Assets, Bitcoin

Is Bitcoin Available in Chile?

Bitcoin 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.

Bitcoin is unique in that there are a finite number of them: 21 million.

Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.

NOTE: This is a warning note to inform you that Bitcoin is not currently available in Chile. There are no legal entities in Chile that are licensed to deal in Bitcoin or any other cryptocurrency. Any transaction involving Bitcoin or other cryptocurrencies is not regulated by the Chilean government and may be subject to fraud or theft. You should exercise extreme caution when dealing with any entity related to Bitcoin or any other cryptocurrency in Chile.

As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.

The Chilean government has not yet regulated bitcoins, but has proposed doing so. In August 2013, the Central Bank of Chile issued a statement warning about the risks associated with investing in virtual currencies like Bitcoin, due to their lack of regulation and potential for fraud.

However, the bank did not ban bitcoins or other digital currencies.

As of now, it does not seem that Chile will be regulating Bitcoin anytime soon. This means that Chilean citizens are free to buy, sell, and trade Bitcoin without having to worry about government intervention.

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