WHAT IS BITCOIN?
BITCOIN is an openly accessible, virtual currency that can be sent from person to person by the BITCOIN network. It’s more or less liked a computer application which allows BITCOIN holders to send and receive these digital characters.
HOW DOES BITCOIN TRADING WORK?
BITCOIN is a peer-to-peer networking system that works without any central authorities. Various websites act as trading platforms. Here, the digital cryptocurrencies are merely exchanged. However different sites have different potential ways of trading, some being simple and easy while others were complex and risky. The BITCOIN network works on an open “block chain,” which helps in the verification of transactions made by the users.
DEVELOPERS OF BITCOIN
This new invention of digital characters, which act as virtual currencies, was first started in 1998 by Wei Dai. However, the first ever BITCOIN was developed by Satoshi Nakamoto, in the year 2009.
BITCOIN network is a software-based network. It’s openly accessible for users across the world. BITCOIN trading is a fast-growing phenomenon, wherein individuals are investing for businesses or buying large properties such as apartments, restaurants and other services. It’s a person to person technology service, which is not owned by any authorities. The transactions are managed,and the BITCOINS are sent and received with the help of this network.
LEGALITY OF BITCOIN TRADING
BITCOIN trading is a fast-growingtechnology service across the world. However, the validity of this digital currency is not the same in all the countries. Some judiciaries have banned the purchase and sale of these digital cryptocurrencies. While others have made the use of BITCOINS partially prohibited. The status of the legality of usage of BITCOINS is changing and is still not completely determined. Trading of BITCOINS is banned in countries like; Canada, India, Thailand. Moreover, in some countries like Pakistan, Indonesia, Bangladesh, Nepal, Iran, Saudi Arabia,Egypt trading of cryptocurrencies is entirely illegal. While in other countries across the world such as, Russia, Brazil, Argentina, South Africa, New Zealand, Australia, United Kingdom, Ireland, France, Belgium etc.it’s legal to sell or purchase earn bitcoin.