Summary on Bitcoin (For Beginners)
What is Bitcoin (BTC)?
It is a digital currency based on blockchain technology.
What makes BTC special?
No one controls it. Storage and transaction do not involve any central authorities such as banks.
Pros of BTC
*Decentralized - bank/government can't tamper with your BTC
*Easy to set up - You don't need any approval to create a digital wallet (or an account in banking terms)
*Anonymous - transaction history shows only BTC addresses (no names nor addresses)
*Transparent - you can trace all BTC transactions
*Secure - BTC in your wallet are all real BTC, no more worries about receiving counterfiet money
Cons
*Price Volatile - BTC is still relatively new, thus value of it is still fluctuating
*Slow - Transactions takes a few minutes to hours or even days, Slower if you compare to local transfer, but I find it easier and faster when comparing to overseas transfer
*High/fluctuating fees - transactions with higher fees get processed first
Cheers
SummaryPage
bitcoin is illegal in my nation.. so unlucky
Which nation is that?
Nepal
oh no, how did they track? Only trading is illegal right? How about just buying BTC and holding it?
yes trading is illegal .. Actually it will be too difficult for the government to regulate it ..so it has been made illegal