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
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bitcoin is illegal in my nation.. so unlucky
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Which nation is that?
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Nepal
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oh no, how did they track? Only trading is illegal right? How about just buying BTC and holding it?
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yes trading is illegal .. Actually it will be too difficult for the government to regulate it ..so it has been made illegal
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