Bitcoin Academy ( Lesson 3 ) – Bitcoin

Legal status, tax and regulation

Because of bitcoin’s decentralized nature, restrictions or bans on it are impossible to enforce, although its use can be criminalized.[152]The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Regulations and bans that apply to bitcoin probably extend to similar cryptocurrency systems.[153]

Criminal activity

The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement, and the media.[154]The FBI prepared an intelligence assessment,[155] the SEC has issued a pointed warning about investment schemes using virtual currencies,[154] and the US Senate held a hearing on virtual currencies in November 2013.[72]

Several news outlets have asserted that the popularity of bitcoins hinges on the ability to use them to purchase illegal goods.[91][156] In 2014, researchers at the University of Kentucky found “robust evidence that computer programming enthusiasts and illegal activity drive interest in bitcoin, and find limited or no support for political and investment motives.”[157]


Bitcoin has been criticized for the vast amounts of electricity consumed by mining. It has been estimated that annual consumption (as of 2017) was 23 terawatt hours, approximately the same as the country of Ecuador.[158]

The transaction times vary from several seconds to several hours depending on offered transaction fee and other technical reasons.[159][better source needed]

In academia


In September 2015, the establishment of the peer-reviewed academic journal Ledger (ISSN 2379-5980) was announced. It will cover studies of cryptocurrencies and related technologies, and is published by the University of Pittsburgh.[160][161] The journal encourages authors to digitally sign a file hash of submitted papers, which will then be timestamped into the bitcoin blockchain. Authors are also asked to include a personal bitcoin address in the first page of their papers.[162][163]


In the fall of 2014, undergraduate students at the Massachusetts Institute of Technology (MIT) each received bitcoins worth $100 “to better understand this emerging technology”. The bitcoins were not provided by MIT but rather the MIT Bitcoin Club, a student-run club.[164][165]

In 2016, Stanford University launched a lab course on building bitcoin-enabled applications.[166]

In art, entertainment, and media


The documentary film, The Rise and Rise of Bitcoin (late 2014), features interviews with people who use bitcoin, such as a computer programmer and a drug dealer.[167]


Several lighthearted songs celebrating bitcoin have been released.[168]


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Financial Technological Networker , developing Crypto Currency Mining enthusiast , here in an African Continent !! A participant in various FinTech Platforms Local and Globally !!

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