What is BITCOIN?

A Clear definition from Wikipedia about BitCoin:

Bitcoin is a worldwide cryptocurrency and digital payment system[8]:3 called the first decentralized digital currency, as the system works without a central repository or single administrator.[8]:1[9] It was invented by an unknown person or group of people under the name Satoshi Nakamoto[10] and released as open-source software in 2009.[11] The system is peer-to-peer, and transactions take place between users directly, without an intermediary.[8]:4 These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.

Cryptocurrency, the blockchain, distributed ledger, network nodes, and many more words are mentioned above in the definition of BitCoin. To be true, I still don’t have a clear understanding of all those complex terminologies related to BitCoin. But I’ve heard many words about it from my Friend Manish, who is always watching the stock value of bitcoin. Looking at his tweets, I am used to with the Term CryptoCurrency and BitCoin.

CryptoTrend In Nepal

Last year there was a discussion on Reddit where someone shared news about buying BitCoin is now available in Nepal. I was not interested in the news back then. But recently BitCoin is a boom and everyone all over the world are curious about it. People closely engaged with technology especially developers and economists from Nepal are nowadays surfing about cryptocurrency. I was curious about what was going on with our Government? Are they aware of this decentralized currency which is now a major concern to the whole world?

I was surprised while reading this official notice from the Central Bank of Nepal regarding the Cryptocurrency BitCoin. This notice was published in the month of Shrawan, 2074 i.e. July 2017 on its official site.

Above notice basically states that The Government of Nepal hasn’t stated BitCoin as any recognized Foreign Currency and buying and selling of Bitcoin via any Online Platform is strictly prohibited and is illegal.

I felt like wow, my government is aware of the global trends even though it is currently going through long ongoing political instability issue.  Personally speaking, I would love to use the Cryptocurrency. Especially here in Nepal, I want it to flourish. Because we regularly pay taxes to the government with this belief that in return we will get the infrastructures for development built all over our country. The government makes rule/ plans and also estimates budgets for Construction. But the construction works begin only when those budgets are about to be a freeze. And there is this layer of corruption from highest post to the lower level contractors who complete the task just for the sake of completing.

Why the hell should we pay for such government which neither has transparency for each penny we pay them for? Not it fulfills the promise of building the necessary infrastructure of development. Being a digitally aware citizen I find it fascinating that they published a notice about BitCoin. Liking it or not depends upon our own personal view. But from now on I will be having a close watch at the CryptoTrend in Nepal and will be sharing posts frequently.