bitcoin

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Bitcoin (₿) is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software.It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.Bitcoin has been praised and criticized. Critics noted its use in illegal transactions, the large amount of electricity used by miners, price volatility, and thefts from exchanges. Some economists, including several Nobel laureates, have characterized it as a speculative bubble. Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin.

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  1. T

    Operating a Bitcoin ATM

    Hi, I'm considering operating a Bitcoin ATM in Brisbane. Is there any council/state/other laws I would need to comply with when taking up this venture?
  2. perception30

    NSW Selling Bitcoin in Australia Acquired from Another Country - Legal?

    Hello, I am a bitcoin trader and I own some bitcoins ( $250k worth ), some of which were purchased from my own country. Can I sell these in Australia and receive payment from other individuals in my bank account? Will it be considered as money laundering? Should I pay any tax? ** Bitcoins...
  3. perception30

    NSW Scammer Committed Cheque Fraud - What to Do?

    Hello, I sold bitcoins worth of $9500 to a person who told me that he made cheque deposit to my account by using Smart ATM of Westpac bank. When I logged into my Westpac, it was showing that $9500 was pending. Normally Westpac shows every other deposits as pending at first and then eventually...
  4. R

    SA Is Company Committing Fraud?

    Hello, I have received a job offer in which my duty will be to receive payment from customers of organisations to my personal bank account and also withdraw cash to affect payments to the corporate's customer via instant payment system or Bitcoin. The employee has to transfer the amount in the...
  5. J

    NSW Non-Delivery of Purchased Bitcoins from Bitxoin

    I'm not sure if this community is familiar with the new up-coming currency known as BitCoin from Bitxoin, but I figured it would be worth a shot asking here. Basically what happened is the following: I placed an online "order" to purchase BitCoins at a particular company's website. (This...