In some countries, Bitcoin exists in a legal gray area, where it is neither legal nor illegal. In others, there are laws that clearly give cryptocurrencies like Bitcoin a legal standing, allowing its use for commerce within the country. Whereas, in other countries, there are laws that clearly outlaw the use of this and other virtual currency. For instance, bitcoin wallet is legal in the USA and the European Union as it is recognized as a currency.
It is more like email, but you get and send payments not messages. The wallets also have a private key. This private key is used to sign the transactions in order to verify them as having originated from that particular wallet. Therefore, the transactions cannot be modified by anyone. These transactions are confirmed by computers in the network through a process called mining.
The idea behind the use of bitcoin:
Actually, nobody runs bitcoin; or more accurately, all its have a say in how it operates. This is different from the way regular currencies are operated. With regular currencies, value, inflation, supply and so forth is often dictated by a central authority. Being a bitcoin user or trader is very easy. You can join a broker that offers bitcoin trading, open an account and fund it with fiat currency and then use these funds to trade bitcoin.
The other option is using a cryptocurrency exchange, which can give you bitcoins in exchange for regular currency. You can then withdraw this money into your cryptocurrency wallet.
However, India has not had a positive stance towards bitcoins and other cryptocurrencies. However, even with this background, one can still say that there has been no blanket ban on Bitcoins in India yet as no law has been formulated as of now.
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