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Bitcoin has become popular in some areas of the world. What is it and how does...

Bitcoin has become popular in some areas of the world. What is it and how does it work? Will you use it?

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Expert Solution

Bitcoin is a cryptocurrency or a digital currency. In other words, it is the online version of money which can be used for the transaction but  Bitcoin is not accepted by each and every shop. Bitcoin is like a computer file which is stored in a digital wallet, and the transaction can be done through the digital wallet. If someone needs hard cash he/she can exchange the Bitcoin in a cryptocurrency currency exchange and get the cash out of it.  

Coming to the using of Bitcoin, it depends on the individual whether he/she will use it or not. If in the economy the transaction is done by Bitcoin then we can use it. One of the important advantages of the use of Bitcoin is that purchased done by Bitcoin is not taxable as there are no third party interruptions. As the statement says Bitcoin is popular in some areas of the world, but in some areas of the world, it is totally banned. If someone belongs to a country where the Bitcoin is banned, then there is no point of using the Bitcoin, but he/she can use it for a transaction where Bitcoin is not banned.

Rahul Sunny answered 1 year ago
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