Bitcoins Essay

Nowadays, the technology behind the Bitcoin crypto currency invented by Satoshi Nakamoto is being revealed and implemented to various industries. Among them is also the pharmaceutical industry (Das, 2017). We can say that its invention is recently gaining the greater importance than ever before. As I already mentioned in the Introduction, blockchain does not need any central control. It is a shared ledger using for recording the transactions between all parties in a business network.

Technology has changed the way we do almost everything. That now includes how we purchase items. Bitcoin, a relatively is a new currency, was created in 2009 by a mysterious unknown person using the alias Satoshi Nakamoto. Bitcoin transactions are made with no intermediaries— meaning, no banks or transaction fees. Additionally, there is no need to give your real name, thus allowing you to make purchases without an electronic footprint . In addition, international payments are easy and cheaper because bitcoins are not tied to any country or subject to regulation. This case study aims to take a deeper dive into the advantages and disadvantages of accepting Bitcoins and the impact it can have on companies, specifically pertaining to the large online retailer Overstock.

Imagine a currency that can be sent around the globe instantly from one client to another, without any hefty transaction fees. Although, this achievement is seemingly impossible, Bitcoin, a form of digitalized monetary value, accomplishes just that. Until recently, money has always been perceived as a physical note or coin that can be used to make transactions. However, Bitcoin is basically an encrypted digital block that can be stored in an online wallet and securely stored, sent, and received via a special network on the Internet (Friedman). Programmed in 2009 by an anonymous group known as “Satoshi Nakomoto,” (Timpane), Bitcoin appeared on online exchanges as the world’s first decentralized virtual currency. It has been bought and sold

Bitcoin is a network that enables a different type of payment system it is used a lot for purchasing objects of the dark web and completely digital money. It is the first peer-to-peer payment network that is powered by its users with no central authority or middlemen (someone who buys goods from producers and sells them to retailers or consumers). From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

Paypal became one of the popular payments systems and it supports 24 currencies in 190 markets (eBay annual report, 2009). It will helps eBay users to make it easier to send and receive payments across borders.

First, if it's still an international concept for you, cryptocurrency is any of a number of digital money that can be made use of for online deals without intermediaries such as financial institutions. Without financial institutions, cryptocurrency can be traded and made use of for business between 2 or even more individuals without the oversight-- as well as expense-- of those intermediaries.

Crypto-currency is universal, the fee for transactions are cheap, there is a potential for making money from investing and it is going to be the new way of the world. According to Merriam-Webster.com, cryptocurrency is, “any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and that relies on cryptography to prevent counterfeiting and fraudulent transaction” (Merriam-Webster). There is a global problem with converting money between countries and this will solve it. Everyone needs to invest in crypto-currency because there is not only potential to make money but it is the answer to simplifying world-wide trade, making it the new way of the world.

Blockchain, the future of transactions. It worries many people with confusion, but others embrace it as the future. “In the financial markets, trades happen in a fraction of a second. But actually exchanging the assets and payments can take days, involving multiple banks and clearinghouses. That can lead to errors, delays, added costs and unnecessary risks” (“Blockchain: The New Technology”). Todays system is inefficient. It can take days for a transaction to be verified, in that amount of time stocks could plummet and the market could crash. The extra time makes for more unnecessary risks. Blockchain is a giant ledger that registers all types of transactions. These transactions can include anything from selling plants to selling houses, verified in a matter of seconds. Blockchain is virtually unhackable and is very reliable. Blockchain is so secure because it is decentralized, it utilizes cryptography, and it is run by its users.

As the year of 2018 approaches, technology is advancing quickly to come up with new software’s and devices. These new inventions are helping individuals and corporations succeed in their path to innovation. With new devices like the iPhone X, people are starting to get a feel of what the future looks like. Apple brought out the device with features like face recognition and other great qualities that might make people say, “This is the future”. Devices like the new iPhone are leading to new lifestyles with less effort needed from the individual; however, other devices and software have been developed to improve life on a global level. For example, virtual currency is the leading innovation available now that is creating a big change on the global scale. It is reshaping, improving, and building economies for many countries, thus leading to the change of the overall world economy. It is rapidly rising since the population of the world is growing more aware of its existence and utilities. One can safely say that virtual currency is making positive change to the world and is building the structure of future monetary systems.

The exchanges are simple as well. Before exchanging be sure you don't pay so much money that you will go broke and you could not afford to lose. Pay and amount you are comfortable with and will be ok if you lose the money (some people will require you to pay for the coins with PayPal).

Users can also transfer bitcoins to one another through their computers or mobile apps. The Bitcoin currency mined, purchased, or received by the user is stored in what is called a “digital wallet” (Bitcoin, 2015). This virtual bank account permits users to use the currency the same way they would use their government issued currency (like the US Dollar). Bitcoin allows its users to send and receive money anywhere in the world. There are no borders to cross, bank holidays, or any other sort of other limitations when transferring this digital currency between two different users.

It’s never too late to invest in cryptocurrencies. You can still make a lot of money only if you choose the right digital currencies to invest in. If you don’t make your decisions wisely, you might end up losing your money. With the increasing adoption of digital currencies, which cryptocurrency looks very promising in 2018 and beyond? Discussed in the article are the top 6 most promising cryptocurrencies to buy in 2018 and beyond.

Ethereum is an open generic blockchain platform developed by the Ethereum Foundation, a Swiss nonprofit organization [11]. It supports permissionless transactions on both public and private network, which means anybody is allowed to participate in the network. Ethereum works on the premise that all participants have to reach a consensus over the order of all transactions that have taken place and have access to all entries ever recorded. It uses tokens via smart contracts code written in Solidity and ether as currency. To prevent double-spending transactions, it enforces a proof of work (PoW) by the miners. However, this normally has an effect on its performance [10].

Then, companies like Ebay and Amazon grabbed hold of the market and set new standards for online shopping, making customers safe and in control. Before Ebay was launched in 1995, shopping online was unpopular but a few months after launch, consumers and businesses alike started feeling more comfortable with the idea of buying and selling products. Ebay, is a prime example of how e-commerce has helped the spread of globalization. Before the dawn of internet shopping, getting products internationally were impossible unless a local distributor had a direct relationship with an international vendor. Today, I have the power to order naan or chapatti mix from India and receive it in two days

People do not even have to leave their homes. A few companies have collected millions of dollars using the Internet by selling and reselling products. Clothing is probably one of the most bought items online. Almost every major clothing store has its own Web site. In fact, In the USA, people can even go grocery shopping online using sites such as Priceline.com. What could be better than being served even carrots and potatoes on one’s door only by a single click on the mouse? Groceries and clothing are only a few of the items that can be bought on the