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cryptogeekPundit
Asked: April 12, 20222022-04-12T12:29:28+00:00 2022-04-12T12:29:28+00:00In: Blockchain

What is Bitcoin and how does it work? Is it legal? Who’s behind it?

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  1. Coindiskus Enlightened
    2022-04-12T12:30:32+00:00Added an answer on April 12, 2022 at 12:30 pm

    What is Bitcoin?

    Bitcoin is a cryptocurrency or digital currency, which was created in January 2009. The traders can buy or sell Bitcoin (BTC) using different currencies in marketplaces known as cryptocurrency exchanges (such as Binance, Coinbase Pro, Huobi Global, OKEX, Kraken, Bitfinex, Bithumb, etc.).

    Bitcoins have become popular because international payments have become easy and cheap. This is mainly because BTC is not subjected to any regulation or tied to any specific country. More importantly, this leading cryptocurrency helps you to buy merchandise anonymously. They have become especially popular among small businesses because no credit card fees are there.

    Who’s behind Bitcoin?

    Satoshi Nakamoto is the person behind Bitcoin. However, the identity of the person is still unknown. It is believed that Satoshi Nakamoto is a pseudonym used by a person or a group of persons for developing this leading cryptocurrency.

    How does Bitcoin Work?

    Bitcoin (BTC), a digital currency, is a computer file that is stored in a digital wallet either on a smartphone or computer. Bitcoins or a part of it can be sent by you to another person’s digital wallet or vice versa. Every Bitcoin transaction is recorded in a public list known as blockchain (which is a shared public ledger). This helps is maintaining transparency as tracing the history of Bitcoin transactions is available easily to everyone. Therefore, people transacting Bitcoin can’t undo transactions, make copies, or spend crypto coins they don’t own.

    Is Bitcoin Legal?

    Bitcoin is legal in most developed countries including the US, Canada, Japan, and the UK. While China still restricts its use, India’s position on the legal status of cryptos is still not clear. Overall, time is changing in favor of Bitcoin, and the mass adoption of BTC is expected in the near future.

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