What is Bitcoin?

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Bitcoin is the largest of cryptocurrencies, which are virtual tokens with no physical backing. They function on a technology called blockchain, which is nothing but a record of all transactions on a decentralised network of computers (reportedly 9,500) around the world. Bitcoin accounts for 55% of the value of all virtual currencies in circulation. 

What are Bitcoin key features? 
There is no central monetary authority for bitcoin, like the RBI for the rupee, and every computer that processes transactions and creates bitcoins is part of the network and all these computers work together. A bitcoin can be divided up to eight decimal places (0.00000001), with the smallest unit called Satoshi, after the creator. 

Is Bitcoin legal? 
It is hard for governments to ban bitcoins, since they do not have geographical boundaries, but that has not stopped governments in Ecuador, Bolivia and Bangladesh from outlawing trading in cryptocurrency. India has said bitcoin is not legal tender and is yet to take a call on a report submitted by a government committee on cryptocurrency. 

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