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BITCOIN
<s>
What<s>
<s>
<v>
[i]
Bitcoin can be used to buy things electronically [i]. For example, [d]it is like
conventional dollars, euros, or yen, which are also traded digitally [d].
However, [i]Bitcoin is most important characteristic, <fanboys>and<fanboys> [d]the thing
that makes it different to conventional money[d], is that it is decentralized[i]. <s>No
single institution<s> <v>controls<v> the bitcoin network. [i]This puts some people at
ease[i] [d]<cc>because<cc> it means that a large bank cant control their money[d].
Who<s>
<s>
created<v> it?
<v>
[i]
A
software
developer
called Satoshi
Nakamoto proposed
bitcoin[i],
[d]<cc>
which<cc> was an electronic payment system based on mathematical proof [d].
<s>
The idea<s> <v>was to produce<v> a currency independent of any central authority,
transferable electronically, more or less instantly, with very low transaction fees.
Who<s>
<s>
prints<v> it?
<v>
So
you<s>
<s>
<v>
Thats right. <s>The bitcoin protocol the rules that make bitcoin work <s>
<v>
say<v> that only 21 million bitcoins can ever be created by miners. However,
<s>
these coins<s> <v>can be<v> divided into smaller parts (the smallest divisible amount
is one hundred millionth of a bitcoin and is called a Satoshi, after the founder of
bitcoin).
What<s>
<s>
<v>
<s>
Is BitCoin Legal ?
<s>
Bitcoin has proven to be a contentious issue for regulators and law enforcers [i],
[d]
both of <cc>which<cc> have targeted the digital currency in an attempt to control its
use[d]. [i]We are still early on in the game[i], <fanboys>and<fanboys> [d]many legal authorities
are still struggling to understand the cryptocurrency [d], let alone make laws around it.
Amid all this uncertainty, <s>one question<s> <v>stands out<v>: is bitcoin legal?
<s>
The answer is<s>, yes, <v>depending on<v> what youre doing with it.
www.coindesk.com
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