The main purpose of bitcoin- digital currency is to make international transactions, as bitcoins havethe same currency rates all over the world and have no country boundaries therefore the payments are cheap through it. It is always being used because of investment purpose expecting a rise in the free bitcoin currency in the future.
Process of bitcoin
It is one of the first cryptocurrencies to peer technology to make national or international instant transactions. The sole companies who own the free bitcoin or the independent individuals are being termed as “miners”, their motivation lies in the increase in the value of the bitcoin and getting rewarded i.e. Achieving new bitcoin and payments received in the process of bitcoin. The bitcoin network is being circulated in between these minors.
The process of releasing the bitcoin (decentralized system of the transaction) is in the periodically declining rate which is far different from that of the banking process, as there the currency rates remain the same throughout and ensures price stability (centralized system of the transaction).Apart from this, it can also be used to make purchase payments like hotel bookings, flight tickets, furniture shopping and many more.
Legal implications involved
Since the very advent of theCryptocurrency there have been many legal implications related to it within a country. But since bitcoincan be internationally traded there are,as such, no losses to anyone. If your country is not accepting these currencies then there is nothing at all to worry about. You can always purchase products and services from the international firms who accept it. In case you are into IT services and you wish to purchase domains or extra storage you can very well do that from them.
Bitcoin is not considered at legal tenders. They are preferred to be transacted as they are at independent mode to transfer and they lack the charge to transact from one party to the other.