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  • Question
  • Which of the following statements about Bitcoin is/are correct? 1.It is a decentralized virtual currency. 2.It is generated through complex computer software systems. 3.The Reserve Bank of India recognized it as a legal tender in January 2016. Select the correct answer using the code given below.


  • Options
  • A. 1 only
  • B. 1 and 2 only
  • C. 2 and 3 only
  • D. 1, 2 and 3

  • Correct Answer
  • 1 and 2 only 

    Explanation

    Bitcoin is the world's first cryptocurrency,    a    form    of electronic   cash.It   is   the    first decentralized digital  currency:  the system   was   designed   to   work without   acentral   bankor   single administrator.Bitcoins    are    sent from  user  to  user  on  the peer-to-peer bitcoin network directly, without the need for intermediaries.  These  transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a block chain. Bitcoin was invented by an unknown person or group of people   using   the   name Satoshi Nakamoto. Bitcoins are not recognised  as  a  legal  tender  by Reserve Bank of India. 

  • Tags: Bank Exams

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