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Beginner's guide on Crypto Currency for Nepalese Community

There is a lot of buzz around Bitcoin, Dogecoin, Pi, or Eritherium among us Nepalese. We all know that these are all cryptocurrencies and are not legal in Nepal. However, during our interactions, we found that we really don't know much about them. In this blog, we are trying to clear the confusion and list out the basic features that all digital currencies have to be called "Crypto Currency".



First is DIGITAL. The fact that these are not printed and are only available on a computer in its virtual firm makes it fully digital. There are no coins, no notes, and not even central banks to issue the money.

The second is DECENTRALIZED. There is no server or central depository where all the data is stored. It is actually distributed across thousands of computers and uses blockchain technology.

The third is PEER TO PEER. It is passed from one person to another person or from person to company or vice-versa using digital wallet platforms. There is no trusted third parties like banks or central bank to regulate.

The fourth is PSEUDONYMOUS. The rule is simple, there is no need to disclose your personal information. You can use anonymous names like in chatbox or forums to do the transactions. Moreover, anybody can own or use it.

The fifth is TRUSTLESS. There are no trusted third parties holding all our data. In fact, whoever is using cryptocurrency is in complete control of their info and their money.

The sixth is ENCRYPTED. There are special codes for each user and public key & private keys to decrypt the information. As of now, agencies are claiming that it is nearly impossible to hack and safer than fiat currency.

And, the seventh and last one is GLOBAL. Unlike fiat currencies, it is not limited to the country issuing it but its global. Hence, it doesn't recognize any borders and doesn't have any exchange rates conversion issue. It can be sent all over the world in record time with the click of the button.

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Location: Kathmandu 44600, Nepal

Comments

  1. Soumya DixitAugust 23, 2023 at 5:01 PM

    You’ve done an amazing job on this article! It’s teeming with loads of helpful tips about Beginner’s Guide to Cryptocurrency

    ReplyDelete

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