Bank of england bitcoin wiki

The legal status of bitcoin varies bank of england bitcoin wiki from country to country and is still undefined or changing in many of them. While some countries have explicitly allowed bank of england bitcoin wiki use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently.

While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well. According to the European Central Banktraditional financial sector regulation is not applicable to bitcoin because it does not involve traditional financial actors. The European Central Bank classifies bitcoin as a convertible decentralized virtual bank of england bitcoin wiki.

In the European Parliament's proposal to set up a taskforce to monitor virtual currencies to combat money laundering and terrorism, passed by votes to 51, with 11 abstentions, has been sent to the European Commission for consideration. As of [update] bitcoin was legal in Algeria, but per the Huffington Post"Algeria is going to ban bitcoin in the new Finance law of article of the law " [13]. Virtual currency is that used by internet users via the web. It is characterized by the absence of physical support such as coins, notes, payments by cheque or credit card.

Any breach of this provision is bank of england bitcoin wiki in accordance with the laws and regulations in force. The following day, the monetary authorities also reacted in a statement issued jointly by the Ministry of Economy and Finance, Bank Al-Maghrib and the Moroccan Capital Market Authority AMMCwarning against risks associated with bitcoin, which may be used "for illicit or criminal purposes, including money laundering and terrorist financing".

On 19 DecemberAbdellatif Jouahri, governor of Bank Al-Maghrib, said at a press conference held in Rabat during the last quarterly meeting of the Bank Al-Maghrib's Board of that bitcoin is not a currency but a "financial asset", He also warned of its dangers and called for a framework to be put in place for consumer protection. As of 17 January bank of england bitcoin wiki, The Central Bank of Nigeria CBN has passed a circular to inform all Nigerian banks that bank transactions in bitcoin and other virtual currencies have been banned in Nigeria.

It noted that "Central bank cannot control or regulate bitcoin. Central bank cannot control or regulate blockchain. Just the same way no one is going to control or regulate the Internet. In September the Bank of Namibia issued a position paper on Virtual Currencies entitled [23] wherein it declared cryptocurrency exchanges are not allowed and cryptocurrency cannot be accepted as payment for goods and services. The Reserve Bank Of Zimbabwe is sceptical about bitcoin and has not officially permitted its use.

Bitcoin would seem to be classified pursuant to the current provisions of the PPSA simply as an " intangible ". As of April the Bank of Montreal BMO announced that it would ban its credit and debit card customers from participating in cryptocurrency purchases with bank of england bitcoin wiki cards [31].

Treasury classified bitcoin as a convertible decentralized virtual currency in Per IRS, bitcoin is taxed as a property. In Septembera federal judge ruled that "Bitcoins are funds within the plain meaning of that term".

Bitcoin is legal in Mexico as of It is to be regulated as a virtual asset by the FinTech Law. News reports indicate bank of england bitcoin wiki bitcoins are being used in the country.

The Costa Rican Central Bank announced that bitcoin and cryptocurrencies are not consider currencies, and are not backed by the government nor laws. However, they are not illegal. There are a few merchants who do accept bitcoins in the country. The Bank of Jamaica BoJthe national Central Bank, has publicly declared that it bank of england bitcoin wiki create opportunities for the exploitation of technologies including cryptocurrencies.

Bank of england bitcoin wiki, in the BoJ will bank of england bitcoin wiki embarking on a campaign to build awareness of cryptocurrencies as part of increasing general financial literacy and understanding of cryptocurrencies. Indications are that early BoJ signals point to their general framework on "electronic retail payment service systems" possibly being brought to bear on initial cryptocurrencies considerations.

Bitcoins may be considered money, but not legal currency. A bitcoin may be considered either a good or a thing under the Argentina's Civil Code, and transactions with bitcoins may be governed by the rules for the sale of goods under the Civil Code.

The Central Bank of Bolivia issued a resolution banning bitcoin and any other currency not regulated by a country or economic zone in Not regulated, according to a statement by the Central Bank of Brazil concerning cryptocurrencies, but is discouraged because of operational risks. There is no regulation on the use of bitcoins. A 26 March by Superintendencia Financiera de Colombia states that the use of bitcoin is not regulated.

