Bitcoin and Its Related Legal Effects

Abstract

Digital currencies are currencies that use encryption to transmit over the Internet, encrypted digital currencies are untraceable and track able. Cryptography was first used in World War II to convey messages and military commands. In the digital age, mathematics and computer science have been used to secure communications, information and money transfers. Bitcoin's first digital currency was created in year 6 and is now the king of the world of digital currencies. Many digital currencies have been introduced and introduced in the past few years. Currently, about 2 digital currencies are traded in global markets. Digital currencies operate on a platform called Block China and are the first and most famous Bitcoin digital currency. The inventors and creators of China Block and Bitcoin are anonymous, and there is no other specification than their name. Many countries have no problem with China's block chain because it is a secure platform like the Internet, which is even safer in terms of financial transaction security than the Internet, and many financial institutions and countries are planning to use it. But bitcoin is controversial because it has introduced itself as a currency. Many countries have refused to accept it. If countries use and promote it, it will cause a devaluation of the national currency and cause losses. However, in today's world, it has been proven that you cannot stand up to new technologies but have to take them on. Some of the leading countries are drafting legislation to use digital currencies.