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 that completely decentralizes peer-to-peer electrons currency. It only exists electronically and opens source software and world-first digital currency. Here we are going to explore Bitcoin in Bangladesh in the context of the study. Learn more about Bitcoin Bangladesh
What is Bitcoin?
Bitcoin is a decentralized cryptocurrency that is not controlled by any centralized authority. All the transaction is recorded and valid by miners and open source software, the technology behind bitcoin is open ledger Blockchain technology.
You can transfer this currency from one person to another person secretly with the distributed ledger. With mining, process miners get rewarded a small amount of money by validating the cryptographic mathematical algorithm processes.
Bitcoin Bangladesh For The Beginners
Bitcoin In Bangladesh is not fully legal, but its use as an open secret digital currency among internet users in Bangladesh. The freelancer is earned by doing a 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 jobs, trading, marketing, etc. Using mobile applications and desktop applications many Bangladeshis earn money. You can also earn money doing the small web task.
So, let’s start a brief discussion about the use of Bitcoin in Bangladesh.
The legality of bitcoin in Bangladesh
In the past, only Bangladesh was considered “hostile” for the bitcoin, and it was one of six countries. At the present, Bangladesh Bank is “warning” to use 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, a transaction with any ad-coin or artificial currency that is unauthorized is stated in the Foreign Exchange Regulation Act, 1947 and the Money Laundering Prevention Act, 2012.
Bangladesh Central Bank
At the present time bitcoin is more popular worldwide that’s why Bangladesh bank discloses another “Cautionary Notice” on their web portal on 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 violates the law.
Also, they recommended to all the Bangladeshi citizens to avoid all types of transactions with digital currency like Bitcoin, Ethereum, Litecoin, and Ripple. This recommendation helps citizens to avoid financial and legal risks.
Is Bitcoin legal In Bangladesh?
Already we have mentioned the legality of Bitcoin in Bangladesh. So, when it comes to answering directly then the answer is ‘NO’ Bitcoin still is not allowed in Asian country Bangladesh. But in the near future, we hope Bitcoin will be permitted.
In the neighboring country, India Bitcoin does not fully have use permission. But low is coming soon. So in Bangladesh, our low authorities take a relabeling 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 the realistic situation, it is an open secret that many people are mining bitcoin in Bangladesh. To start a mining business in Bangladesh you should consider it. For mining, the law agency is not very strict. So, before mining simply get in touch with this cousin.
- The political climate should be friendly.
- Bitcoin mining is not open publicly.
- You need hardware, and it’s cost more than $1000
- Start your mining firm in a safe and secret place.
- Caution about online mining offers because there are a lot of scams.
Bangladesh Police Is Hunting Bitcoin Traders
All types of digital or virtual transaction like cryptocurrency is punishable by up to twelve years in jail. BD central bank concern with all the local commercial banks aware to protect trade, exchange of cryptocurrency like Bitcoin, Bitcoin Cash, Ripple, etc.
Already (BFIU) is searching for bitcoin traders. BTRC also cooperates with them. However, police are hunting digital currency traders in Bangladesh. Many of them have already been arrested for illegal financial activities.
Many local banks are to hang a notice on as per stopping the use of crypto. For example, see the Bangladesh bank Bitcoin notice below.
Though Bitcoin is not legal in our country, we hope it will be legal in the future. Everything has a good and bad side. Hopefully, we will use this innovative technology for a good purpose in our country.
How To Buy Bitcoin In Bangladesh
Though Bitcoin is not fully open and legal to buy and sell in Bangladesh, you can still buy BTC in different ways. There are many online exchanges 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 offers if you find. After then, you can contact them to buy directly face to face. There have many online websites, social media groups where you can get potential sellers. Moreover, using a credit card, buy Bitcoin from your wallet account directly. For example, to buy Bitcoin In BD follows the article.
Here is a list of 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 a 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 Paxful. Before buying 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 to allow you to buy Bitcoin in Bangladesh. Such as Bitcoin Bangladesh for users.
Bitcoin Bangladesh Convert BTC To BDT
Convertor displays currency BTC To BDT price. An automated calculator shows you the currency exchange price. However, It can be varied from one exchange rate to another exchange rate. BTC converter not only shows BTC to BDT but also all the ALT coins. It gives you the advantage to understand the current Bitcoin price in Bangladesh.
In our home page has the BTC to USD converter/ calculator. The Google search page has the option to see the real-time Bitcoin to BDT Tata price. Anyone can exchange the price for a small fee.
BTC ATM In Bangladesh
Still, there has no Bitcoin ATM booth in Bangladesh. Some 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 that is providing many services in Bitcoin Bangladesh.
To see all the Bitcoin ATMs 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 things around the world.
Probably it is the first time affiliate from the Asian religion in Bangladesh. They announce Bangladesh is the new affiliate of the Bitcoin Foundation to contribute cryptocurrency promotion all over the world. Recently they write on their 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 partners join in this organization. They are from Australia, Canada, Mexico, Germany, or the Netherlands. Bitcoin Bangladesh
As per World Bank through NewsBTC portal Bangladesh outsourcing and IT, the market gets $14 billion in remittances during 2013 that is about 8.6 million migrant workers. In this case, Bitcoin brings an advantage and make a vital role in the crypto markets among Bangladeshi workers and remittance markets.
As a result, the Bitcoin Bangladesh 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. Bitcoin Bangladesh
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, the Bangladesh team of the Bitcoin Foundation will be responsible to promote and grow Bitcoin in the Asian region. Moreover, in the near future, there will be more affiliates from many parts of the world. Bitcoin Bangladesh.