The Ecuadorian government has issued a ban on bitcoin and other digital currencies. Ecuador's new project would be controlled by the government and tied directly to the local currency—the dollar. Users will be bank of england bitcoin wiki to pay for select services and send money between individuals. This was slated to begin in mid-February Bitcoin is considered a commodity, [47] not a security or currency under the laws of the Kyrgyz Republic and may be legally mined, bought, sold and traded on a local commodity exchange.

The use of bitcoins is not regulated in Cyprus. As a DMCC licensed company, Regal Assets DMCC operates in a secure regulated trading environment and offers a service to global investors to the highest standards of bank of england bitcoin wiki compliance. As ofthe Israel Tax Authorities issued a statement saying that bitcoin and other cryptocurrencies would not fall under the legal definition of currency, and neither of that of a financial security, but of a taxable asset.

Bitcoin is not banned by any governmental party in Saudi Arabia. The government of Jordan has issued a warning discouraging the use of bitcoin and other similar systems. The Central Bank of Jordan prohibits banks, currency exchanges, financial companies, and payment service companies from dealing in bitcoins or other digital currencies.

The government of Lebanon has issued a warning discouraging the use of bitcoin and other similar systems. Bitcoin is not regulated as it is not considered to be electronic money according to the law. Bitcoin is neither recognized nor regulated in Iran. Government officials, however, discourage investing in cryptocurrencies until after the regulations are made. In SeptemberBangladesh Bank said that "anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws".

Finance minister Arun Jaitley, in his budget speech on 1 Februarystated that the government will do everything to discontinue the use of bitcoin and other virtual currencies in India for criminal uses. Bank of england bitcoin wiki reiterated that India does not recognise them as legal tender and will instead encourage blockchain technology in payment systems. On 13 August Nepal Rastra Bank declared bitcoin as illegal.

This news was followed right after India's restriction of converting bitcoin and cryptocurrencies into fiat currency. For organizations and institutions it is banned by State Bank of Pakistan.

Bank will not get involved if there is any dispute. They will not facilitate any transaction for it. For individuals, it is neither legal nor illegal and they can hold cryptocurrencies at their own risk. National Assembly bank of england bitcoin wiki Pakistan can pass law to declare bitcoin legal or illegal in Pakistan, bank of england bitcoin wiki there is no such news from National Assembly yet.

The bank has issued an official notice on its website and has also posted the news on its official Twitter account. While private parties can hold and trade bitcoins in China, regulation prohibits financial firms like banks from doing the same.

On 5 DecemberPeople's Bank of China PBOC made its first step in regulating bitcoin by prohibiting financial institutions from handling bitcoin transactions. On 16 December it was speculated that the PBOC had issued a new ban on third-party payment processors from doing business with bitcoin exchanges, [67] however a statement from BTC China suggests this isn't accurate, and rather payment processors had voluntarily withdrawn their services.

On 1 April PBOC ordered commercial banks and payment companies to close bitcoin trading accounts in two weeks. On 9 Februarymultiple bitcoin exchanges in China delayed or paused bitcoin withdraw service, with or without announcement. Some of the announcements, [71] [72] [73] [74] if not all, claim that regulation activities have been or are to be taken. News resources [75] also show that, although such activities were carried out by PBOC, they were not done via legal approaches, but by "appointment" instead.

None bank of england bitcoin wiki the exchanges presented or have claimed to receive any lawful paperwork. The crackdown on bitcoin and other virtual currency traders was accompanied by Chinese media touting the dangers of virtual currency as a tool for criminal activities.

On 8 Januarythe Secretary for Financial Services and the Treasury addressed bitcoin in the Legislative Council stating that "Hong Kong at present has no bank of england bitcoin wiki directly regulating bitcoins and other virtual currencies of [a] similar kind.

However, our existing laws such as the Organised and Serious Crimes Ordinance provide sanctions against unlawful acts involving bitcoins, such as fraud or money laundering.

He also decided that bitcoins will not be regulated by HKMA. However, the authority will be closely watching the usage of bitcoins locally and its development overseas. Japan officially recognizes bitcoin and digital currencies as a "means of payment that is not a legal currency" see Article of Japans's Payment Services Act PSA 25 May On 7 Marchthe Japanese government, in response to a series of questions asked in the National Diet, made a cabinet decision on the legal treatment of bitcoins in the form of answers to the questions.

The decision also acknowledges that there are no laws to unconditionally prohibit individuals or legal entities from receiving bitcoins in exchange for goods or services. Taxes may be applicable to bitcoins. Bank of england bitcoin wiki to Nikkei Asian Reviewin February"Japanese financial regulators have proposed handling virtual currencies as methods of payment equivalent to conventional currencies".

