Q:
Which of the following statements about Bitcoin is/are correct?
1.It is a decentralized virtual currency.
2.It is generated through complex computer software systems.
3.The Reserve Bank of India recognized it as a legal tender in January 2016.
Select the correct answer using the code given below.
Answer & Explanation
Answer: B) 1 and 2 only
Explanation: Bitcoin is the world's first cryptocurrency, a form of electronic cash.It is the first decentralized digital currency: the system was designed to work without acentral bankor single administrator.Bitcoins are sent from user to user on the peer-to-peer bitcoin network directly, without the need for intermediaries. These transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a block chain. Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto. Bitcoins are not recognised as a legal tender by Reserve Bank of India.
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