What is Cryptocurrency?

Cryptocurrency is basically a digital currency. It has no physical coin or bills unless you use a service that allows you to cash in Cryptocurrency for a physical token. It does not need the involvement of any third parties. All the basic trade systems have been digital lately. All these systems have a third party that has been actively involved in all the transactions humans have made, which is why they have every information about our transactions and they are obtaining a huge profit just by being a mediator.

However, Cryptocurrency has been a very broad concept these days. Some of the famous examples of Cryptocurrency are Bitcoin, Ethereum, Dogecoin, etc.

Why is cryptocurrency popular?

1. Digitalized and safe: The major advantage of cryptocurrency is that it is digital and needs no involvement of a third party. Every transaction you perform through cryptocurrency will be known by the person who makes the purchase. This is why it is safe.
2. Easy and fast: Because of Cryptocurrency, it is very easy to make transactions to buy and sell goods. Unlike, other banking platforms, monetary transactions take very little time to perform their task. That’s why it is easy and fast.
3. Globalized source of transaction: Our accounting is very narrow. We cannot make a monetary transaction with credit cards, however, Cryptocurrency has eliminated that idea which is why it has become a globalized source of the transaction.
4. No involvement of the third party: We have already discussed that cryptocurrency does not need the involvement of any third party for money transactions. So, it’s another main reason for Cryptocurrency to be popular.

Why is Cryptocurrency banned in Nepal?

As we have discussed the reasons why the cryptocurrency is famous these days, it’s time to discuss other aspects of it and that is the legality of Cryptocurrency.

1. Money Market: We know that Cryptocurrency is not counted as dollar, euro, paisa, etc. So, the invention of Cryptocurrency reduces the actual value of a country’s currency. Which is a great loss for a nation. And for a poor country like Nepal can not afford to make a loss which becomes the major reason why it is banned in Nepal.
2. Irregular transaction: Usually when we make some monetary transactions, it is recorded and can be known everything by everyone. But Cryptocurrency limits the transaction and makes it seen by the person who has spent it. This nature of Cryptocurrency is dangerous which is another reason why it is banned in Nepal.
3. Limitation of government: Cryptocurrency is a modern concept even if it was invented more than 2 decades ago. However, our government follows the traditional method of monetary transactions. That is why the limitation of government is another reason why it is banned in Nepal.
4. Corruption: As Cryptocurrency has an irregular transaction. It has a high possibility to encourage corruption.

Can we buy Cryptocurrency with a dollar card?

Nepal has finally brought a card from which we can make monetary transactions in other countries, named the dollar card. So, The answer to the question is YES, you can buy Cryptocurrency with a dollar card but it’s better not to use it as we have already discussed its nature and how it can be used to fool one.

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