What is cryptocurrency?
noun
"a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank."
A cryptocurrency is a form of digital asset generally intended to be used as a medium of exchange in much the same way traditional currencies are. Often they are also held as assets by investors who expect the cryptocurrency to increase in value over time. Cryptocurrencies rely upon the cryptography used within a blockchain; the way in which cryptography is used alongside certain other protocols ensures that these assets have characteristics desirable in a digital currency (security, transferability and immutabillity).
What is the legal status of Bitcoin?
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As Bitcoin has grown in prominence, it has seen greater recognition by world governments. The way Bitcoin is treated under the law varies from region to region. A fairly comprehensive list of the regional legal status of bitcoin may be found here. |