What is Bitcoin? Learn more about Bitcoin.

People who haven't heard of Bitcoin now may not be found. Bitcoin is a virtual currency. It is a coin that no one can see because it is available in virtual form.

What is Bitcoin?
In 2009 Satoshi Nakamoto, who is a pseudonym of the group that developed software, launched the first type of currency that is virtual. This kind of currency is referred to as cryptocurrency. The cryptocurrency developed by Nakamoto is known as Bitcoin. There is no banking system within Bitcoin transactions. The online (peer-to-peer) interactions between two people are conducted electronically via the internet. The cryptography method is used to safeguard transactions.

Who made Bitcoin?
The first mention of bitcoin technology was made in a white paper published online in 2006. One person or group named Satoshi Nakamoto posted this information online.
The white paper provided detailed information on cryptography and computer science and how to exchange money or information while keeping digital identities secret.
Cryptocurrency and Bitcoin are a brand new chapter in computer science. Bitcoin is the birthplace of a new era of money transfers online. Bitcoin technology will eliminate the requirement for third-party institutions like banks to exchange currency.

Bitcoin is limited
The possibility exists to create 21 million bitcoins using the usual method. The supply is extremely limited. It is the reason why Bitcoin is frequently compared with gold. In the second phase of digging, the gold supply will end. Then, there's an opportunity to wear a gold bikini. There is no chance of a new nomination. It is also true for Bitcoin. The answer to this algorithm is to "extract" bitcoin, which is known by the name bitcoin mining. If it continues to grow at its rate, you will need 2140 years to make 21 million bitcoins.

How Bitcoin works
Bitcoin operates on block chain technology. Block chain is a public platform shared with every Bitcoin network that you rely on. Any guaranteed transaction is added to the block chain. When a user starts a new task, the function is verified using a block chain. Once you have Bitcoins, they are worth the price and the trade. You can use your bitcoins to buy products and services online, or you can withdraw them and expect their value to increase year on year.

How to earn bitcoin

1. Bitcoin If you want to make money, you need to know in advance or understand when the bitcoin price can go down and when it can go up. You have to buy bitcoin, and when the bitcoin price goes up, you have to sell bitcoin. You can.

2. The second way is to dig bitcoin. For this, we will need a computer with a high-speed processor, whose hardware should also be good. We only use Bitcoin to make online payments, and when someone pays with Bitcoin, the transaction is verified. Those who verify these bitcoins are called miners, and those miners have high-performance computers and GPUs, and they verify transactions through them. They verify that the transactions are genuine and that there is no fraud. In exchange for this verification, they get some bitcoin as a reward, and thus new bitcoin comes on the market. Anyone can do it; it requires a computer with a high-speed processor.

Just as each country has a one-year currency printing limit that allows you to print only so many notes a year, Bitcoin has some limitations: no more than 10 trillion can come into the bitcoin market. That means the Bitcoin limit is only $ 10 trillion, and you will never get more bitcoins. So far, about $ 350 billion bitcoins have come on the market, and now new bitcoins will come through mining.

Bitcoin's price list
When Bitcoin was first launched as a currency in 2009, there were 1309 bitcoins sold for only 1. Because the dollar was equivalent to 7.4 rupees in 2009, the cost of one bitcoin was five moneys.
In the present 2022 scenario, the calculation has to be done in the reverse direction. Whereas in 2009, 1309 bitcoins were available for 1 dollar, now to buy one bitcoin, you have to pay 43,025.3 US dollars. In other words, if you calculate in Bangladeshi rupees, one bitcoin is equal to 36,69,039.42 rupees.
However, the highest price of Bitcoin so far is 6878 69, which rose on November 10, 2021.

How Bitcoin is priced
Without the control of the central bank or the government, issues such as a country's economy, monetary policy, inflation rate, and economic development cannot determine the value of bitcoin. The factors that influence its pricing are:

1. Demand and supply of bitcoin
2. Cost of making bitcoin through mining
3. Remuneration received through block chain transaction verification
4. The amount of conventional bitcoin
5. It is exchanged through that
6. Various state restrictions on bitcoin transactions
7. Bitcoin's internal management system.

As a result, the popularity of Bitcoin is growing rapidly around the world. Its popularity has grown so much that it is now being compared to gold. The idea is that Bitcoin will replace gold shortly, and people will keep Bitcoin as their permanent resource instead of gold.