Bitcoin is a digital currency which is introduced by a group of people or an individual which is not clear yet, but the most popular name of the person we know, who invented Bitcoin, is Satoshi Nakamoto .
Bitcoin is a very common thing now in our community but still many people don’t know about it in simple ways . They thinks that bitcoin is something that is beyond the thinking of common and it is not available to use for the people who owns small payout job in practical life . Here today we will explain you what is bitcoin in most simplest way .
It is a digital currency which is available to use at internet only and we can’t see it in practical life .
We can understand this thing in more simple way by comparing it with fiat currency which we use in our local life .
Normally we use fiat in form of a paper note or in coin form only and we uses banks to transfer our money from one place to another place by just a written promise in protected data form .
Here bitcoin is totally different , we can’t touch it like fiat and we don’t need any bank or middle man to transfer our fund , we can directly send to the receiver at his address with very small amount of fee.
To know more about inventor of the bitcoin , who were SATOSHI NAKAMOTO & Mr. Mt Gox Co. Founder , click here
Bitcoin is decentralized
Bitcoin is decentralized currency . This is a very common line in the internet world of digital currency.
What actually it means?
It means bitcoin is not owned by any government organisations or any person . This is fully independent and it is in limited amount.
Advantage to use bitcoin
Bitcoin have unlimited numbers of advantage to use, it gives us the opportunity to make earnings and also to get a job by only simple use of bitcoin. Here we have listed the main numbers of Bitcoin use technically, so let’s a look over it .
•Bitcoin is based on Blockchain technology and this technology helps us to give freedom of the reliability of the existence of bitcoin with high security.
•We can transfer our money from one part of the country to another without use of any middle man.
•We can use it as normal Currency like fiat .
Since it is in limited amount , so we can buy and hold it for long term to multiply our money without any risk .
Bitcoin is Legal or Not?
No & yes , both .
Actually bitcoin legality is divided in three categories .
In first category there are those countries who allowed the use of bitcoin fully without any restriction . Example of such countries are USA , Canada , Australia , The European Union , Finland , Belgium , UK , Bulgaria , Germany .
In second category there are those countries who banned bitcoin use fully . These are China , Vietnam , Russia , Columbia , Bolivia , Ecuador , Bangladesh .
In third category there are those countries where government have not made any rule but not restricted to use bitcoin directly . We can say a type of indirect ban or suggestion for people to not to use bitcoin and Cryptocurrency to keep yourself away from any type of financial loss . These countries are India , Pakistan , Sweden . But are working at this matter to take a big decision in future .
Our Point Of View Over Bitcoin Regulation
Here is our point for those countries where bitcoin is not banned and also not legal to use. Most of the countries are under this situation of partial ban. And people in these countries are using cryptocurrency with full of fear and few people are willing to use but they afraid from the rules of the government of their country which is not yet decided.
We would like to say , to these people that do your work in crypto ( as buyer , seller , trader and holder) . You don’t need to worry about it , because to ban the crypto is a type of down in the economy of these coountries , so no one government will make any rule that may lead to down their economy.
Every country will make a better/bad rule about bitcoin and cryptocurrency but they will not impose any law or rule suddenly, they will analyse the result of the new rule/regulation about crypto prior of implement. They will give time to sell your assets.
Sudden impose of any restriction on the use of cryptocurrency will leads into the big unemployment in the world/country , so there is 99% is that no one country will do sudden ban.
So if you are looking to work on cryptocurrency then do the same for better future without taking any tension of future rule.
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