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 .
Bitcoin is decentralised
Bitcoin is decentralised 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 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 .
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