BITCOIN

Bitcoin is a form of digital currency created in a new and technical way and it is now a payment system worldwide. The founder of Bitcoin is an Australian man named Craig Wright although he identifies himself as – Satoshi Nakamoto.

Are Bitcoins printed? Absolutely not! These coins are not like the coins we use and see on a daily basis. These are not produced by any bank. These coins are “mined” –as in Bitcoins are produced using computer power systems by a wide spread network.

Also about, 21 million coins can be produced by users. But systems are still developing.

The network is person-to-person and transactions are maintained by themselves. Its price constantly rises and falls. Apart from the process of transactions and everything, Bitcoin has a lot of pros and cons to put into the account.

There’s a freedom in payment. With the help of Bitcoin, the account holders can send and receive money from anywhere at any time around the world. Also when it comes to controlling and security, there’s very little to worry about as Bitcoin allows users to take control of transactions by the individuals.

This system also helps the Bitcoin network to keep itself away from safety issues. And not to worry, Bitcoin also makes sure of back-up and encryptions to assure the safety of your money. Even though the personal information is hidden, however, the address can be seen and when transactions are finally complete, then it’s available for everyone to see. Hence, one’s details are quite transparent.

On the other hand, when it comes to disadvantages, things get way too much serious.

Not many people are aware of Bitcoin and cryptocurrency. When it comes to awareness, yes, users do need the knowledge and tricks to enhance themselves to be able to run the process and network better. Well-known companies accept Bitcoin as a source of payment. If users do not have the right knowledge then it becomes very risky for him and for the network, especially, because networking is the keyword and a must when it comes to Bitcoin.

Honestly, when it comes to volatility and risks, it’s seen that currencies changes every day and also volatility is expected to reduce over time.

Bitcoin has earned its name at the current time and growing amazingly and at a very fast rate. To summarize it all, Bitcoin is still developing. And as far as the advantages and disadvantages are concerned, it’s really up to us how we control it. So why lack the potential or take risks or worry? There’s really not much to worry about Bitcoin. The terms of policy and its features are great. And we all should really be a part of the Bitcoin network.

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ARE THERE COUNTRIES WHERE BITCOIN IS BANNED?

Digital currencies, generally called cryptocurrencies, have their advantages and have become widely popular worldwide. Countries like America have fully accepted the use of bitcoin while countries such as Australia and Canada are still on the deliberations as to what its applications should be. However, a few countries have reservations on the idea of a decentralized currency without a regulating body. This has led to bans in these countries. Here are a few of the countries that have banned bitcoin;

  1. CHINA

This ban is a misconception as the ban in china is mainly on banking institutions. The people’s bank of china and its affiliates are banned from engaging in trading of bitcoin but trading or mining of bitcoin is completely legal for citizens, as a matter of fact china is one of the biggest bitcoin trading market in the world.

  1. RUSSIA

This may be a national issue but the government frowns at the investment in other currencies for any reason, be it digital or physical currency.

  1. THAILAND

Bitcoin was banned in Thailand in 2013; this was because of the decentralization concept. It left no means of accountability and was seen as a risk.

  1. BANGLADESH

This is probably the strictest country when it comes to cryptocurrency trading. It is seen as a threat to financial security as it has no centralized system of regulation and it vaguely supports money laundering. There is also a capital punishment of about 12 year’s imprisonment for anyone found to deal in cryptocurrency.

  1. BOLIVIA

The belief surrounding a currency is that it has to be fully authorized by the government and it has to meet all the qualifications of transactions. It should also be controlled by the government. This is the belief of the Bolivia government that led to the ban of bitcoin and other cryptocurrencies inclusive.

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