The city of Hirosaki is officially accepting bitcoin donations with the goal of attracting international tourists and financing local projects. While not illegal in the country, Korean authorities will prosecute illegal activity involving bitcoin [88] and have indicted at least one individual for purchasing drugs with bitcoin.

There are no laws in South Korea regulating the use of bitcoin at present. South Korea On 12 Decemberthe president of the Bank of Korea recommended at a press conference that bitcoin be regulated in the future. Bitcoin ATMs are banned here [7]: Taiwan but bitcoins can be purchased at over convenience store kiosks.

Regulators have warned the public that bitcoin does not have legal protection, "as the currency is not issued by any monetary authority and is therefore not entitled to legal claims or guarantee of conversion". While bitcoin is bank of england bitcoin wiki illegal in Taiwan, financial institutions have been warned by regulators that necessary regulatory actions may be taken if they use it.

On 6 DecemberPerng Fai-nan said that bitcoin is only used in certain communities. Besides, he bank of england bitcoin wiki opined that the value of bitcoin is a bubble and is highly volatile.

Therefore, he advised the public against the speculation of bitcoins to prevent making a loss during the process. The central bank is closely watching the development of bitcoin and plan to impose regulations in the future. It is stated that bitcoins remains highly volatile, highly speculative, and is not entitled to legal claims or guarantee of conversion. However, despite this, three of the four major convenience store bank of england bitcoin wiki in Taiwan make available purchases of bitcoin through their kiosk systems, [97] and the largest chain now allows bitcoin to be used for purchases of goods.

There are no regulations related to the use of bitcoin and other cryptocurrencies in Cambodia. The National Bank has stated that cryptocurrencies are illegal in Cambodia and has instructed commercial banks in the country not to accept bitcoin and other cryptocurrencies in financial transactions.

Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto [11] and released as open-source software in Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, [13] products, and services. As of Februaryovermerchants and vendors accepted bitcoin as payment. The word bitcoin first occurred and was defined in the white paper [5] that was published on 31 October There is no uniform convention for bitcoin capitalization.

Some sources use Bitcoincapitalized, to refer to the technology and network and bitcoinlowercase, to refer to the unit of account. The unit of account of the bitcoin system is a bitcoin. Named in homage to bitcoin's creator, a satoshi is the smallest amount within bitcoin representing 0. As with most new symbols, font support is very limited. Typefaces supporting it include Horta. On 18 Augustthe domain name "bitcoin. In Januarythe bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain, known as the genesis block.

This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by fractional-reserve banking. The receiver of the first bitcoin transaction was cypherpunk Hal Finneywho created the first reusable proof-of-work system RPOW in In the early days, Nakamoto is estimated to have mined 1 million bitcoins.

So, if I get hit by a bus, it would be clear that the project would go on. Over the history of Bitcoin there have been several spins offs and deliberate hard forks that have lived on as separate blockchains. These have come to be known as "altcoins", short for alternative coins, since Bitcoin was the first blockchain and these are derivative of it.

These spin offs occur so that new ideas can be tested, when the scope of that idea is outside that of Bitcoin, or when the community is split about merging such changes.

Since then there have been numerous forks of Bitcoin. See list of bitcoin forks. The blockchain is a public ledger that records bitcoin transactions. A novel solution accomplishes this without any trusted central authority: The blockchain is a distributed database — to achieve independent verification of the chain of ownership of any and every bitcoin amount, each network node stores its own copy of the blockchain.

This allows bitcoin software to determine when a particular bitcoin amount has been spent, which is necessary in order to prevent double-spending in an environment without central oversight.

Whereas a conventional ledger records the transfers of actual bills or promissory notes that exist apart from it, the blockchain is the only place that bitcoins can be said to exist in the form of unspent outputs of transactions. Transactions are defined using a Forth -like scripting language. When a user sends bitcoins, the user designates each address and the amount of bitcoin being sent to that address in an output. To prevent double spending, each input must refer to a previous unspent output in the blockchain.

Since transactions can have multiple outputs, users can send bitcoins to multiple recipients in one transaction. As in a cash transaction, the sum of inputs coins used to pay can exceed the intended sum of payments. In such a case, an additional output is used, returning the change back to the payer. Paying a transaction fee is optional. Because the size of mined blocks is capped by the network, miners choose transactions based on the fee paid relative to their storage size, not the absolute amount of money paid as a fee.

