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
Mt. Gox
Mtgox or Mt. Gox was one of the first websites where users could take part in fiat-to-bitcoin exchange (and vice versa).
Soft Fork
A backward-compatible update to a decentralized blockchain protocol.
Hey Hey Hey
A term made popular by Carlos Matos who was the spokesperson for the Bitconnect Ponzi. He used it frequently during Bitconnect events to rile up the crowd.
Satoshi
A unit measure for the smallest divisible unit of a bitcoin. 1 bitcoin is equal to 100 Million Satoshi.
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