What is Bitcoin?
What is Bitcoin for and what is it for?
- It can be used to buy goods anonymously;
- Bitcoins are not linked to any place or country
- For the previous reason international payments are easy and cheap
- No fees charged by banks
- Can be purchased as an investment
What is Bitcoin mining?
Bitcoin mining is a way to earn bitcoins. It is a process of adding transaction logs to the Blockchain. You can mine Bitcoins in two ways: either use your own computer to mine or you can rent hardware from third parties.
Mining exists to confirm all transactions and each network user can access the transaction history.
Bitcoin Wallet (Bitcoin Wallet)
The digital wallet or Bitcoin wallet is where you can store bitcoins, it exists on the user's computer or in the cloud, the same being a kind of virtual bank account.
The names of buyers and sellers are not disclosed, although each transaction is registered in a public registry. It also helps users to buy or sell things without easily tracking them.
Bitcoin Issues and Limitations
- It is not a globally accepted payment method
- Use may be too complex for some people
- Accepted by few retailers
It is a nichoe product can sometimes become expensive to use, that is, if used for small transfers and payments
Is Bitcoin Legal?
Talking about the legality of bitcoin is a controversial subject. Countries like Japan passed a bill that gave Bitcoin legal recognition, while in China the government imposed regulatory restrictions on the use of Bitcoin.
In India, for example, it is up to the government to decide whether we can treat bitcoins like a currency. But the government only has the power to issue currency. The real power is in the hands of the Reserve Bank of India to decide whether to treat Bitcoin as a currency or not. After demonetization in the country, demand for bitcoin increased. Even with the increase in demand, trade has many high risks, so it is very difficult to say whether Bitcoin is legal or not.
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