Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Explained: What Is Bitcoin? Cryptocurrency That Tesla Has Invested In

Explained: What Is Bitcoin? Cryptocurrency That Tesla Has Invested In

In India, Bitcoin stands in a grey area of legality. As of now, it is not illegal to trade bitcoin, however, the Cryptocurrency and regulation of Official Digital Currency Bill aims to ban bitcoin.

Bitcoin was once again in the news after Tesla invested $1.5 billion in it and signaled its intent to begin accepting the cryptocurrency as a form of payment, sending prices to a new record after the vote of confidence. The leading electric-car maker's embrace of Bitcoin lends increased legitimacy to electronic currencies, which have become more of a mainstream asset in recent years.


What is Bitcoin and how does it work:


1. First launched in 2009, Bitcoin is a kind of cryptocurrency or digital currency that exists completely online.

2. By its very nature, the currency is decentralized without a single central bank to administer it and the currency is stored in digital wallets.

3. These wallets are backed by private and public keys for security, and the public key is what lets users transact with each other.

4. All transactions are verified and recorded in a public ledger called the blockchain with complete transparency ensuring that the system cannot be cheated.

5. Because of its decentralized nature and the anonymity associated with it, the currency can be easily traded across users and countries without identifying the person who holds the bitcoin.

6. The popularity of bitcoin has spurred a range of alternate crypto currency including Etherium, Dogecoin and Binance.

7. In India, Bitcoin stands in a grey area of legality. As of now, it is not illegal to trade bitcoin, however, the Cryptocurrency and regulation of Official Digital Currency Bill aims to ban bitcoin.

8. Instead, the Indian government seeks to create its own national cryptocurrency.

9. India temporarily banned crypto transactions in 2018, however, the bill was overturned by the Supreme Court after cryptocurrency exchanges filed a lawsuit.

10. With the growing global acceptance of the digital fiat as legal tender, it remains to be seen exactly how the Indian government will proceed with its draft regulation.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
Italy Faces Population Decline Amid Youth Emigration
×