Bitcoin, a decentralized digital currency, has been gaining popularity worldwide for its secure and fast transactions. The use of bitcoin in Nepal is also increasing with a growing number of businesses accepting it as a mode of payment. In this article, we will discuss how to use bitcoin in Nepal.
First, you need to understand what bitcoin is and how it works. Bitcoin is a digital currency that operates on a decentralized network without any central authority. It is created through a process called mining, where powerful computers solve complex mathematical problems to validate transactions and create new bitcoins. Once you have a bitcoin wallet, you can send or receive bitcoins from anyone, anywhere in the world.
To use bitcoin in Nepal, you need to follow these steps:
Step 1: Get a Bitcoin wallet
The first step is to create a bitcoin wallet. A bitcoin wallet is a software application that stores your bitcoins and allows you to send and receive them. There are many bitcoin wallets available, such as Coinbase, Blockchain, and Trezor. You can choose any of them based on your preference.
Step 2: Buy Bitcoin
After creating a bitcoin wallet, you need to buy bitcoins. There are several ways to buy bitcoins in Nepal. You can buy them from a bitcoin exchange, such as Binance, BitMax, or Kraken, or you can buy them from a bitcoin ATM. However, bitcoin ATMs are not yet available in Nepal.
Step 3: Send and Receive Bitcoin
Once you have bought bitcoin, you can use it to make payments or receive payments from anyone who accepts bitcoin. To send bitcoin, you need to enter the recipient’s bitcoin address and the amount you want to send. To receive bitcoin, you need to share your bitcoin address with the sender.
Step 4: Use Bitcoin for Online Shopping
Many online stores and businesses in Nepal now accept bitcoin as a mode of payment. You can use your bitcoin wallet to pay for goods and services online. Some of the popular online stores that accept bitcoin in Nepal are Ktmbazaar, Shopmandu, and Nepbay.
Step 5: Exchange Bitcoin for Nepalese Rupee
If you want to convert your bitcoin into Nepalese rupees, you can use a bitcoin exchange. Several bitcoin exchanges in Nepal allow you to convert bitcoin into Nepalese rupees and vice versa. Some of these exchanges are Bitsewa, LocalBitcoins, and Bitmax.
Conclusion
Bitcoin is a decentralized digital currency that allows you to send and receive payments quickly and securely. In Nepal, the use of bitcoin is increasing, and many businesses are now accepting it as a mode of payment. By following the steps mentioned above, you can easily use bitcoin in Nepal. However, it is essential to understand the risks associated with bitcoin and ensure that you take adequate security measures to protect your bitcoin wallet.