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What is Bitcoin? Explained!

Bitcoin in Nepal

Bitcoin, the trending topic in the technology market at the moment, is a currency that was created in 2009 by a Japanese guy Satoshi Nakamoto (second name). It is the first decentralized digital currency, where the entire system runs without a central bank or single administrator. Bitcoins are made with no middlemen – meaning, no banks.

Bitcoin is a peer-to-peer(user to user) network and transactions take place between users directly through the use of the secured encrypted network. These transactions are verified by network nodes and they are recorded in a permanent publicly available ledger called a blockchain. Bitcoin does not need a bank account or any other intermediary resources to exchange the monetary value of to verify it.

We can buy products and goods without showing our identity which is completely anonymous. Due to open and untied regulations among the countries, international payments are easy. There are no fees and taxes involved in the bitcoin transaction, most people prefer bitcoin. The soaring price increment of bitcoin is pulling more bitcoin users.

How to earn Bitcoins?

Mining bitcoins is the major source of bitcoin earning.

Computers with excessive processing power are required for bitcoin mining. Complex math problems need to be solved for mining bitcoin. Bitcoin miners keep the blockchain ledger consistent, complete, and unchangeable by timely verification and collecting the newly added transactions into a new group of transactions called a block.

People can even earn bitcoin by exchanging currency with bitcoin. There are various marketplaces that allow bitcoin exchanges. Coinbase, Bitstamp is the leading exchange market along with various other exchanges.

Bitcoins can be sent to each other using computers and mobile apps. Sending and receiving bitcoins is similar to sending cash digitally like in internet banking or PayPal services bitcoins can also be used as payment on some online.

Bitcoin Value

At the moment the monetary value of 1 bitcoin is equal to 9,380.00 US Dollars and is approximately about 9.7 lakhs Nepali Rupees. The price of bitcoin is skyrocketing day by day.

 

Where to store Bitcoins?

Many people ask about the security of bitcoins and where to store them. A Digital wallet, which exists either in the user’s computer or smartphone or in the server computer is the place where the bitcoins are stored.  A wallet stores the information which is necessary for bitcoin transactions. A digital wallet is a place that keeps the digital credentials of your bitcoin holdings and allows you to access them for various purposes. Wallet acts as a virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money. The bitcoin wallet is not insured by any bank or government.

Major Characteristics of Bitcoins

  • It is decentralized
  • It is easy to set up
  • It is completely anonymous
  • It is completely transparent
  • No transaction fees
  • It’s fast
  • Anybody can own it

Bitcoin in Nepal

The financial regulatory of Nepal, Nepal Rastra Bank has declared the bitcoin trade, illegal in Nepal. Using or trading bitcoins in Nepal is not legalized and is a criminal offense. Nepalese officials are in the midst of discussing regulatory guidelines. On October 6, 2017, a task force from the CIB arrested seven suspects allegedly involved with running “bitcoin exchange” operations. The CIB explains that the operators violated the order of the National Bank of Nepal that stated until regulations are conceived bitcoin, and other cryptocurrency exchange businesses are “illegal.”

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