Bitcoin the Cryptocurrency: Stimulating Global Economic Growth

The buying and selling of illegal black market in drugs and pharmaceuticals now heavy depends on the internet. Most transactions and sellers are on the deep web, part of the internet a level beyond our regular use of google and such. This provides secure and confidential communication lines by encryption of computer IP addresses using Tor anonymizing software or web proxy to the Tor network (Van Hout, par 3). Another benefit of it is the Bitcoin digital currency which also helps ensure that financial transactions can not be traced. Through this process seller and buyers found an easier and safer way to do their business.

Cryptocurrency is a digital asset that serves as a medium of exchange with no central authority and was created to prevent the issue of double spending. This problem is solved with the use of blockchains where miners confirm transactions on a public ledger. As of today, there are over 1,000 different types of cryptocurrencies, and at least 600 of these have listed market caps of over $100,000. Bitcoin, Ethereum and Litecoin are top cryptocurrencies trading today with their combined market cap topping $331B. Bitcoin, created in 2009, is the biggest cryptocurrency and has recently reached a net value of over $270 billion, with much of its growth being in the last few months. This has led to much

The dramatic development of blockchain technologies seems to be a double-edged sword. Although cryptocurrency leads to innovative payments and transfers, it may be a tool for criminal usages. In terms of benefits, bitcoins have ability to solve double-spending problems and Ethereum’s smart contract is used for sharing economy. On the other hand, because there is no legal which is responsible for Bitcoin trading activities, Bitcoin is considered as one of the greatest risk to national security through illegal operations involving to financing of terrorism and extremism (Vovchenko et al, 2017). In 2013, for example, the U.S government closed down the largest website, named Silk Road, involved to illegal goods trading, in which there is 1.5% of Bitcoin was used for trading illicit drugs and counterfeit

Some people only knew blockchain as the causal technology behind the always controversial digital currency Bitcoin. Yet, blockchain technology is so much, much more; it's unbelievably innovative and its potential is extensive to say the least. Much like the internet of today, there’s no need for you to know how this technology works to use

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.

Western Union is one of the biggest and oldest money payment suppliers in the world. It has a substantial global network that operate in more than 200 nations. They have a large number of agents totaling a quarter of a million. They generate profits in the billions. The service is easy to use and with the proper identification, a consumer can send cash to anyone anywhere in a matter of minutes. The New York and Mississippi Valley Printing Telegraph Company, now Western Union, began as a financial services and communications company in 1851 (United States History). By 1861, the company had completed its first cross country wire beginning its ascension into the field of money transfer services. The company than began acquiring other telecommunications companies around the country. Western Union did not stop there, they embraced new and innovative services and technology to continue its growth. The early 80s would see the company jump into the international realm. With a number of segments in the company including payments for businesses and persons, transfer and personal transactions they are the most recognized name in the industry. Western has taken advantage of new technology having online, mobile and commerce services on the web. However, with its vast operations it can be a

Disruptive technology comes in many forms; however, the focus of this essay will be blockchain technology. Blockchain technology is an ‘incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value’ . It is a safe method of distributing digital information, whilst protecting the information from being copied . Blockchain technology is resistant to tampering and is proving to be a cheaper, faster, more transparent and safer form of distributing information compared to traditional ledgers . Information that is held on a blockchain exists as a shared and continually updated database, meaning there isn’t a centralised version of the information, making it much

Currency acts as a store of value, a medium of exchange and a unit of account. Physical currencies are promissory notes payable to the bearer on demand. Digital currencies are internet-based form of currency. They represent both developments in payment systems and a new type of currency. Digital currencies, in hypothesis, serve as money, at present day they act as money to a small amount of individuals and institutions. It has been often questioned as whether the decentralised digital currency, such as Bitcoin and Litecoin, will emerge as the preferred method of payment for Internet Services or will remain a superficial payment method compared to well established existing payment systems.

Electronic cash is a term becoming more acceptable as the world makes a shift towards a cashless society. Since the 1960’s governments and financial institutions have made steady but slow steps towards the goal of a society without cash. The cashless society is being sold as a more convenient method of payment, and a method of preventing crimes all the way from the robbery of cash from an individual to the extent of money laundering among crime syndicates.

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.

Ever since Satoshi Nakamoto first described Bitcoin in a paper in 2008, Blockchain, the technology behind Bitcoin has captured the imaginations of many the world over. Years later and the outlook of blockchain remains extremely positive. In fact, a majority of people who have been closely following its advancement believe that blockchain represents the future of financial transactions. In their minds, there is little doubt that in the near future, blockchain will have impinged on every aspect of life, for practically everyone on the planet. Therefore, for such a disruptive technological force, it is imperative that we seek to understand it. Consider this as a “blockchain explained for dummies” article. In it, we will seek to, among other things, answer the following questions:

Bitcoin (BTC), a cryptocurrency, is a type of digital currency which was introduced in 2009 by pseudonymous developer "Satoshi Nakamoto". Since then 12 million bitcoins have come into existence with a current market cap of around 8 billion USD [1]. The algorithm is designed as to allow only 21 million BTC to come into existence ever. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network [2]. Bitcoin is not the first attempt. But none have managed before to take off so dramatically and with such wide adoption to achieve escape velocity. The questions which are important now are how the bitcoin managed this success in

Nowadays, the Internet has implemented great impacts on people’s life, and it also has changed the business world significantly. In order for companies to cope up with the changing customer demands, they must adopt new technologies not only to support their business functions but also to reduce paper works, reduce costs, and provide better services. Bitcoin is a currency of the Internet, distributed, worldwide, decentralized digital money that be developed as a new payment method. In Australia, the regulator has defined Bitcoin as property instead of currency for accounting purposes (King, 2015 February). Although Bitcoins are not materially existed, it can be exchanged for goods and services at places that accept it, the same way you would give someone a dollar for a cookie.

Litecoin – is the second largest cryptocurrency in terms of capitalization in the market today. It reached a market cap of $1 billion by the end of the year, 2013. The litecoin was primarily created as an improvement to the Bitcoin, the market leader. Among the added features are - mining capabilities with the use of an ordinary desktop computer, faster processing time (2.5 minutes versus 10 minutes for Bitcoin), and a maximum limit (84 million versus 21 million) which is four times more than Bitcoin, its leading rival.

To start off primarily, Bitcoin is a digital currency as opposed to physical currency that we’re accustomed to and use in our daily life. Straight off their site, Bitcoin is described as a pseudo-anonymous, P2P technology operating with no central authority or banks, it’s open-source, public, owned by no one and open for everybody to take part; but what does that all mean? “Bitcoin is the leader in a new generation of emerging currencies known as “cryptocurrencies” which aim to, among other things, facilitate the movement of money electronically while still maintaining a sense of privacy,” (Hobson)