Q| WHAT IS BITCOIN?
BITCOIN is a "cryptocurrency" and a digital payment system, invented by an unknown programmer, or a group of programmers, under the name "Satoshi Nakamoto". It was released as open-source software in 2009.
The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a "blockchain". Since the system works without a central repository or single administrator,"BITCOIN" is called the first decentralized digital currency.
Besides being created as a reward for mining, "BITCOIN"can be exchanged for other currencies, products, and services in legal or black markets.
As of February 2015, over 100,000 merchants and vendors accepted "BITCOIN" as payment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using "BITCOIN".
Q| IS BITCOIN IS LEGAL OR NOT ?
The legal status of "BITCOIN" varies substantially from country to country and is still undefined or changing in many of them.
Q| BITCOIN LEGAL STATUS IN OTHER COUNTRIES :
+COUNTRIES HAVE LEGAL STATUS:
. Canada
.United States
.Nicaragua
.Argentina
.Brazil
.Chile
.Colombia
.Cyprus:
.Israel:
.Jordan:
.Lebanon:
.India:
.Pakistan:
.China:
.Hong Kong:
.Japan:
.South Korea:
.Taiwan:
.Indonesia:
.Malaysia:
.Philippines:
.Singapore:
.Thailand:
.Vietnam:
.Croatia:
.Czech Republic:
.Germany:
.Poland:
.Romania:
.Slovakia:
.Slovenia:
.Switzerland:
.Denmark:
.Estonia:
.Finland:
.Iceland:
.Lithuania:
.Norway:
.Russia:
.Sweden:
.Bosnia :
.Herzegovina:
.Bulgaria:
.Greece:
.Italy:
.Malta:
.Portugal:
.Belgium:
.France:
.Ireland:
.Luxembourg:
.Netherlands:
.Spain:
.Turkey:
.Australia:
.New Zealand:
.South Africa:
.Zimbabwe:
.Nigeria:
+COUNTRIES HAVE ILLEGAL STATUS:
.Kyrgyzstan:
In a July 2014, statement of the National Bank of the Kyrgyz Republic made clear that "the use of 'virtual currency', bitcoins, in particular, as a means of payment in the Kyrgyz Republic will be a violation of the law of our state.
.Bangladesh:
In September 2014, Bangladesh Bank said that "anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws".
.Ecuador:
Ecuadorian government issued a ban on bitcoin and other digital currencies
.Bolivia:
Banco Central de Bolivia issued a resolution banning bitcoin in 2014.
source : WIKIPEDIA
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