The size of transactions is dependent on the number of inputs used to create the transaction, and the number of outputs.

In the blockchain, bitcoins are registered to bitcoin addresses. Creating a bitcoin address is nothing more than picking a random valid private key and computing the corresponding bitcoin address.

This computation can be done in a split second. But the reverse computing the private key of a given bitcoin address is mathematically unfeasible and so users can tell others and make public a bitcoin address without compromising its corresponding private key.

Moreover, the number of valid private keys is so vast that it is extremely unlikely someone will compute a key-pair that is already in use and has funds. The vast number of valid private keys makes it unfeasible that brute force could be used for that.

To be able to spend the bitcoins, the owner must know the corresponding private key and digitally sign the transaction. The network verifies the signature using the public key. If the private key is lost, the bitcoin network will not recognize any other evidence of ownership; [9] the coins are then unusable, and effectively lost. Mining is a record-keeping service done through the use of computer processing power. To be accepted by the rest of the network, a new block must contain a so-called proof-of-work PoW.

Every 2, blocks approximately 14 days at roughly 10 min per blockthe difficulty target is adjusted based on the network's recent performance, with the aim of keeping the average time between new blocks at ten minutes. In this way the system automatically adapts to the total amount of mining power on the network. The proof-of-work system, alongside the chaining of blocks, makes modifications of the blockchain extremely hard, as an attacker must modify all subsequent blocks in order for the modifications of one block to be accepted.

Computing power is often bundled together or "pooled" to reduce variance in miner income. Individual mining rigs often have to wait for long periods to confirm a block of transactions and receive payment. In a pool, all participating miners get paid every time a participating server solves a block. This payment depends on the amount of work an individual miner contributed to help find that block.

The successful miner finding the new block is rewarded with newly created bitcoins and transaction fees. To claim the reward, a special transaction called a coinbase is included with the processed payments. The bitcoin protocol specifies that the reward for adding a block will be halved everyblocks approximately every four years. Eventually, the reward will decrease to zero, and the limit of 21 million bitcoins [f] will be reached c. Their numbers are being released roughly every ten minutes and the rate at which they are generated would drop by half every four years until all were in circulation.

A wallet stores the information necessary to transact bitcoins. While wallets are often described as a place to hold [60] or store bitcoins, [61] due to the nature of the system, bitcoins are inseparable from the blockchain transaction ledger. A better way to describe a wallet is something that "stores the digital credentials for your bitcoin holdings" [61] and allows one to access and spend them. Bitcoin uses public-key cryptographyin which two cryptographic keys, one public and one private, are generated.

There are three modes which wallets can operate in. They have an inverse relationship with regards to trustlessness and computational requirements. Third-party internet services called online wallets offer similar functionality but may be easier to use. In this case, credentials to access funds are stored with the online wallet provider rather than on the user's hardware. A malicious provider or a breach in server security may cause entrusted bitcoins to be stolen.

An example of such a security breach occurred with Mt. Physical wallets store offline the credentials necessary to spend bitcoins. Another type of wallet called a hardware wallet keeps credentials offline while facilitating transactions.

The first wallet program — simply named "Bitcoin" — was released in by Satoshi Nakamoto as open-source code. While a decentralized system cannot have an "official" implementation, Bitcoin Core is considered by some to be bitcoin's preferred implementation.

Bitcoin was designed not to need a central authority [5] and the bitcoin network is considered to be decentralized. In mining pool Ghash.

The pool has voluntarily capped their hashing power at Bitcoin is pseudonymousmeaning that funds are not tied to real-world entities but rather bitcoin addresses. Owners of bitcoin addresses are not explicitly identified, but all transactions on the blockchain are public. In addition, transactions can be linked to individuals and companies through "idioms of use" e. To heighten financial privacy, a new bitcoin address can be generated for each transaction.

Wallets and similar software technically handle all bitcoins as equivalent, establishing the basic level of fungibility. Researchers have pointed out that the history of each bitcoin is registered and publicly available in the blockchain ledger, and that some users may refuse to accept bitcoins coming from controversial transactions, which would harm bitcoin's fungibility. The blocks in the blockchain were originally limited to 32 megabyte in size.

