Often, we remain confused about bitcoin legality. Is it halal or haram? Should we learn education about it or not? Whatever its status is, one thing is sure, if world leaders or big powers are using or may use it against our country then what we will do? Have we prepared any measures or steps or policies to reduce the negative effects for this currency? Economy is a vital element for any country, if it gets down then the country cannot survive for longer time. Complete details of Why Bitcoin Education is Changing lives of people? here in this article.
Why Bitcoin Education is Changing lives of people?
So, the need of time is to learn the impacts of Bitcoin and other digital currencies as they are going to change the whole economic picture for world. Using it or not will depend on the decision of Sharia Council of Pakistan. But we cannot keep our eyes closed always just because it has no legal status especially as per world bank’s regulations.
We also need to understand whole mechanism first for such paperless currencies before we pass any judgement.
Bitcoin is a type of virtual currency (there are other names like digital currency etc.) that is created and found only electronically – it is not a physical currency like shekel pound or dollar, but completely virtual and hence also that it is not printed. Bitcoin can also be called a P2P money transfer network (between people).
Bitcoin is a completely independent currency and is not controlled by any country in the world, needless to say it is also not dependent on any major body. In addition, Bitcoin is transferred directly between 2 parties (business or private) and has no intermediary in the middle, such as banks, credit companies, etc.
The first version of the protocol and software of Bitcoin was introduced in late 2008 by a person or group of people named Satoshi Nakamoto, who so far has not yet been discovered who is behind it. Satoshi Nakamoto left the project in 2010 and since then only the developers who work on this system as well as other business tycoons have been working on it.
Who produces the virtual currency, Bitcoin?
No one prints Bitcoin, neither a state nor a central bank. Central banks can print more money to cover debts and thus lower the value of the currency – this does not happen with Bitcoin. Bitcoin has its own rules for how it is created, Bitcoin is created digitally by a community that anyone can be a part of. Bitcoin has been mined (like gold mining) by computing in a distributed network.
That is, Bitcoin is created by miners who solve various mathematical problems when using technology and when transferring funds. But it is important to note, according to the rules, Bitcoin can be formed up to a limit of 21 million coins. However, the currency can be divided up to a million times the value of one currency. That is, you can also buy 0.0000001 Bitcoin and each one is called Satoshi.
Did world recognize bitcoin?
The World Bank has rejected al-Salvador’s request for help making bitcoin a legal currency in the country, according to a BBC report. “While we are committed to assist El Salvador in many ways, including currency transparency and regulatory process, the bank spokesman wrote in an email,” While it is true that the state has approached us for assistance regarding Bitcoin, this is an issue the bank cannot support given transparency and environmental implications. ” At the same time, there is a growing awareness among researchers and journalists that the president’s intention in adopting Bitcoin could be a scam at the expense of the country’s citizens.
Is this a scam at all?
Using Bitcoin as a means of payment is a complex and inconvenient process, so almost no one does it. What most holders do is trade Bitcoin in online trading venues, while continuing to pay with regular money for everything else, including entry tickets to Bitcoin conferences.
Because Bitcoin wallet software is password-locked, it has two major drawbacks – for wallet owners, losing a password means losing money forever, with no recovery option. For the state, it makes tax collection expensive to unprofitable, as the money cannot be confiscated without the consent of the wallet owners.
What can you buy with Bitcoin?
More and more businesses are making it possible to buy products and services for Bitcoin. The use of Bitcoin has increased significantly and some businesses are trying to adapt the new reality of digital currencies and are accepting this method.
Today you can find on Facebook and other sites, including e-commerce sites, purchasing home products, clothing, food, financial services, business services and more. Also, various property owners adopt this method and are interested in selling their property, house, car or other equipment for bitcoins only, they are not even interested in paying new shekels.
Physical stores, restaurants and various agencies also offer entertainment and shopping for bitcoin.
The other thing that can be done with the Bitcoin currency is to trade it, that is, to buy and sell it as you sell and buy securities of the type of shares, options, etc. Or a longer-term investment, the profits from trading in Bitcoin and investing in Bitcoin is mainly due to the increase in value and then the sale of it.
What are ICOs?
ICO, or Initial Coin Offering in detail, is an initial public offering of digital coins by a company that issues them based on blockchain technology. Each such currency is usually called a Token and can be stored as a Bitcoin currency.
Companies issue these cryptocurrencies for the purpose of raising capital for the continued operation of the company and for the provision of various services in the future, and in return the investors receive coins with which they can use the service in the future.
What digital currencies exist today besides Bitcoin?
Today there are hundreds and even thousands of cryptocurrencies / virtual currencies and the market value of all currencies together is over half a trillion dollars (over $ 500 billion), with about half of it being controlled by Bitcoin, but there are other popular virtual currencies.
- Bitcoin Cash.
- Bitcoin Gold.
Summary of bitcoin
So far on the subject of Bitcoin, if you want to comment, write or provide more information, feel free to do so by writing a comment later in the article. The following tutorials on the subject will include more information on other virtual currencies, technology, how to buy and sell, wallets and more. This can have big impacts in our digital behavior as well. Some major sites already started accepting payments in bitcoins. We have to think about it as a new tech subject that is all ready to play a key role in every major tech market.