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The Pros And Cons Of Bitcoins

1309 Words6 Pages

Will bitcoins make me rich? This question is one of the several questions that sparked the interest in the research. Bitcoin is the currency of the Internet, a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority. This paper will examine the uses, advantages and risks of bitcoin. First deployed in 2009, bitcoin is an independent online monetary system that combines some of the features of cash and existing online payment methods. Bitcoin is digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Also, bitcoin is operating independently of a central bank. However, unlike cash, bitcoin transaction is irreversible (Fensch, 2014). This unusual combination of features has given rise to considerable confusion about nature in particular. There is concern that the …show more content…

Mt. Gox is the largest bitcoin exchange. People can send bitcoins to each other using mobile apps or their computers. It’s similar to sending cash digitally. 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. Bitcoin is the first and easily the most popular crypt currency, or currency that uses cryptography to control its creation, administration and security. Bitcoin differs from conventional currencies in some very fundamental ways (Shin,

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