History of Bitcoin:
Since Bitcoin does not require any financial institution to complete the transaction later and its transaction dynamics cannot be followed in any way. So Bitcoin is becoming increasingly popular in different parts of the world. Just as corrupt rich people deposit money in Swiss banks to make illegal deposits through tax evasion, so everyone in this mysterious world uses Bitcoin to keep their activities in the limelight.
How Bitcoin works: Bitcoin transactions are peer-to-peer or from customer to customer's computer. It does not pass through a central clearinghouse or has a regulatory body to control it. All Bitcoin processing is done online through open-source software. Anyone can generate bitcoin through Bitcoin Miner. The process of generating bitcoin is always predictable and limited. As soon as Bitcoin is generated, it is stored in the customer's digital wallet. If the stored bitcoin is sent by the customer to someone else's account, a unique electronic signature is created for the transaction that is monitored by other miners and stored confidentially but securely within the network. At the same time, the current ledger of the customer is updated in the central database. When a product is purchased with Bitcoin, it is sent to the seller's account and the seller can later buy the product again with that bitcoin. You can earn a lot of money by buying and selling domains.
The difference between conventional currency and bitcoin: Conventional coins used worldwide are mainly made of paper. Paper money is at the heart of any kind of service transaction. No matter which way the service is exchanged, face-to-face service delivery, online service delivery, exchange of services through banks or financial institutions, etc.
Bitcoin is a type of cryptocurrency created using cryptography. The main difference between conventional currency and cryptocurrency is that due to physical existence, conventional currency can be used hand-in-hand. Cryptocurrency on the other hand can only be used. Being virtual or digital it can only be used, never taken in hand.
According to information and technology expert author Ken Haas, Bitcoin has several disadvantages. Firstly, due to the inability to repeat the transaction, if the service recipient does not receive the relevant service, there is no way to get the money back. Secondly, if the bitcoin ‘wallet’ is lost or damaged, it cannot be recovered. Which does not apply to the wallet or coin we use.
Third, Bitcoin is very volatile as a medium of exchange.
Fourth, although the use of Bitcoin is increasing, it is very limited compared to conventional currencies. So it has to be used by converting it into conventional currency. After all, Bitcoin has no credit system. While this is a good thing, the current world economy is running on credit. We carry advance services based on credit.
The power of computers is often pooled to reduce the difference in income from minors. Each mining rig has to wait a long time to ensure transactions and payments are received. Each time a participating server solves a block, all minors participating in a pool are paid. This money is given based on the amount of work of each minor to find that block. Bitcoin data centers are usually scattered outside the public eye and around the world, and there is a tendency for clusters to be clustered around low-cost areas.
Bitcoin uses a "proof of work network" to create a distributed timestamp server as a peer-to-peer network. This work is often called bitcoin mining. In this case, the signature is not given, but the signature is found. This process is closely related to energy. More than 90 percent of the total cost of operating the mine is spent on electricity. In China, a data center set up for bitcoin mining requires a maximum capacity of 135 MW.
The main invention of Satoshi Nakamoto was to create the need for proof of work in order to give the necessary signatures for the blockchain. The mining process involves identifying a block, which, if hashed a couple of times with SHA-256, provides a smaller number than the given hardness target. Where the required average amount of work increases in proportion to the hardness target, a hash can always be verified by launching one round of dual SHA-256.
Evidence of valid work is found by increasing the value of any one-time number for the Bitcoin timestamp network. The value of the number is increased until the hash of the block is found to give the required number of forwarding zero bits. Once the hash process returns a valid result, the block can no longer be changed until the task is performed again. Later when the blocks are chained to it, you have to work again to change each subsequent block.
With the largest chain, most of the consensus on Bitcoin is expressed and it takes a lot of effort to create this chain. If most of the power measurement is controlled by honest nodes, then the number of honest chains will also increase the fastest and it will surpass any competing chain. In order to change a block in the past, an attacker has to redo the proof of the work of that block and all subsequent blocks and override the work of the honest node. The more blocks are added later, the less likely it is that a slow attacker will be able to keep up with it.
The first product to be exchanged for Bitcoin in the real world was on May 21, 2010, when Bitcoin user Laszlo bought pizza 25for 10,000 Bitcoin coins.
Bitcoin is used by more than 30,000 merchants and charities worldwide. According to US stock market operator Nasdaq, US-based online retailer Overstock.com, UK-based world-renowned businessman Richard Branson-operated airline Virgin Galactic, popular free blogging platform WordPress, popular mobile gaming company Zynga, international e-commerce payments website Payam. Carmakers Tesla Motors, the online dating website OkCupid, and popular torrent site The Pirate Bay offer their services via Bitcoin. Bill Gates still trusts the PC
Some of the most popular wallets in the world of bitcoin
How Bitcoin works: Bitcoin transactions are peer-to-peer or from customer to customer's computer. It does not pass through a central clearinghouse or has a regulatory body to control it. All Bitcoin processing is done online through open-source software. Anyone can generate bitcoin through Bitcoin Miner. The process of generating bitcoin is always predictable and limited. As soon as Bitcoin is generated, it is stored in the customer's digital wallet. If the stored bitcoin is sent by the customer to someone else's account, a unique electronic signature is created for the transaction that is monitored by other miners and stored confidentially but securely within the network. At the same time, the current ledger of the customer is updated in the central database. When a product is purchased with Bitcoin, it is sent to the seller's account and the seller can later buy the product again with that bitcoin. You can earn a lot of money by buying and selling domains.
