05 Features Of Cryptocurrency And Bitcoin That Make Everyone Love It.
Cryptocurrency is a set of binary data that acts as a medium of exchange. It exists only in the world of the internet. Transactions using it are possible only online whose entire activities are done in a secure process called cryptography. Since 2016, it has become an emerging market.
Cryptocurrency is a kind of peer to peer system. It has no third party control. So no one else knows who is exchanging this digital currency with whom. Again, it can be transacted with anonymity. However, its encrypted ledger controls all transactions from being risky.
No country’s government has the power to interfere in the value of cryptocurrency. That is why in many countries of the world the government of that country has a ban on this digital currency.
Usually, when we send money to someone, we take help from the bank. if the bank is not open, we send it through mobile banking (Google Pay, Paytm, PhoneP, Freecharge, Amazon Pay, etc.) or in many cases through courier and post office. The service provider collects the service fee for completing this process.
But since there is no need for a third party in cryptocurrency, there is no additional charge. However, there is a minimum fee.
List of cryptocurrencies:
There are over a thousand cryptocurrencies around the world. These include Bitcoin, Etherium, Lightcoin, Ripple, Monero, Dash, Bitcoin, Dogecoin etc. But Bitcoin is the foremost and most well-known of these. Its success has led to the emergence of more competitive cryptocurrencies.
In 1973, David Chaum, an American cryptographer, began working on the digital exchange of cryptocurrencies. Whose name is e-cash.
In 1995, he moved to Digicash, an early form of the cryptographic electronic payment system. The recipient then receives the sender’s money after entering certain encrypted keys into the software. However, this money is not like the currency (money, dollar, pound, and dinar) operated in any state. Completely non-existent point.
Cryptocurrency since non-existent currency. Goes directly from sender to recipient through a peer-to-peer system. Therefore, its exchange method is also different.
This wallet is an online wallet. There are two types, online and offline. The sender can send money from this wallet. And the recipient can fill his wallet. Each wallet has a specific encrypted address.
Transmitting cryptocurrency from one address to another is recorded in an encrypted ledger or open ledger. Which is called the blockchain. The information stored here can be viewed from anywhere in the world.
Determining the validity of each transaction recorded in the blockchain is called mining. And those who do this work are called miners. As a result, there is no possibility of any kind of fraud. The identities of both parties are kept secret.
- The fastest transaction process.
- Every user owns his digital currency. No one else can take ownership of it.
- A user can open multiple accounts. Names, addresses or personal information are not required for this.
- There is no scope for corruption as transaction information stored in the blockchain can be viewed from anywhere in the world.
- It is completely non-refundable. No more refunds from the wrong address.
Bitcoin (₿) is the world’s first open-source cryptocurrency known as the decentralized digital currency. It does not require any financial institution or clearinghouse for transactions and it is not a currency issued by the government of any country. In 2009, Satoshi Nakamoto, a pseudonymous individual or group, introduced the currency system, known as peer-to-peer currency.
Bitcoin transactions are transacted directly from the sender to the recipient’s computer online. These transactions are authenticated through cryptography and are publicly recorded in a ledger that is distributed to all. This open and distributed ledger is called the blockchain.
Bitcoin is produced through mining where transactions are recorded and verified based on the processing power of the computer. The total amount of bitcoins that will be generated from the transaction decreases every four years. Thus, a total of 210,000,000 bitcoins will be created by 2140 and no new bitcoins will be created later.
Bitcoin does not require a financial institution to complete the transaction, and details of the recipient and sender’s actual credentials of the transaction cannot be followed. Bitcoin is becoming increasingly popular in more than one country. Bitcoin is currently used in the form of digital currency, products or services. Bitcoin is also used for drug trafficking and money laundering in addition to legitimate goods transactions.
Although Bitcoin has gained popularity as a digital currency, it has been criticized by many for its sharp fluctuations against various international currencies, its scarcity, and its limited use in business.
Bitcoin’s first ATM machine was recently launched in Vancouver, Canada. The United States and the Canadian government are considering registering Bitcoin customers to prevent drug trafficking, illegal arms trade and other illegal uses.
How to secure bitcoin:
Hackers and scammers will always try to hijack bitcoin so it should be protected first. If you are interested in investing in Bitcoin and want to buy some amount of Bitcoin then it is best to use Bitcoin Wallet. Here are two wallets.
- I) Ledger nanos: – This is a bitcoin security company that offers lots of secure Bitcoin storage devices. It is currently considered the most secure wallet.
- ii) Trezor: – Treasure is a hardware wallet. It provides Bitcoin’s private key offline. Since all Bitcoin transactions are done through the internet, it is very important.
Investing in Bitcoin Mining:
The bitcoin mining industry is currently moving very slowly. Earlier this mining work could be done through the home computer but now a specialized data centre is being used. These data centres are a warehouse with lots of computers just to find bitcoin. Currently, it takes crores of rupees to start bitcoin mining in a profitable state. And there is no guarantee that the investment will return.
The bitcoin.org domain name was registered on August 17, 2006. In November of the same year, Satoshi Nakamoto wrote about what Bitcoin is and how it works on a mailing list on the metzdowd.com website.
Then in 2009, Satoshi unveiled Bitcoin’s source code on a platform called SourceFory. The Bitcoin network was broadcast this month, and Satoshi mined the first blockchain in the blockchain, known as the “Genesis Block.” The first bitcoin transaction was with Satoshi Nakamoto and Han Finkey. Note that Satoshi gives 10 bitcoins to Han Finkey in the transaction. In the first year, Satoshi mined about 1 million bitcoins.
In 2010, Satoshi Nakamoto transferred control of the Bitcoin Network Key and the Bitcoin Core (software wallet where Bitcoin is stored) to a software developer named Gavin Andresen. Gavin Andreessen then became the chief developer of the Bitcoin Foundation. It is noteworthy that no trace of Satoshi Nakamoto has been found since that year.
Bitcoin transactions are either peer-to-peer or from customer to customer’s computer. It does not pass through any central clearing house nor is there any 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 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 this transaction which is monitored by other miners and stored confidentially but securely within the network.
At the same time, the current ledger of the customers 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 repurchase the product with that bitcoin, on the other hand, an equal amount of Bitcoin is deducted from the buyer’s ledger. The total number of bitcoins is redefined every four years to keep up with the real currency.
Bitcoin is considered by many to be the money of the future.
Bitcoin transactions from Bangladesh Bank were declared illegal in 2014. According to them, “transactions in these currencies are not authorized by Bangladesh Bank or any other regulatory body, so the use of these virtual currencies is not supported by the Foreign Exchange Control Act, 1947; Anti-Terrorism Act, 2009 and Money Laundering Prevention Act, 2012.”
Some companies are offering automated cryptocurrency solutions to help customers manage money 24/7. The great advantage is that human emotions are removed from the trade. And in general, people’s emotions are very bad when it comes to business decisions. Bitcoin trading bots algorithms are usually designed by traders with some coding experience.
In fact, although one can write the strategy, it is designed by pro-traders just below the two markets and both have the opportunity to compete. Bitcoin Bot Bot is the most popular of the crypto trading bots. This is mainly due to the relatively large size of the Altcoin market compared to the BTC market. This is expected to continue for several years.