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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.

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. 


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