Chapter 5, Problem 4CDQ

Summary Introduction

Case summary:

Bitcoin is digital currency introduced to everyone in the year 2009 by its developer Person SN. It allows instant peer-to-peer transfer all over the world with minimum expense. There are also ethical concerns along with the growing popularity of the digital currency.

There are practically no regulations for bitcoin. Bitcoin is not backed by any commodity such as gold or silver. It is generated by mining. Bitcoin is a finite supply of currency which will wind down in the year 2140. Bitcoin has also come under scrutiny because of the danger that it can also be utilized for illegal activities.

To explain: If bitcoins were created to destroy money-lending banks or central banking.