Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Bitcoins are stored in a digital wallet, which is like a virtual bank account that allows users to send or receive bitcoins and pay for goods or services. Bitcoin is anonymous, meaning that, while transactions are recorded in a public log, the names of buyers and sellers are never revealed. Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middlemen – meaning, no banks!

 

 

Because bitcoin is gaining popularity due to its rising value on the markets, many are asking: Should the government classify Bitcoin as a legal currency? In an open poll conducted by ISideWith, 18% of participants said yes, and 82% said no. The majority of people that responded to this poll do not want bitcoin to become a legal currency because the government will want to impose a tax on it.  On the other hand, some people do want it to become legal tender if it does not replace our current national treasury-backed currency.

 

 

Poll: https://www.isidewith.com/poll/1569980570