@lakshmana said in Bitcoin:
What is the Bitcoin ?How it's used?
Bitcoin is a form of currency or money. The major difference between Bitcoin/crypto currency is that the "value" is based on proof of work instead of a physical object like gold or silver.
It's used with a piece of software on a computer called a "wallet". This wallet is just a container that holds your personal bit coin address. https://blockchain.info/address/12t9YDPgwueZ9NyMgw519p7AA8isjr6SMw
This is also associated with an arbitrary amount of bitcoin that the entire network has agreed is your own.
So if I were to send you .001 bitcoin, I would not send it to you, but your bitcoin address. So long as you keep any personally identifying information from being associated with the bitcoin address, this is completely anonymous.
The downside is that if you loose the wallet, you've lost all the bitcoin in said wallet.
Why its being blocked in many countries?
Bitcoin specifically got so large that no central government can buy enough CPU/GPU/ASIC processors to control it. So rather than attempt to control it, they attempt to ban it. Good luck with that.
What are the pros and cons?
Complete anonymous online financial transactions are now possible, like exchanging hard currency. All the same pros and cons.