The terms cryptocurrency and bitcoin came existence in 2009. The first decentralized cryptocurrency is said to be created by a Japanese person under the name Satoshi Nakamoto (There is no proof on either he/she is one person or group of persons).
As the name suggests, the term Cryptocurrency is a combination of the two words crypto and currency. we all know about currency and word crypto is for cryptography.
Cryptography is the branch of computer science which deals with encryption, decryption, security and all other secret stuff. In simple words, Cryptocurrencies are digital, decentralized currencies which are validated, stored & encrypted/decrypted using a technology called "Blockchain".
Bitcoin is one of the type of cryptocurrency among many like Ethereum, Litecoin, Ripple, etc. now let us know the difference between Bitcoin cryptocurrency and our regular paper currency (also called as Fiat currency). when we make any transaction with Fiat money then the transaction is governed by a central authority like banks but cryptocurrency doesn't have central body (it's decentralized), here Blockchain technology stores all transactions publically in the network known as "Distributed Public Ledger".
Bitcoins are legal in many countries like China, Japan, Russia, USA, Australia & also accepted by popular billion dollar companies like Microsoft, Dell, Reddit, Paypal, etc.
Is Bitcoin legal in India? According to RBI (reference: https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=43574), there is no ban on Bitcoin & RBI doesn't declare it as illegal currency. In India, there are many Bitcoin wallets which allows us to store and trade Bitcoins like Zebpay, Unocoin, Coinsecure, Mycelium, etc.
Cryptocurrencies like Bitcoin will be the biggest revolution in the finance industry. Famous people like Bill Gates, Richard Branson, Peter Thiel and many more also taught that it will be the future of currency in the fastest changing technological world.
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