In a word, Bitcoin is a digital cash system. Basically, it is visible in 2009 by someone apparently named “Satoshi Nakamoto”. Bitcoin is a cryptocurrency completely decentralize peer to peer electrons currency. It is only exists electronically and open source software and world first digital currency. Here we are going to explore Bitcoin in Bangladesh in the context of study.
What is Bitcoin?
Bitcoin is a decentralize cryptocurrency that is not controlled by any centralize authority. All the transaction is recorded and valid by miners and open source software, technology behind bitcoin is open ledger Blockchain technology.
You can transfer this currency one person to another person secretly with distributed ledger. With mining process miner get rewarded a small amount of money by validating cryptographic mathematical algorithm process.
Bitcoin Bangladesh For The Beginners
Bitcoin In Bangladesh is not fully legal, but its use as an open secret digital currency among the internet user in Bangladesh. The freelancer is earned by doing freelancing job, such as affiliate marketing, doing the client job, as online marketing commission, mining and different way of work.
If you watch YouTube there you can find many cryptocurrency related videos. Many of them have earned Bitcoin and ALT-coin doing job, trading, marketing, etc. Using mobile application and desktop application many Bangladeshis earn money. You can also earn money doing the small web task.
So, lets start a brief discussion about use Bitcoin in Bangladesh.
Legality of bitcoin in Bangladesh
In the past only Bangladesh considered “hostile” for the bitcoin and it was one of six country. At the present, Bangladesh Bank “warning” to use of Bitcoin and any type of cryptocurrency and such type of cryptocurrency will be illegal in our country. In 2014 Bangladesh central bank first shout to protest Bitcoin. In a statement, transaction with any ad-coin or artificial currency that is unauthorized stated in the Foreign Exchange Regulation Act, 1947 and the Money Laundering Prevention Act, 2012.
Bangladesh Central Bank
Present time bitcoin is more popular worldwide that’s why Bangladesh bank disclose another “Cautionary Notice” on their web portal in December 24, 2017. On this notice they mention previous law caution. Moreover, they add another low about the Anti – Terrorism Act, 2009. The low indicate use of Bitcoin violate the law.
Also, they recommended to all the Bangladeshi citizens to avoid all types of transaction with digital currency like Bitcoin, Ethereum, Litecoin and Ripple. This recommendation helps citizen to avoid financial and legal risks.
Is Bitcoin legal In Bangladesh?
Already we have mention about legality Bitcoin in Bangladesh. So, when it come to answer directly than the answer is ‘NO’ Bitcoin still is not allow in Asian country Bangladesh. But in the near future we hope Bitcoin will be permitted.
In the neighbor country India Bitcoin not fully have use permission. But low is coming soon. So in Bangladesh our low authorities take a relabel action soon. In the meanwhile you can use Bitcoin as your local environment.
Is Bitcoin mining legal in Bangladesh?
It is not fully clear, but you could understand if you read the recent Bangladesh Bank law. According to the Bangladesh bank statement September 2017
“anybody caught using the virtual currency could be jailed under the country’s anti-money laundering laws”.
But as per realistic situation, it is an open secret that many people are mining bitcoin in Bangladesh. To start mining business in Bangladesh you should consider it. For mining, law agency is not very strict. So, before minig simply get in thuch thise cousion.
- Political climate should be friendly.
- Bitcoin mining is not open publicly.
- You need a hardware and it’s cost more than $1000
- Start your mining firm in safe and secret place.
- Caution about online mining offer because there are lot of scam.
Bangladesh Police Is Hunting Bitcoin Traders
All types of digital or virtual transaction like cryptocurrency is a punishable by up to twelve years in jail. BD central bank concern all the local commercial bank aware to protect trade, exchange of cryptocurrency like Bitcoin, Bitcoin cash, Rippel etc.
Already (BFIU) is searching bitcoin trader. BTRC also cooperation with them. However, police are hunting digital currency trader in Bangladesh. Many of them already arrested for illegal financial activities.
