What is bitcoin, why is it necessary?

The use of cryptococcern 'bitcoin' has been steadily increasing. On 15th August, Bangladesh became the first country in Bangladesh to receive Bitcoin Foundation membership. But what is Bitcoin, for what? What work is needed? In order to find answers to such questions, Banglanews has brought a series of reports on Bitcoin for its readers. In the first phase, the cryptoCarnancy 'Bitakayana' is known.

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Generally, using real-paper currency or any digital signature related to it, real-life and online trading issues are apparently eliminated without any problems. However, there are two major problems with the use of currently used ATM cards, credit cards, debit cards or other digital signatures.

In case of transaction, both the customer and the asteroid have to 'trust' or trust on a third party, for example the bank. Third parties, both parties in this bank pay a certain amount of currency, which is called 'double-spanning' in English.

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Bitcoin origin
In order to solve the above problem, a person, in the pseudonym, on October 8, 2008, published a 9-page "Bitcoin: A Peer-to-Peer Electronic Cash System" study proposal online. Where is the idea about the first bitkayen.

The summary of the proposals says that a peer-to-peer electronic payment payment system is needed, through which one can complete the transaction without having another to a third party or organization. At the same time, you can avoid 'Double Spending'. All transactions in this system will be completed on the basis of 'work (transaction) evidence' and all transactions will be recorded in a particular network instead of confidence.

Satyashi Bitcoin created the first software for 'mining' since the release of the offer. 'Mining' is the process of making Bitcoin. In January 2009, Satoshi released the first Bitcoin currency.

The original identity of this seven-year-old son is unknown today.

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What is Bitcoin?
So 'Bitcoin' - in English B, the capital letter - is a peer-to-peer network where currency ownership is possible without a trusted third party, and the unit used in this network is 'bitcoin' - b in English, which is completely digital-cryptography Through computing is made using coding.

Bitcoin Properties
Made entirely of digital means, in reality it has no physical presence. No central bank controls it. The currency system is in progress due to the use of it by individuals or individuals worldwide. Due to the peer-to-peer system, direct trading is done without any institution or middleman. Because of the use of cryptography, it is impossible to get Bitcoin access without proper permission. Above all, it is possible to make a complete transaction in Bitakayane.
The difference between conventional currency and bitcoin
The most common currency used in the world is paper making. Any type of service is at the root of accounting transactions. The way in which the service is to be shared, face-to-face services, online services, taking services through banks or financial institutions etc.

Bitcoin is a type of cryptococoncy created using cryptography. The main difference between conventional currency and cryptococoncy is that due to physical existence, conventional coins can be hand-held, hand-picked. On the other hand, cryptocarrency can be used only. Because it is virtual or digital, it can be used only, and can not be easily handled.

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How Bitcoin Works
Due to peer-to-peer networks, Bitcoin Transaction or Transaction Service is available from 'wallet' and 'wallet' from donor and recipient. Bitcoins are stored in 'Wallet'. It can be either online or offline. A Bitcoin user needs to use two keys. A 'Public Key', it's open to everyone. The other is 'Private key', it is always hidden and used to guarantee transactions.

Transaction history is recorded in an open account (public laser), which is called 'Block chain'. In this case 'public keys' are used and the same transaction can not be repeated through the same user. From the account of the first transaction in Blockachen, all accounts have been preserved and updated regularly.

Bitcoin Deficiency
According to information and technology specialist writer Kishi Hash, there are some bad luck in Bitcoin. Firstly, due to the inability of the transaction to be repeated, if there is no service related to the service provider, there is no way to get back the coin. Secondly, if the bitcoin 'wallet' is lost or damaged then it can not be returned. That is not the case for our used wallet or currency.

Thirdly, as a medium of exchange, Bitcoin is very unstable.

Fourthly though the use of bitcane is increasing gradually, but it is very limited in comparison to the conventional currency. So it has to be used to convert it to conventional currencies. After all, there is no credit facility in bitcoin. Although it is a good direction, but the economy of the current world is running credit-based. Depending on the credit, we take advance care services.

Thanks to everyone for watching this post and reading this post today, I have given a brief description of Bitcoin. Many of us know more about Bitcoin, but we know better, but the brothers or friends who still do not know what their nutrients do for them, they can understand Bitcoin The benefits of the ticket will be understand how it is used and how we will benefit from it I talked about a detailed bitcoin. I hope everyone will like it, and I will definitely give feedback, regardless of whether it is good or bad. Based on your opinion, I am going to correct my mistakes and if there is any good, then there is a kind of comfort near you. And thanks to my steemit friends who have always been cooperating with me.........

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