Bitcoin is a type of electronic currency (CryptoCurrency) that is autonomous from traditional banking and came into circulation in 2009. According to some of the top online traders, Bitcoin is considered as the best known digital currency that relies on computer networks to solve complex mathematical problems, in order to verify and record the details of each transaction made. The Bitcoin exchange rate does not depend on the central bank and there is no single authority that governs the supply of CryptoCurrency.
1. Bitcoin is known as a cryptocurrency because it uses cryptography. Cryptography basically makes any transaction secure between two parties. Security is very important, because every person with Bitcoins, their Bitcoins, and every transaction is logged to a public ledger visible by every computer on the
People compete to “mine” bitcoins using computers to solve complex math puzzles. This is how bitcoins are created (Satoshi, 2010). Bitcoin is also commonly referred to with terms like digital currency which is created and held electronically. Bitcoin is a digital currency that exists almost wholly in the virtual realm, unlike physical currencies like dollars and euros. A growing number of proponents support its use as an alternative currency that can pay for goods and services much like conventional currencies.
1.1 Introduction Cryptocurrency is a relatively new phenomenon. Currency with no underlying value traded in vast online communities and networks, have become a common occurrence. It started off as a fascinating idea, and has grown to become the source of billion dollar currencies and a large speculation market. The most popular among these cryptocurrencies is Bitcoin. Bitcoins are a digital, or virtual, currency that uses peer-to-peer technology to facilitate instant payments that was created in 2009 by Nakamoto, (2008).
Adopting Cryptocurrency as an alternative to paper based monetary system to drive international businesses: A case study of Bitcoin. [Research Proposal] Mashuk Anadil Shams 12/12/2014 Introduction: Background of the study The topic for this research proposal was chosen as, Crypto-currency has a great potential, but yet is not yet seen as a major currency for the exchange of goods and services. International business particularly could indeed benefit from such a decentralized medium of exchange as, it seems that Bitcoin can turn out to be one universal currency that is accepted everywhere, and may not be subject to exchange rates. Several banks have been eager
Why Investing Into Bitcoin is a Bad Idea Bitcoin is a virtual currency that has gained popularity in recent times because of its easy stricture and chance to gain a big profit. With many risks laid out in the road of investing into it, many amateur investors have taken a liking to it. But through this, investing into the cryptocurrency Bitcoin is a bad idea BACKGROUND Bitcoins. Everybody has heard of them. A virtual lottery where you put your money into a string of numbers in hopes of gaining a very big sum of money.
Does Bitcoin have the ability to achieve financial inclusion for over two billion people worldwide, who still lack access to basic financial services? Back To Basics: A Brief History Of Money Money is at the heart of any modern economy and has allowed them to develop into the highly efficient and highly specialised markets that they are today. Money has taken many forms throughout the centuries from commodities, to coins, to bills and bonds, but for a currency to become money it must function as a medium of exchange, a unit of account and a store of value. For example, dollars can be used to buy a wide range of items all over the world, they are used to measure the value of pretty much anything, and people believe that if they hold their savings in dollars their money will be
What is cryptocurrency and how does it work? Cryptocurrency as it stands is a currency that exists digitally, accessed via multiple “wallets”, and acts completely independent of any banks, governments or companies. It is a deregulated currency that runs purely by those who buy into the world of cryptocurrency. Cryptocurrency is often referred to as “the future of money” as more and more of the world’s population buy into it. Many factors that have lead to its success so far is that fact that cryptocurrency, as said before, is not dependent on any banks, governments or businesses.
Today the low value of these currencies, which has nothing to do with the real situation has created great difficulties for the economies of europe and the USA. Japan and China, according to all relating to the determination of the International Monetary Fund (IMF), have been constantly manipulating their currencies to gain an unfair competitive advantage. Obviously with a single global currency, currency manipulation by individual countries would be impossible. For more will have such kinds of methods of unfair. International reserves currently each of the other currencies in the world reserve currency trade finance but is saved in order to ensure confidence in the value of the currency.