Bitcoin is a digital currency which has made its debut in 2009. It was created by an anonymous computer programmer or programmers (there is no consensus on this and identities are still unconfirmed). Since it is created through a computer generated process known as bitcoin is not issued, endorsed or regulated by any centralized system.
Bitcoin users or so called "miners" use the power of their computers to solve complex algorithms that serve as verification for bitcoin transactions. So they don't need any banking system. Since it does not exist in a physical form as such it offers a convenient way to conduct cross border transactions with no exchange rate fees.
Bitcoin can be used anonymously to conduct transactions between any account holders, anywhere and anytime across the globe, which makes attractive to criminals and terror organizations. They may use bitcoin to buy or sell illegal goods like drugs or weapons. The decentralized and anonymous nature of bitcoin has challenged many governments on how to deal with taxation of bitcoin and tracking down criminal transactions.
A few countries like United Kingdom, Russia and India are wary because of its volatility and perceived threat to the authority of central banks over the money supply in their jurisdiction. They are still analyzing ways to regulate the cryptocurrency. Some nations such as Turkey, Nigeria, Nepal and Vietnam have outright banned digital currency and whoever will be caught in possession and using bitcoin will be jailed. While others have tried to cut off any support from the banking and financial system essential for trading and use.
All the issues mentioned above are all exactly opposite of what most crypto fans adore about bitcoin and similar coins. That could easily mean that most of its miners are not fully aware of the posed threat of cryptocurrency.
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