You have probably heard about Bitcoins before. But have you ever done your research to understand what they really are right? I know I had not up until now!
Some people have done so much homework when it comes to Bitcoins that they even started to make a living from them. But, there is a bit of negativity and controversy around these so called Bitcoins and in this post I will show you just why so that you can understand everything about them and jump into your own conclusions.
1.Let’s begin by defining the term Bitcoins
I am guessing the first thing that comes to your head when you hear the word Bitcoins is that they are probably related to money right? Well, you may be right as Bitcoins are a type of currency. But not just any currency, they are an electronic currency.
If you happen to be a real smart butt, then you would understand that Bitcoins is basically electricity that is turned into strings of codes that just happens to be very valuable to the cyber public as they represent real money.
2.Are these Bitcoins prone to being involved in illegal activities?
I think this is basically the reason why there has been so much debate around them. You know how this world works, there is good and bad people in this world and bad people will always find a way to turn the good into a bad an illegal thing.
And when it comes to Bitcoins, the bad people in the world have found ways to manipulate them.
Some criminal traders started to buy huge amounts of Bitcoins that were actually worth millions of dollars and actually found a way to move them around without having the weight of the law monitoring them.
So, if we want to answer the question made in this title, Bitcoins are NOT illegal but they definitely are prone to being used in lots of illegal activities.
The problem with Bitcoins is that unlike in banks, the law cannot keep an eye on these Bitcoin accounts, so people can basically do whatever they want with their usi tech bitcoin.