Skip to main content

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.

Like our content, please email us your feedback or leave a comment on the comment section below. 

You can also find us on 

Instagram page @arthabicharnepal

and 

Facebook page @arthabicharnepal. 

Keep on supporting us. Share, Subscribe and Bookmark our blog. 

Your little help will mean a lot to us. 





Labels:
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

Post a Comment

Most Viewed

Tax Collection Agency codes for IRD Offices all over Nepal

Inland Revenue Department Nepal has published the agency codes that shall be used for the collection of direct and indirect taxes for the general public's information. Each code consists of 9 numbers. There are in total 59 agency codes currently in use. From these codes, we can classify that there are four types of IRD offices currently in operation. 1) Inland Revenue Office 2) Tax Payer Service Office 3) Large Tax Payer Service Office, and 4) Medium Tax Payer Service Office When shall you use these codes? It shall be used while choosing the agency where the tax should be deposited while completing the form for depositing the taxes. Agency Code list below: S.N. Agency Code Name Address 1 305011620 Inland Revenue Office Lahan 2 305030201 Tax Payer Service office Phidim 3 305030301 Tax Payer Service office Illam 4 305030401 Tax Payer Service office Khandbari 5 305030601 ...
1 comment
Read more

Process for Electronic Billing Software Registration with Inland Revenue Department Nepal

Process is straight forward, one is required to submit the online form along with the following documents: 1)       Copy of the Tax Clearance Certificate 2)       Copy of the Permanent Account Number (PAN) 3)       Copy of Company Registration Certificate 4)       User Manual for the software signed by company representative and stamped on each page 5)       Guarantee letter that Data Amendment or Edit (Manipulation) is not possible on the software 6)       Data Backup and Recovery System is available on the software 7)       System Architecture Detail 8)       Software Set Up file and Invoice Sample in Excel – 20 copies each in 20 pen drive 9)       Connection with Central Billing Management Software (CBMS) – API can be collected Service Branc...
17 comments
Read more

Financial Statement Template for Not for Profit Organizations (NGOs and INGOs)

Here's the recommended financial statement template by Nepal Accounting Standard (NAS) for Not for Profit Organizations (NGOs and INGOs) that you can download and modify to meet your requirements. These are developed to meet the common minimum information required of NPOs. Users can add additional information to ensure financial transparency and provide relevant information to different stakeholders. Nepal Accounting Standard board believes that by adopting the following template, users can easily understand the financial statements and also,  be able to compare with other NPOs. Model Financial Statement for NPOs (Based on NAS for NPOs) is given below: You can also download the template from the link below: Click Here
2 comments
Read more