The block size limit of one megabyte was introduced by Satoshi Nakamoto inas an anti-spam measure. On 24 August at block, Segregated Witness SegWit went live, introducing a new transaction format where signature data is separated and known as the witness. The upgrade replaced the block size limit with a limit on a new measure called block weightwhich counts non-witness data four times as much as witness data, and allows a maximum weight of 4 million.

Bitcoin is a digital asset designed by its inventor, Satoshi Nakamoto, to work as a currency. The question whether bitcoin is a currency or not is still disputed. According to research produced by Cambridge Universitythere were between 2. The number of users has grown significantly sincewhen there wereto 1. Inthe number of merchants accepting bitcoin exceededReasons for this fall include high transaction fees due to bitcoin's scalability issues, long transaction times and a rise in value making consumers unwilling to spend it.

Merchants accepting bitcoin ordinarily use the services of bitcoin payment service providers such as BitPay or Coinbase.

When a customer pays in bitcoin, the payment service provider accepts the bitcoin on behalf of the merchant, converts it to the local currency, and sends the obtained amount to merchant's bank account, charging a fee for the service. Bitcoins can be bought on digital currency exchanges. According to Tony Gallippia co-founder of BitPay"banks are scared to deal with bitcoin companies, even if they really want to". In a report, Bank of America Merrill Lynch stated that "we believe bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money-transfer providers.

Plans were announced to include a bitcoin futures option on the Chicago Mercantile Exchange in Some Argentinians have bought bitcoins to protect their savings against high inflation or the possibility that governments could confiscate savings accounts.

Digital currency digital money or electronic money or electronic currency is a type of bank of england bitcoin wiki available only in digital form, not in physical such as banknotes and coins. It exhibits properties similar to physical currencies, but allows for instantaneous transactions and borderless transfer-of-ownership. Examples include virtual currencies and cryptocurrencies [1] or even central bank issued " digital base money ".

Like traditional money bank of england bitcoin wiki, these currencies may be used to buy physical goods and servicesbut may also be restricted to certain communities such as for use inside an online game or social network. Digital currency is a money balance recorded electronically on a stored-value card or other device.

Another form of electronic money is network money, allowing the transfer of value on computer networksparticularly the Internet. Electronic money is also a claim on a private bank or other financial institution such as bank deposits. Digital money can either be centralized, where there is a central point of control over the money supply, or decentralized, where the control over the money supply can come from various sources.

Ina research paper by David Chaum introduced the idea of digital cash. InCoca-Cola offered buying from vending machines using mobile payments. Origins of digital currencies date back to the s Dot-com bank of england bitcoin wiki. One of the first was E-goldfounded in and backed by gold.

Both services were centralized, reputed to be used for money laundering, and inevitably shut down by the U. Q coins were so effective in China that they were said to have had a destabilizing effect on the Chinese Yuan currency due to speculation.

According to the European Central Bank 's "Virtual currency schemes — a further analysis" report, virtual currency is a digital representation of value, not issued by a central bank, credit institution or e-money institution, which, in some circumstances, can be used as an alternative to money. According to the Bank for International Settlements ' November "Digital currencies" report, it is an asset represented bank of england bitcoin wiki digital form and having some monetary characteristics.

In that case, digital currency represents electronic money e-money. Digital currency denominated in its own units of value or with decentralized or automatic issuance will be considered as a virtual currency. As such, bitcoin is a digital currency but also a type of virtual currency. Bitcoin and its alternatives are based on cryptographic algorithms, so these kinds of virtual currencies are also called cryptocurrencies.

Most of the traditional money supply is bank money held bank of england bitcoin wiki computers. This is also considered digital currency.

One could argue that our increasingly cashless society means that all currencies are becoming digital sometimes referred to as " electronic money "but they are not presented to us as such. Currency can be exchanged electronically using debit bank of england bitcoin wiki and credit cards using electronic funds transfer at point of sale. A number of electronic money systems use contactless payment transfer in order to facilitate easy payment and give the payee more confidence in not letting go of their electronic wallet during the transaction.

A cryptocurrency is a type of digital asset that relies on cryptography for chaining together digital signatures of asset transfers, peer-to-peer networking and decentralization. In some cases a proof-of-work or proof-of-stake scheme is used to create and manage the currency. Cryptocurrencies allow electronic money systems to be decentralized.

The first and most popular system is bitcoina peer-to-peer electronic monetary system based on cryptography. A virtual currency has been defined in by the European Central Bank as "a type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community ".

