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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