What is Bitcoin? Is it the Cash of the Future?

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

A lot of people think for example that only hackers and shady people use it. However bitcoin is actually going mainstream with everyone from TigerDirect to Expedia.com to Dell and even Subway accepting payments in bitcoin now.

Not everyone is optimistic about the future of Bitcoin. Its volatility, lack of regulation by the various regulatory agencies, and its use for financing of illegal activities have created many doubters.

The main problem with the Bitcoin is the uncertainty of its volatile value. In the last few months, the value of Bitcoin has been cut in half, in the face of questions about security issues and concerns about new regulations. The idea of a currency not being checked and balanced by any supranational organization or national government leaves many to fear the Bitcoin, not knowing if they invest today, if their money will be there tomorrow. In fact, the United States government hold the biggest amount of Bitcoins at 144,000 coins after the F.B.I seized it from Silk Road, the now-defunct digital market that prosecutors say aided drug deals and other illicit transactions. So if the

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.

Since there is no intrinsic value to the Bitcoin, vast amounts of research has gone into the security of its protocol. The original focus of attacks were known as History-Revision attacks, a concept conceived in the creation of Bitcoin. Yet, research has revealed its infeasibility; it can be shown that, mathematically, the probability that a ‘dishonest’ --or fake-- chain is longer than an ‘honest’ one grows exponentially smaller each time a block is added (Skogsberg). Though it

The term Bitcoin first came to light around 2008. Bitcoin is a digital form of currency (aka cryptocurrency) that can be traded on the internet around the world and it quickly stroked the interest of IT savvy enthusiast for its cleverness and libertarian who saw it as means of non-governmental controlled currency, but the “icing on the cake” was Bitcoin can be used anonymously. This in turn has attracted the dark side of illegal trades of narcotics, weapons and a varying sort of illegal services to adopt the use of this new age digital currency. Using Bitcoin helps to hide the illegal transaction trails. (Corderoy, 2016)

The bitcoin, which was invented by the unidentified programmer known as Satoshi Nakamoto, was proposed in 2008 and released it as an open-source electronic payment system based on mathematical proof software in 2009. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly and with very low transaction fees. Until the bitcoin’s invention online transactions had always required a trusted third-party intermediary, such as PayPal or Mastercard. “Nakamoto, who claimed to be a thirty-six-year-old Japanese man, said he had spent more than a year writing the software, driven in part by anger over the recent financial crisis. He wanted to create a currency that was

The virtual and the real economic worlds are intermingling more than ever before, raising the possibility that cryptocurrency might eventually replace the government-run system of euros, dollars and yen. Before extensively explaining why Bitcoin, a virtual currency, will have a financial impact, we must first understand what it is exactly. Bitcoin is an online digital currency, created in 2009 by a Japanese man with the pseudonym “Satoshi Nakamoto”.¹ While many believe this currency is backed by a physical institution or pegged by a commodity, it is simply a mathematical algorithm free of regulation that acts as an alternative to the banking system. With digital currency such as Bitcoin, there is no central bank or government to trust, you’ve just got to trust the math. People are losing faith in traditional credit unions and are looking for new stores of value. CryptoCurrency allows anybody to have a bank in their pocket. Simply put, the way the internet changed how the world communicates, bitcoin changes the way money works.

Debt-Based Currency verse Cryptocurrency. A 40 Minute Animated Documentary on Corrupt Banking with a follow up on why cryptocurrency economics are the answer to scarcity.

Money! The single word that will grab everyone 's attention and by definition it means something that is used to pay for goods and services and more. But over the last 6,000 years, the material form of money has changed drastically—from sheep and textiles to online banking and today 's electronic currency, the bitcoin. Founded in 2009, Bitcoin was not the first swing at online currency; but it was the first to take off. At its launch, $1 = 1,309.03 bitcoins (BTC), to calculate the value, economists, scientists, and mathematicians calculated an equation that accounts for the cost of electricity generated by a computer to mine for a bitcoin. The bitcoin expands the possibilities of the global economy by establishing a global currency that is accepted anywhere, successfully promoting the concept of Blockchain, and gives freedom to the market by eradicating the middle man; despite the bumpy kick off of the concept.

This is the age of digital currencies and payments as seen by the number of people who are shunning traditional methods of payment. Bitcoin was the first digital currency to be created. It therefore enjoys the advantage that it gained popularity before any other cryptocurrency. Bitcoin has a very large presence across the globe as compared to other digital currencies like Monero, Litecoins and Ripple. With the highest market capitalization, bitcoins command about 60% of the cryptocurrency markets. This first mover advantage is seen in the goodwill that bitcoins have generated among their customers.

Unlike dollars and Euros, bitcoins are wholly virtual. They are being touted as substitutes for normal currencies in the years to come. This is evidenced by the growing number of organizations and business establishments that are accepting cryptocurrencies. Bitcoins are the most popular cryptocurrencies. This virtual currency was created in 2009 by a mysterious figure only identifiable as Nakamoto Satoshi. His true identity has never been known. Bitcoins have appreciated in value from the cents they were worth in 2009 to the current of $20,000 apiece in December 2017. Bitcoins are decentralized as they are not regulated by any central authority. It represents a peer-to-peer method of payment where a