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
Bitcoin Evangelist
Individuals who are passionate about Bitcoin, and are dedicated in spreading knowlege about Bitcoin
Dutch Auction
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Unspent Transaction Output
(abbv. "UTXO") Coins that are unspent in the wallet. UTXO virtually represents the cryptocurrency one own in the wallet.
Liquidity
The ease of which cryptocurrency can be bought and sold without impacting the overall market price.
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