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Legal protections for Bitcoin

Bitcoin is a radical internet-wide money system that does not depend on a dominant authority to control and secure its money supply (Denis, 2015). Instead, the bitcoin net consists of computers in the US and the world running the bitcoin software that functions the procedure for administering bitcoin businesses. Further, the use of ledgers in the US is important because it is a skill that records all the dealings happening in the system. It is broken into blocks of transactions related to the previous block, creating the blockchain, which is essential to follow every bitcoin deal made and guarantee that nobody is double-spending the bitcoins of other individuals (Denis, 2015).

Besides, the creation of mining refers to the mathematical procedure of making a new block in which the current transactions are combined by people assigned to as miners. This legal process of confirmation is very complicated to ensure that no one can do it in any part of the world and the deceitful transactions will not be complete. Another legal protection was that in October 2014, where the idea of sidechains was presented to combine all the exclusive features of several alternative crypto-currencies and put them under one bitcoin network (Guerra-Pujol, 2015). Thus, the sidechains would let bitcoin to be moved between blockchains and it would enable the use of such different crypto-currencies in different countries.

Additionally, legal protections that exist for bitcoin users indicate that there are similar crypto-currencies that are developing in the US. For example, Dogecoin, Peercoin, and Ripple are computer-generated currencies founded on the major peer-to-peer, decentralized, digital exchange whose application relies on the value of cryptography to legalize the transactions and create the money itself from any different country (Guerra-Pujol, 2015).

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