BitLicense
By CoinGecko | Updated on Mar 03, 2020
According to New York State's Department of Financial Services, anyone engaging in any of the following activities will be required to obtain a BitLicense:
- Virtual currency transmission
- Storing, holding, or maintaining custody or control of virtual currency on behalf of others
- Buying and selling virtual currency as a customer business
- Performing exchange services as a customer business
- Controlling, administering, or issuing a virtual currency.
As of February 2020, consumers are not required to have a BitLicense to transact in virtual currencies. Merchants also do not require BitLicense to accept virtual currencies as payment.
https://www.dfs.ny.gov/apps_and_licensing/virtual_currency_businesses/bitlicense_faqs
Related Terms
Unspent Transaction Output
(abbv. "UTXO") Coins that are unspent in the wallet. UTXO virtually represents the cryptocurrency one own in the wallet.
Staking
The state of locking-in significant amount of token to participate as a validator of a Proof-of-Stake network.
Pay-Per-Last N Shares (PPLNS)
PPLNS system only pays miners after the pool has discovered the block. This means you'll only be compensated once the block has been discovered.
Exchange Traded Fund (ETF)
An exchange-traded fund (ETF) is a form of security that tracks a collection of securites such as stocks, bonds, index or cryptocurrency but tradeable like a single stock.
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