For those of you who do not know what these are, Bitcoins are a form of digital currency that is used over the internet. This kind of currency is called “Cryptocurrency”. Different types of cryptocurrencies are Bitcoin,
Litecoin, Ethereum, Zcash, Dash, Ripple, etc.
Where they can be used?
Bitcoins can’t be used anywhere for example, in banks or any government institutions. Majorly bitcoins are used in investing or in trading websites, where you can grow your money in the form of bitcoin currency. It is valuable today also, as people are still willing to exchange bitcoins into cash, real goods or service. Some progress noticed till 2018 research were –
- 32 million bitcoin wallets were set up by December 2018 to store more bitcoin currency.
- five percent of people are using this currency in the United States of America
- 25 million people around the world are enjoying using this currency
- More currency exchange websites came into existence to exchange cryptocurrency like bitcoin into cash.
Many Asian countries are banned from using this bitcoin faucet in mean of losing the economy of nation and making digital currency more powerful and popular. In India, a high-level government panel on virtual cryptocurrencies recommends ban of cryptocurrencies in regulation of official digital currency bill formed in February 2019. This means, use of cryptocurrency in India would be termed as illegal and would be imprisoned if the citizen act towards it. The advice to evoke this ban was given by reserve bank of India.
