There are many things you can buy using Bitcoin – more than a pizza! Today there are even more places that accept Bitcoin as a means of payment. According to a website, in 2015, the number of merchants who accept Bitcoin as a means of payment has exploded. Many of them are online commerce sites, but a growing number of street shops are now accepting the BCT. The list is constantly growing, and you can spend it anywhere (depending on where you are.

Are Bitcoin transactions traceable

Bitcoin is completely transparent. Every one Bitcoin dealings are community, noticeable and permanently stored on the Bitcoin network. Bitcoin address are the merely in sequence used to define where Bitcoins are assigned and where they are sent. These addresses are created privately by the portfolios of each user. Since users must generally reveal their identity to receive services or goods, Bitcoin addresses can not remain completely anonymous. The Bitcoin network is a peer-to-peer network (from one entity to another, without intermediaries), and it is possible to connect it to the IP addresses of the user.

Countries that recognize Bitcoin as a currency

The lawful rank of Bitcoin varies from country to country, but the list of countries that accept BTC is constantly expanding. Bitcoin operates independently of any Central Bank, unlike other well-known currencies, such as the US dollar or the euro. The Bitcoin network also has no other central point or single administrator, making it a decentralized digital currency. Bitcoin’s core value is generated through bitcoin mining and tightly tied to the costs of electricity and hardware, while the rest of its value is boosted by its limited quantity, slow generation process and growing demand for Bitcoin.

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