Bitcoins are a form of currency which is decentralized.Decentralized form implies that this currency is not regulated by any government or any financial institution.This form of currency is very different from traditional form where you require lot of paper work in orer to open an account . Only what all you need is to establish a bitcoin wallet,that will be used by you to access your bitcoins and to transfer bitcoins to other people. . Basics To Setup An Account To establish a bitcoin wallet you can use bitcoin broker such as Coinbase.A certified broker will help you in opening…

ZD Net – The Australian Transaction Reports and Analysis Centre (Austrac), the Australian government agency responsible for countering money laundering and the financing of terrorism, is able to track each conversion transaction from bitcoin into or out of Australian dollars. “Australia is very fortunate among its international counterparts, in that we are one of the few countries which currently collects all international funds transfers, into or out of Australia,” John Schmidt, CEO of Austrac, told Senate Estimates today. “At some point, a person will be purchasing bitcoin using Australian dollars, for example, and then, if they are dealing in substances…