Elon Musk has obtained a crypto license for X!

• Financial

Elon Musk has obtained a crypto license (specifically Bitcoin) for X, the social media formerly known as Twitter. X is now licensed to offer Bitcoin and other digital asset storage, transfer and exchange services to its users.

The license covers cryptocurrency wallets, exchange platforms and payment processors that hold funds within the wallets. This license enables Twitter to provide services related to virtual currencies to its users, including the storage, transfer and exchange of digital assets.

X has obtained the Rhode Island Currency Transmission License, the license required to conduct crypto transactions and payments within the state. According to the Rhode Island Department of Business Regulatory, anyone or any entity that handles virtual currency or conducts transactions with virtual currencies on behalf of third parties must obtain a currency transmission license.

About Bitcoins

The Bitcoin network allows for the pseudo-anonymous possession and transfer of coins; the data necessary to use one's bitcoins can be saved on one or more personal computers or electronic devices such as smartphones, in the form of a digital wallet, or kept with third parties that perform functions similar to a bank.

The bitcoin wallet has an address identified by an alphanumeric code which has between 25 and 36 characters between numbers and letters; it is the only data to be communicated to receive a payment that will enjoy a certain degree of anonymity, but will be publicly and immutably visible on the blockchain forever.

You must be very careful when transmitting the alphanumeric code as any errors do not allow you to cancel the operation and cause the loss of money. You can receive payments more simply by scanning QR codes. Bitcoins can be transferred across the Internet to anyone with a "bitcoin address".

The peer-to-peer structure of the Bitcoin network and the lack of a central body make it impossible for any authority, governmental or otherwise, to block transfers, seize bitcoins without possession of the relevant keys or devalue due to the entry of new currency.

Bitcoins contain their owner's public key. When user A transfers coins to user B, he renounces his ownership by adding B's public key to the coins in question and signing them with his own private key. He then transmits these coins in one message, the transaction, across the peer-to-peer network. The rest of the nodes validate the cryptographic signatures and the amount of ciphers involved before accepting it.