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A wallet stores the information necessary to transact bitcoins. While wallets are often described as a place to hold] or store bitcoins, due to the nature of the system, bitcoins are inseparable from the block chain transaction ledger. A better way to describe a wallet is something that “stores the digital credentials for your bitcoin holdings and allows you to access (and spend) them. Bitcoin uses public-key cryptography, in which two cryptographic keys, one public and one private, are generated. At its most basic, a wallet is a collection of these keys.
There are several types of wallets. Software wallets connect to the network and allow spending bitcoins in addition to holding the credentials that prove ownership. Software wallets can be split further in two categories: full clients and lightweight clients.
Currently we did not hear that Bitcoin is flagged as illegal by any by legislation in any jurisdiction. Still there are some jurisdictions (for example as Argenti- na) which severely restrict or ban all foreign currency regardless which type. And at the same time some other jurisdictions (for example Thailand) limit the licensing of certain entities such as Bitcoin exchanges.
Bitcoin Legal | Regulators from different jurisdictions are in the process to provide users and businesses with restrictions, laws and rules on how to integrate this new technology with the formal, regulated financial system. The best example for this is a bureau in the United States Treasury Department called the Financial Crimes Enforcement Network (FinCEN), which published non-binding guidance on how it characterizes specific activities regarding virtual curren- cies.
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