Sincethe European Union has implemented the E-Money Directive "on the taking up, pursuit and prudential supervision of the business of electronic money institutions" last amended in Such a merger could mean that electronic money is of the same nature as bank money or scriptural money.

Provider's responsibility and consumer's liability are regulated under Regulation E. Virtual currencies pose challenges for central banks, financial regulators, departments or ministries of finance, as well as fiscal authorities and statistical authorities.

Bank Bank of england bitcoin wiki Act applied to persons creating, exchanging, and transmitting virtual currencies. In May the U. Securities and Exchange Commission SEC "warned about the hazards of bitcoin and other virtual currencies". In addition, over 90 central banks are engaged in DLT discussions, including implications of a central bank issued digital currency. The Bank of Canada have explored the possibility of creating a version of its currency on the blockchain.

A deputy governor at the central bank of ChinaFan Yifei, wrote that "the bank of england bitcoin wiki are ripe for digital currencies, which can reduce operating costs, increase efficiency and enable a wide range of new applications". The Danish government proposed getting rid of the obligation for selected retailers to accept payment in cash, moving the country closer to a "cashless" economy. A law passed by the National Assembly of Ecuador gives the government permission to make payments in electronic currency and proposes the creation of a national digital currency.

The electronic currency will be backed by the assets bank of england bitcoin wiki the Central Bank of Ecuador", the National Assembly said in a statement.

The German central bank is testing a functional prototype for the blockchain technology-based settlement of securities and transfer of centrally-issued digital coins.

Unlike traditional mobile wallets, which takes a specified amount of money from user and stores it in its own accounts, UPI withdraws and deposits funds directly from the bank account whenever a transaction is requested. Government-controlled Sberbank of Russia owns Yandex. Money — electronic payment service and digital currency of the same name. South Korea plans national digital currency using a Blockchain. Sweden is in the process of replacing all of its physical banknotes, and most of its coins by mid However the new banknotes and coins of the Swedish krona will probably be circulating at about half the peak of 12, kronor per capita.

The Riksbank is planning to begin discussions of an electronic currency issued by the central bank to which "is not to replace cash, but to act as complement to it".

No decision has been currently made about the decision to create "e-krona". In her speech Skingsley states: Ina city government first accepted digital currency in payment of city fees. Zug, Switzerlandadded bitcoin as a means of paying small amounts, up to SFr. In order to reduce risk, Zug immediately converts any bitcoin bank of england bitcoin wiki into the Swiss currency.

Swiss Federal Railwaysgovernment-owned railway company of Switzerland, sells bitcoins at its ticket machines. The chief economist of Bank of Englandthe central bank of the United Kingdom, proposed abolition of paper currency. The Bank has also taken an interest in bitcoin. One suggests that the economic benefits of issuing a digital currency on bank of england bitcoin wiki distributed ledger could add as much as 3 percent to a country's economic output.

Hard electronic currency does not have the ability to be disputed bank of england bitcoin wiki reversed when used. It is nearly impossible to reverse a transaction whether it is justified or not. It is very similar to cash. Advantages of this system include it being cheaper to operate, and transactions are instantaneous.

Western Union, KlickEx and Bitcoin are examples of this type of currency. Soft electronic currencies are the opposite of hard electronic currencies. Bank of england bitcoin wiki can bank of england bitcoin wiki reversed. Usually when a payment is reversed there is a "clearing time.

Examples of soft currencies are PayPal and any type of credit card. A hard currency can be "softened" with a third bank of england bitcoin wiki service. Many of existing digital currencies have not yet seen widespread usage, and may not be easily used or exchanged. Banks generally do not accept or offer services for them.

As such, they may be shut down or seized by a government at any time. From Wikipedia, the free encyclopedia. For the 20th century brand, see ecash. List of digital currencies. Retrieved 1 December Retrieved 24 January Retrieved 18 April Retrieved 28 May Retrieved 14 May Retrieved 1 February bank of england bitcoin wiki Archived PDF from the original on 6 November A Guide to the Most Promising Cryptocurrencies".

Retrieved 7 January Retrieved 30 December Federal Deposit Insurance Corporation. Financial Crimes Enforcement Network. Archived from the original on Retrieved 2 October Retrieved 3 October Retrieved 8 October The New York Times. Denmark to allow shops to ban paper money".

Retrieved 20 December Retrieved 19 November Should the Riksbank issue e-krona? Archived from the original on 20 September Retrieved 20 September