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ARTICLE · 14 OCTOBER 2015

Bitcoin And The Law

AGPLAW | A.G. Paphitis & Co. LLC
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A bitcoin is digital crypto currency, which means it is entirely controlled and stored on computers spread across the internet.

CyprusFinance and Banking
AGP Law/ A.G. Paphitis & Co. LLC
AGP Law/ A.G. Paphitis & Co. LLC
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A bitcoin is digital crypto currency, which means it is entirely controlled and stored on computers spread across the internet. Bitcoin is operated by open source software that operates according to the laws of mathematics. This software is run on thousands of machines across the globe by people called miners. A miner is someone that connects their computer to the system to provide added processing power to the network. As a reward for doing so, they get rewarded in bitcoins, hence why they are called miners.

Bitcoins can be stored in various ways:

  • Hot wallet: Software that sits on your personal computer
  • Mobile wallet: Software that sits on your mobile and allows you to make payments directly from your phone by scanning a QR code for example.

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