Written by: RAMEEZ TRADER 01

Introduction The world is becoming increasingly digital, and in this digital world, cryptocurrency has emerged as a new financial revolution. The first and most famous name among cryptocurrencies is Bitcoin (BTC). Bitcoin is a digital currency that operates without a central bank or government. This means that it is a decentralized currency.

Bitcoin was invented in 2009 by an unknown person or group under the pseudonym Satoshi Nakamoto. Satoshi envisioned Bitcoin as a system that would allow financial transactions without the need for a third party. That is, you could send money to anyone without going through a bank or institution.

How does Bitcoin work?

Bitcoin is based on blockchain technology. A blockchain is a digital ledger that records all transactions. Each block contains details of the transaction, and each block is linked to the previous block, forming a chain in which the data is stored.

When someone sends a bitcoin, thousands of computers on the network (called nodes) confirm the transaction. This process is called mining.

Bitcoin Mining ⛏️.

Mining is the process in which computers solve complex mathematical problems to verify a block. The person or group that solves these problems first receives a certain number of bitcoins as a reward. This process is the source of the bitcoin supply.

Advantages of Bitcoin

1. Decentralized system Bitcoin is not controlled by any government, bank, or institution. This means that no one can control it, such as if a bank's server gets hacked.

International transactions made easy

With Bitcoin, money can be sent to any corner of the world in minutes, without any hefty fees.

Low transaction fees.

Bitcoin fees are much lower than those of banks or financial institutions.

Transparency.

All transactions are on the blockchain, which anyone can see. This reduces the chances of fraud.

Protection from inflation.

Bitcoin has a maximum supply of 21 million. This means that its supply is limited, so the risk of inflation is reduced.

Disadvantages of Bitcoin

1. Price volatility The price of Bitcoin is very volatile. Sometimes it goes up by 20% in a day, sometimes it goes down by 30%.

Bitcoin is illegal or has an unclear status in many countries. It has also been banned in Pakistan, India, China, and other countries.

Use in illegal activities.

Bitcoin is used by some people in illegal transactions such as drug trafficking or the black market because it is difficult to trace.

Bitcoin Price Rise.

The price of Bitcoin has seen a dramatic increase. In 2010, one Bitcoin was worth just a few cents, but in 2021 it reached nearly $69,000. This increase is due to investor interest and a limited supply.

How can I buy Bitcoin?

You can buy Bitcoin in the following ways:

1. Crypto exchange: such as Binance, Coinbase, KuCoin, etc.

P2P Transactions:

You can also buy Bitcoin directly from an individual.

3. Credit/Debit Card: On some websites, you can buy Bitcoin with a card.

4. ATM Machines: Bitcoin ATMs are also available in some parts of the world.

How to keep Bitcoin safe?

The following wallets are used to keep Bitcoin safe:

Hardware wallet:

such as Ledger, Trezor (most secure) Software wallet:

such as Trust Wallet, MetaMask Paper wallet: printed code that can be stored offline.

The Future of Bitcoin.

The future of Bitcoin seems to be mixed. Some experts believe that it will become "digital gold", while others call it a dangerous bubble that could burst at any time. However, Bitcoin's popularity has been increasing over time, and its adoption is continuing around the world.

Bitcoin from an Islamic

perspective Islamic scholars have different views on this:

Some scholars consider it halal, because it is a digital asset that can be bought and sold. Some scholars consider it haram or suspicious because it contains elements of gambling (qiyas), fraud, and uncertainty (gharr).

Therefore,Muslims should seek guidance from their trusted scholars regarding this.

Conclusion

Bitcoin is a revolutionary technology that is changing the financial world. It not only provides a new way to send money, but also provides investment opportunities. However, along with its benefits, there are also risks. Thorough research, caution, and prudence are essential before investing in Bitcoin.

Quick Facts: Name:

Bitcoin Symbol:

BTC Started:

2009 Creator:

Satoshi Nakamoto Maximum supply:

21,000,000 coins Technology:

Blockchain Purpose:

Decentralized digital currency.

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