Understanding Bitcoin and Digital Money

Are you a little confused about a form of currency called BITCOIN ?

I was and still am a little confused about this so called Digital Currency but some people have doubts if BITCOIN is a currency or not. Here are some facts about this Digital Currency.

According to BITCOIN on Google 1 Bitcoin is equal to $3427.00 Us Dollars.

Bitcoin is a worldwide cryptocurrency and digital payment system. 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.

Merchants accepting bitcoin ordinarily use the services of bitcoin payment service providers such as BitPay or Coinbase. When a customer pays in bitcoin, the payment service provider accepts the bitcoin on behalf of the merchant, converts it to the local currency, and sends the obtained amount to merchant's bank account, charging a fee for the service.

Bitcoin companies have had difficulty opening traditional bank accounts because lenders have been leery of bitcoin's links to illicit activity. In June 2014, the first bank that converts deposits in currencies instantly to bitcoin without any fees was opened in Boston.

According to Bloomberg, in 2013 there were about 250 bitcoin wallets with more than $1 million worth of bitcoins. The number of bitcoin millionaires is uncertain as people can have more than one.

The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Regulations and bans that apply to bitcoin probably extend to similar cryptocurrency systems.

Here is a web page about BITCOIN if you want more information about digital currency.

Information on this page was researched and provided by BITCOIN and other resources.