Many local bank are hang notice on as per stoping use of crypto. For example, see the Bangladesh bank Bitcoin notice below.
Though Bitcoin is not legal in our country, but we hope it will be legal in the future. Everything has good and bad side. Hopefully, we will use this innovative technology for good purpose in our country.
How To Buy Bitcoin In Bangladesh
Though Bitcoin is not a fully open and legal to buy and sell in Bangladesh but you can still buy BTC in different ways. There are many online exchange where you can buy Bitcoin with Skrill, Web money, Payoneer, Payza etc.
You can buy bitcoin locally who is offering to sell BTC to BDT. Internet search there have lots of offer if you find. After then you can contact with them to buy directly face to face. There have many online websites, social media group where you can get potential seller. Moreover, using a credit card, buy Bitcoin at your wallet account directly. For example, to buy Bitcoin In BD follows the article.
Here is a list where you can buy bitcoin from Bangladesh.
- Localbitcoins: This site gives you the opportunity to buy Bitcoin from Bangladesh. You need to create an account and find the BTC seller to buy Bitcoin. Now verify your account with national ID or with your passport. You can use Bkash or Rocket or Bank-In to buy Bitcoin in Bangladesh.
- Paxful: This company gives you the option to buy Bitcoin instantly in BD using any payment method. Different payment method is accepted to buy BTC by Paxfull. Before buy Bitcoin you should see the positive feedback of the seller account.
Note: Here is only this two company, but there are a number of sites allow you to buy Bitcoin in Bangladesh. Such as
Convert BTC To BDT
Convertor displays currency BTC To BDT price. An automated calculator shows you currency exchange price. However, It can be varied from one exchange rate to another exchange rate. BTC convertor not only show BTC to BDT but also all the ALT coins. It gives you advantage to understand the current Bitcoin price in Bangladesh.
In our home page has the BTC to USD convertor/ calculator. On the Google search page has the option to see the real time Bitcoin to BDT taka price. Anyone can exchange the price with a small fees.
BTC ATM In Bangladesh
Still, there has no Bitcoin ATM booth in Bangladesh. Some of the money exchange is working for it. In the future they plan to start service in our country. For instant Spectrocoin is a Crypto service company who are providing many services in Bangladesh.
To see all the Bitcoin ATM by country here
Bitcoin Foundation’s first affiliate from Bangladesh
Bitcoin foundation is one of the leading organizations in the crypto world. The main mission is to promote the cryptocurrency use case, legality, crypto, community development and so on. Moreover, they promote different aspects of Blockchain technology and different thing around the world.
Probably it is the first time affiliate from Asian religion is Bangladesh. They announce Bangladesh is the new affiliate of Bitcoin foundation to contribute cryptocurrency promotion all over the world. Recently they write on there website —
“Join us in introducing Bitcoin to the world and contributing to its sustained development”,
I think it is the only one Cryptocurrency related organization in South Asia. Last eight months there have another 7 other Bitcoin affiliate partner join in this organization. They are from Australia, Canada, Mexico, Germany or the Netherlands.
As per World Bank through NewsBTC portal Bangladesh outsourcing and IT market gets $14 billion in remittances during 2013 that is about 8.6 million migrant workers. In this case Bitcoin bring advantage and make a vital role in the crypto markets among Bangladeshi workers and remittance markets.
As a result Bitcoin foundation started this affiliate program to promote in our country. S M Monir Uz Zaman (Sazeeb), the president of the Bangladesh affiliate institution’s group, in a press statement.
The Bangladesh team is incredibly passionate about Bitcoin and helping their communities. This is a win for the region and a win for Bitcoin. Mark Woods, Bitcoin Foundation Affiliate Director.
Hopefully, Bangladesh team of Bitcoin Foundation will be responsible to promote and grow Bitcoin in Asian region. Moreover, in the near future there will be more affiliate form many parts of the world.