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With the marked increase in value, Bitcoin became a target for hackers, who could steal Bitcoins through such means as obtaining a user’s private key or stealing the digital «wallet» (a computer file recording a Bitcoin balance). The US Financial Crimes Enforcement Network (FinCEN) established regulatory guidelines for «decentralized virtual currencies» such as bitcoin, classifying American bitcoin miners who sell their generated bitcoins as Money Service Businesses (MSBs), that are subject to registration or other legal obligations. The member who initially solves the puzzle gets the opportunity to put the following block on the block chain and claim the prizes.China Bit Farm can help in Hosting Bitcoin. Following the footsteps of China, while the Indian government is working towards the development of blockchain, it is equally focussed on banning cryptocurrencies in the country as well. 1. Introduction Cryptocurrencies have been incredibly popular in recent years, with Bitcoin leading this digital revolution.
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