Is Bitcoin a valid Method of Transaction?

If we talk about the modern money transfer system, the name Bitcoin pops up instantly. This currency system has taken over all the other transaction systems with its unique features and top rates. Like many countries, it is just a few steps far to buy bitcoin in Sydney as purchasing it is very simple and basic. However, a question is always there regarding the validity and feasibility of this payment transaction.

Bitcoin is known as the world’s biggest cryptocurrency and is available in your digital wallet for digital payment. In contrast to fiat currency, Bitcoin is made, distributed, exchanged, and stored with the use of a decentralized ledger framework known as a blockchain. Instead of cash, bitcoins are used here for any transaction through a process called Mining. In that sense, it resembles regular dollars, euros, or yen, which are also exchanged digitally. Bitcoins can be exchanged in many places in the world. So, if you want to exchange or buy bitcoins in Sydney or anywhere, there are many options available online and offline.

Now, if we talk about its validity, it differs from country to country, and also depends on the user's activity. Bitcoins are not issued, endorsed, or regulated by any central bank like regular currency. Hence, it can be used anonymously to conduct any transactions which might be the reason many criminals and terror organizations find interest in it. They may utilize Bitcoin to purchase or sell unlawful loads like weapons and drugs. Most nations have not decided on the legitimateness of bitcoin; however, the authenticity of the bitcoins is questionable as it hides the identity and leaves no trace of any sort of transaction. Laws are yet to be enforced regarding the legal use of bitcoin in the legislation of various countries.

In short, the validity of Bitcoin is not constant all over the world. In different places, it has different acceptance. If the dark aspect can be eliminated, it can be one of the useful transaction methods for anyone!