The difference between conventional currency and bitcoin: Conventional coins used worldwide are mainly made of paper. Paper money is at the heart of any kind of service transaction. No matter which way the service is exchanged, face-to-face service delivery, online service delivery, exchange of services through banks or financial institutions, etc.
Bitcoin is a type of cryptocurrency created using cryptography. The main difference between conventional currency and cryptocurrency is that due to physical existence, conventional currency can be used hand-in-hand. Cryptocurrency on the other hand can only be used. Being virtual or digital it can only be used, never taken in hand.
Bitcoin Rivals: There are currently 454 types of cryptocurrencies being used around the world. However, Litecoin and Ripple are among them. Other cryptocurrencies are not as widely used as Bitcoin. Although Litecoin may seem like a rival to Bitcoin, its chances are slim.
Disadvantages of bitcoin:
According to information and technology expert author Ken Haas, Bitcoin has several disadvantages. Firstly, due to the inability to repeat the transaction, if the service recipient does not receive the relevant service, there is no way to get the money back. Secondly, if the bitcoin ‘wallet’ is lost or damaged, it cannot be recovered. Which does not apply to the wallet or coin we use.
Third, Bitcoin is very volatile as a medium of exchange.
Fourth, although the use of Bitcoin is increasing, it is very limited compared to conventional currencies. So it has to be used by converting it into conventional currency. After all, Bitcoin has no credit system. While this is a good thing, the current world economy is running on credit. We carry advance services based on credit.
Disadvantages:
Bitcoin mining is a competitive endeavor. The various hashing technologies used to mine Bitcoin have led to a kind of "competition for the best weapons." Many gaming computers, common CPUs in FPGA and ASIC, use higher GPUs to reduce the benefits of the less-specialized technology. ASIC, which specializes in bitcoin, has now become a basic tool for bitcoin mining and has surpassed GPU speeds by more than 300 times. As bitcoin mining has become more difficult, computer hardware manufacturers are seeing an increase in sales of high-speed ASIC products.The power of computers is often pooled to reduce the difference in income from minors. Each mining rig has to wait a long time to ensure transactions and payments are received. Each time a participating server solves a block, all minors participating in a pool are paid. This money is given based on the amount of work of each minor to find that block. Bitcoin data centers are usually scattered outside the public eye and around the world, and there is a tendency for clusters to be clustered around low-cost areas.
Bitcoin uses a "proof of work network" to create a distributed timestamp server as a peer-to-peer network. This work is often called bitcoin mining. In this case, the signature is not given, but the signature is found. This process is closely related to energy. More than 90 percent of the total cost of operating the mine is spent on electricity. In China, a data center set up for bitcoin mining requires a maximum capacity of 135 MW.
The main invention of Satoshi Nakamoto was to create the need for proof of work in order to give the necessary signatures for the blockchain. The mining process involves identifying a block, which, if hashed a couple of times with SHA-256, provides a smaller number than the given hardness target. Where the required average amount of work increases in proportion to the hardness target, a hash can always be verified by launching one round of dual SHA-256.
Evidence of valid work is found by increasing the value of any one-time number for the Bitcoin timestamp network. The value of the number is increased until the hash of the block is found to give the required number of forwarding zero bits. Once the hash process returns a valid result, the block can no longer be changed until the task is performed again. Later when the blocks are chained to it, you have to work again to change each subsequent block.
With the largest chain, most of the consensus on Bitcoin is expressed and it takes a lot of effort to create this chain. If most of the power measurement is controlled by honest nodes, then the number of honest chains will also increase the fastest and it will surpass any competing chain. In order to change a block in the past, an attacker has to redo the proof of the work of that block and all subsequent blocks and override the work of the honest node. The more blocks are added later, the less likely it is that a slow attacker will be able to keep up with it.
The value of bitcoin
The price of Bitcoin is very volatile. Its value changes every moment. Initially, the market price was ৩ 0.32. It grew every year and became a skyscraper in 2017. Its value once exceeded 15 thousand dollars. Its current market value is around ০০ 8400. It may be that this price will change to sky-high tomorrow morning.Bangladesh and Bitcoin
Bangladesh became the first country in Asia to join the Bitcoin Foundation in 2014. However, in a few days, Bitcoin was banned in Bangladesh. Bangladesh Bank issued the ban in a press release.World-famous brands/companies who trade Bitcoin:.
The first product to be exchanged for Bitcoin in the real world was on May 21, 2010, when Bitcoin user Laszlo bought pizza 25for 10,000 Bitcoin coins.
Bitcoin is used by more than 30,000 merchants and charities worldwide. According to US stock market operator Nasdaq, US-based online retailer Overstock.com, UK-based world-renowned businessman Richard Branson-operated airline Virgin Galactic, popular free blogging platform WordPress, popular mobile gaming company Zynga, international e-commerce payments website Payam. Carmakers Tesla Motors, the online dating website OkCupid, and popular torrent site The Pirate Bay offer their services via Bitcoin. Bill Gates still trusts the PC
Some of the most popular wallets in the world of bitcoin
- Coinbase
- Blockchain
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