Bitcoin: World and Bangladesh context

 

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Bitcoin: World and Bangladesh context

নিজস্ব প্রতিবেদক

Md. Mintu Hossain

Updated: 25 September 2019, 11:55 

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Bitcoin: World and Bangladesh context

The reason Bitcoin has been discussed recently is inflation. Those who have invested in Bitcoin, their wealth has suddenly increased hundreds of times. It can be traded without revealing one's identity. The transaction cost is also very low. But the biggest reason is that there is an idea among many that investing in Bitcoin will pay off several times over. Although it is not yet recognized as a currency in many countries, Bitcoin is gaining popularity. As a result, the central banks of many countries have taken the initiative to formulate policies for bitcoin. 

In January 2009, Bitcoin appeared on the world currency market as a digital currency. Transactions are entirely electronic or online; Although it is not the legal or official currency of any country. In the global context, the price of Bitcoin has started rising again since February this year. 

Jihan Chu, co-founder of blockchain startup investing firm Kinetic Capital, said prices have risen for two main reasons. One. There is a perception among investors that Bitcoin is a standard legal savings medium in the digital age. Two. Many are now being forced to take cryptocurrency seriously as Facebook announces the introduction of Libra cryptocurrency. Of course, even before that, the price of cryptocurrency or virtual currency Bitcoin was fluctuating. However, in September, the value of Bitcoin is showing some stability. Now this currency is going up and down from 10 thousand US dollars to 11 thousand US dollars. Although there is volatility in price fluctuations, the foundation of Bitcoin is strong enough. The fear, however, is that investing in these cryptocurrencies or tokens is highly speculative and the market is unregulated. 

According to Blockchain.com, Bitcoin's estimated transaction volume is at its highest level since July. Facebook, J.P. Companies like Morgan and Walmart have begun to walk the path of blockchain technology and digital currency. 

Now let's see the situation in Bangladesh. Tanvir Ehsanur Rahman, chief technical officer (CTO) of InterCloud, an Internet service provider in the country, said various countries were considering adequate control measures before launching cryptocurrencies. It is not yet legal in our country. However, it can be introduced by bringing in specific regulations. 

Bitcoin's core technology is blockchain. Shamim Ahsan, chairman of E-Generation, an organization that works with blockchains in the country, said, “The good news for us is that the government is able to understand the issues of modern technology. For this reason, work is being started on a limited scale on issues like blockchain. Blockchain technology will come in handy in our retail, land management, customer, birth registration. Cryptocurrency will come with the help of blockchain technology. But everything in modern technology has to be taken consciously. This could be a big opportunity for the country. Seen as an opportunity to bring investment, it can bring benefits to startups and entrepreneurs. However, the opposite is the case, many people can use it like gambling. Besides, the issue of cheating should also be taken into consideration. 

Bitcoin transactions are not easily controlled, so there is a risk of its use in drug smuggling and money laundering. Despite its popularity as a digital currency, it has been criticized by many for its sharp fluctuations in price against various international currencies, its scarcity, and its limited use in business.

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