Why do others accept Bitcoin (Why Bitcoin is not legal)
Why do others accept Bitcoin? According to IMEOS, Zhihu recently updated an art
Why do others accept Bitcoin? According to IMEOS, Zhihu recently updated an article about Bitcoin and cryptocurrency.
This article mainly introduces several basic concepts:
1. The underlying architecture of blockchain, transaction processing methods, and the number of network nodes.
2. Issues such as the types of information stored on the distributed ledger, transaction times, and confirmations can all be analyzed and resolved through block space (such as the size of hash values).
3. Transaction records can be automatically generated through smart contracts.
4. Point-to-point transmission can be achieved through consensus mechanisms, ensuring transaction security and irreversibility.
Why Bitcoin is not legal
According to CryptoBriefing, the Office of Foreign Asset Control (OFAC) of the U.S. Department of the Treasury recently released a report stating that Bitcoin does not meet any of the basic standards established by the “virtual currency” legislation in the United States. The document stated: “If the value of Bitcoin is zero, it is prohibited for use in payment and investment purposes.” Based on this report, OFAC also suggested that crypto exchanges provide fiat currency exchange services under certain licenses. “When an entity or individual owns some form of digital currency, it will be allowed to use fiat currency to purchase, store, and transfer digital currency.” Although these regulations may affect certain individuals, Bitcoin itself is not a legal investment tool and therefore does not receive support from regulatory authorities.
Although Bitcoin is something irreplaceable, it also has some issues because Bitcoin cannot be anchored with the US dollar at a 1:1 ratio. For most cryptocurrency companies, they do not have the ability to verify transactions and protect their customers from fraud by creating their own blockchain, thus compromising the security of their customers’ funds.
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