3. Bitcoins do not grow on trees.
Just like money bitcoins do not grow on trees! Of course, unlike money, you can never feel, touch or print bitcoin.
Bitcoins are mined on a network called the blockchain only existing when a miner finds and mines bitcoin blocks. Currently, the mining power of the Bitcoin network is over 300 times more powerful than the 5 top supercomputers of the world combined!
Just like money bitcoins do not grow on trees! Of course, unlike money, you can never feel, touch or print bitcoin.
Bitcoins are mined on a network called the blockchain only existing when a miner finds and mines bitcoin blocks. Currently, the mining power of the Bitcoin network is over 300 times more powerful than the 5 top supercomputers of the world combined!
But the power only can be used to perform SHA-256
5. Bitcoin cannot be banned
Due to the nature of Bitcoin, there is always a talk about banning it. Bitcoin works outside the traditional banking system so attracts a lot of hostility. However, its design ensures that it cannot be banned however it can be regulated. If you have an internet connection and a bitcoin wallet you can invest in bitcoin.
This hasnt stopped many countries trying to ban it. Bolivia, Thailand, Vietnam and Bangladesh, for example, have all tried. Other more accommodating countries such as Russia, Japan, Australia and Venezuela have made bitcoin legal tender and regulated it. Finally, some countries like India and the USA are not clear and have not defined an official policy regarding cryptocurrencies yet.
In short, Bitcoin cant be buried or pushed away. That is the real beauty of Bitcoin!
Due to the nature of Bitcoin, there is always a talk about banning it. Bitcoin works outside the traditional banking system so attracts a lot of hostility. However, its design ensures that it cannot be banned however it can be regulated. If you have an internet connection and a bitcoin wallet you can invest in bitcoin.
This hasnt stopped many countries trying to ban it. Bolivia, Thailand, Vietnam and Bangladesh, for example, have all tried. Other more accommodating countries such as Russia, Japan, Australia and Venezuela have made bitcoin legal tender and regulated it. Finally, some countries like India and the USA are not clear and have not defined an official policy regarding cryptocurrencies yet.
In short, Bitcoin cant be buried or pushed away. That is the real beauty of Bitcoin!
Bitcoin itself cannot banned or regulated, but government can declare Bitcoin illegal or control services which uses Bitcoin.