Australian entrepreneur Craig Wright publicly identified himself as Bitcoin creator Satoshi Nakamoto this week. Wright is said to have revealed his identity to the BBC, the Economist and GQ. With this, the years of speculation about the creator of the digital currency Bitcoin ends.

Now that the mystery is over, we bring to you the facts that you must know about the most popular digital currency:

What is cryptocurrency?

It is a sort of digital currency that uses encryption for minting ‘coins’ and for carrying out transactions. The model works on unique codes generated by complex mathematical equations to avoid duplication. These do not have a regulating authority.

Popular Bitcoin rivals

Bitcoins is the most popular form of cryptocurrency, with number of users expected to reach 4.7 million by 2019. Other kinds include Litecoin, Dogecoin, Peercoin, etc.

Are these legal?

Legal status varies from country to country. In 2013, RBI said it had no plans to regulate Bitcoins, though it had earlier prescribed caution in dealing in them. A formal guideline is yet to come.

Can these be used in India?

Only with vendors who can accept them. One can also pay overseas vendors that accept Bitcoins from India. Some Indian startups also offer Bitcoin ‘wallet’ services.

How much is 1 Bitcoin worth currently?

About $450, as of Tuesday evening.

Famous Bitcoin users

Celebrities like actor Ashton Kutcher and comedian Drew Carneyare known to use Bitcoins. Kutcher has even invested in a Bitcoin payent processor.

Indian connect

In 2014, a community of Dogecoin users raised more than $6,000 in thecryptocurrency to help fund Indian athlete Shiva Kesavan’s entry as an independent in the Sochi winter olympics

Source : http://timesofindia.indiatimes.com/tech/tech-news/Bitcoin-7-things-to-know/articleshow/52109456.cms

Click on the bitcoin logo below to buy, use or accept bitcoin. Unocoin is India’s most popular bitcoin wallet.