STEEM CRYPTO CHALLENGE : Bitcoin Is Booming - Part 1

December 1st, 2017
Suddenly, Bitcoin's name became the focus of discussion on all the news channels in the world. An invisible, uncontrolled, illegal thing (in many countries) suddenly bypasses the world's monetary system and becomes worth $19666.
November 24th,2020
Bitcoin is facing the same situation again after 3 years. But this time, there will be much stronger movement than before.

Bitcoin is a virtual currency that cannot be seen or touched. It is exchanged between sender and recipient through a pair-to-pair system. In 2009, a Japanese man named Satoshi Nakamoto discovered bitcoins. At that time people did not realize that bitcoin would become so expensive after a while. On November 25, 2020, 1 bitcoin is equal to 19,000 dollars, which when converted into taka stands at 17,00,000 bdt. Can you imagine???

The government or the authorities can print the currency from time to time if they want. But Bitcoin has a fixed limit of 21 million bitcoins. When these 21 million coins are passed, there will be no new bitcoins in the world. In the language of economics, when supply is low, demand is high. There is another big reason behind the increase in the price of bitcoin Satoshi just created an algorithm where the coding is how bitcoin will be created and transferred from one account to another. This means that bitcoin has no legal authority, no controller. It has been seen that today 1 bitcoin is equal to 16000 dollars, tomorrow that bitcoin will be 25000 dollars. So the price of Bitcoin is basically determined by the price of Bitcoin users.

The process of creating a bitcoin is called bitcoin mining. Suppose you transferred 1 bitcoins from your wallet to my wallet. How will this transfer be? This transfer is done by Bitcoin Miner. Minor's job is to sit with a computer and mining software. A transfer order is actually coding and transferring from one wallet address to another. He will receive satoshis in return for the 1 bitcoins he helped you transfer. This fee will not come from 1 bitcoins. It will automatically generate from Bitcoin transactions. And this is how bitcoin is created.

You can earn bitcoin in three ways.

• You can sell products online or offline and take payment in bitcoin.
• You can buy Bitcoin from someone who has Bitcoin.
• You can earn bitcoin by mining. It's not too easy. It requires excellent math solving skills and a very powerful computer.

Bitcoin is a revolutionary asset. The value of any currency is determined by how much people trust it. Bitcoin is now being accepted as a currency in various places. It's possible that bitcoin will be able to meet the requirements of the bank. This dominance of the world's most powerful nations is determined by the power of their currency. If the whole world will be traded with a decentralized currency like bitcoin, it would be difficult for these powerful states to dominate because the political instability of any country will not affect the pricing of Bitcoin.