you can do online transactions in different fields.

Bitcoin can only be deposited in online wallets.

Moreover, in case of any online bitcoin transaction, you need to use this wallet app or website.

Because as I said before, “Bitcoin can’t be seen holding hands and it can’t be seen with the naked eye”.

This type of cryptocurrency can only be expressed through numbers.

Just as the value of 1 dollar (1 dollar value) differs from country to country, so the value of 1 bitcoin (1 bitcoin value) differs from country to country.

Now maybe a simple question is definitely coming to your mind.

How much money is equal to 1 bitcoin?

So, the answer will be different in different countries.

In the case of India,

The day I am currently writing this article,

1 bitcoin equals 6,04,874.40 Bangladeshi Taka “.

But keep in mind, this value of 1 bitcoin continues to go down every day.

So, it is not necessary that the number I have given should remain the same forever.

Tomorrow, maybe, it will be more or less than double.

Hey, it looks a bit like share market, that’s why.

However, Bitcoin has no link with the stock market.

Straightforward, what is Bitcoin?

Bitcoin means a decentralized virtual currency.

This means that it is a kind of currency, which there is no bank, authorities or government to control.

Simply put, bitcoin has no owner.

The way there is no owner of the internet but we are all benefiting from using it, just like there is no owner of bitcoin but anyone can use this currency digitally.

I hope you understand the meaning of “bitcoin” (bitcoin meaning in Bengali).

Who invented Bitcoin?

In 2009, Bitcoin was discovered by a man named Satoshi Nakamato.

However, the popularity and popularity of Bitcoin at that time was never like today.

According to the Wikipedia.org website, when Bitcoin was invented in 2009, between 2009 and 2010, the value of 1 bitcoin was almost non-existent.

However, in March 2010, 1 bitcoin equals $ 0.003 and in July থাকে 0.008– $ 0.08.

Then, from 2012 to about 2013, the value of 1 bitcoin increased rapidly.

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If you want, you can go to the “history of bitcoin” page of wikipedia website and see the whole thing.

Then, by the way, on this day in 2020, the value of 1 bitcoin is a few lakhs of rupees (according to Google).

So imagine, if you had bought something within the first 2 to 3 years of the introduction of Bitcoin, you would own a few lakhs today instead of 100 or 200 rupees.

However, if I had known, I would have bought it.

And, this is how a lot of people are making money through Bitcoin.

But there are also fortunes and opportunities that do not apply to everyone.

How does Bitcoin work?

See, how Bitcoin works, there is no point in taking this question in a more complex way.

Well, at least we didn’t go down without explaining ourselves first.

As I said before, Bitcoin is a kind of electronic currency or digital currency.

And, to use, exchange or buy this type of currency, the Internet is needed.

For example,

Nowadays there are many types of online wallet apps, such as “paytm”, “freecharge” etc.

By using these wallet apps, we can digitally transfer money from our own app to someone else’s wallet app, just like Bitcoin and a type of virtual money that will never be seen by hand. You can see with your eyes or not.

This whole process is done virtually or digitally through the internet.

However, you must use either of the “Bitcoin apps” or “websites” to buy, sell or exchange Bitcoin.

Through the website or apps, you can see the numerical value or amount of bitcoin you have.

And, through these Bitcoin websites or apps, you can buy and sell Bitcoin as needed.

In general, people buy Bitcoin only when the market demand is low.

Because, when the demand in the market is low, then the value of every bitcoin will go down.

So, you can buy more bitcoin by spending less money.

Again, when the demand for bitcoin rises again in the market, its price will be higher.

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And, this is when you buy Bitcoin at a lower price and sell it again, earning more profit or money.

You will also find out about the price or value of the bitcoin you have bought through apps or websites.

How do I open a bitcoin account?

Bitcoin can only be deposited electronically online.

So, to buy Bitcoin, we first need a “Bitcoin Wallet Account”.

To open a wallet account, go to a bitcoin wallet and register.

Bitcoin wallets can be of different types.

  • Desktop wallet 
  • Mobile wallet 
  • Online wallet 
  • Hardware wallet 

Of these, we have to create an account using any one wallet.

These wallets give us an ID, as a unique address.

With this unique address or ID, we can deposit future earned Bitcoin in our wallet account.

Now, two aaps are most commonly used to open a bitcoin account.

  • Unocoin 
  • Zebpay 

What is Bitcoin Mining?

We use Bitcoin for online payments or transactions.

And, when such bitcoin online transactions take place, the transactions are verified.

Those who verify these bitcoin transactions are called miners.

And, this process of verifying bitcoin transaction is called bitcoin mining.

These miners must have a high performance computer system.

When verifying a transaction, they see that the transaction is done correctly.

There was no forgery process or medium was used?

This type of verification of bitcoin transactions resulted in some bitcoin being given as a gift to bitcoin miners.

And this way, they can earn a good amount of bitcoin.

Moreover, new bitcoins are coming to the market through mining.

However, anyone can do the work of Bitcoin Minor.

But, as I said before, in this case you will need a strong and high performance comments computer system which is not possible for everyone to buy.

So hopefully friends, what is bitcoin, how does bitcoin work, how to make bitcoin earnings and whatever questions you had about bitcoin mining, I was able to answer all the shots.

Thus, a few years ago, the price and demand of Bitcoin was low, so for those who bought Bitcoin at that time, today has become an opportunity to earn a lot of profit.

Author: born2gamer
My Name is Onty. I'm here to share the best information about everything.

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