Bitcoin the Cryptocurrency - 909 Words

Bitcoin the Cryptocurrency: Stimulating Global Economic Growth Bitcoin is a technologically innovative solution for some common economic issues as well as fraud and identify theft. This cryptographic digital currency simultaneously provides users a method to exchange money for free or a nominal fee which is mutually beneficial for retailers and consumers. Bitcoin digital currency is similar to physical cash stored in a digital form. It is the first fully implemented cryptocurrency protocol utilizing an open source peer-to-peer payment system. As a transfer protocol, it fundamentally functions as a money transfer medium that sends bitcoins from user to user without the need of a third-party intermediary and the system is protected by peer-reviewed cryptographic algorithms. The value of one bitcoin is based on supply and demand by people willing to use and accept this payment. The price of bitcoins went from approximately 1,000 bitcoins for $1.00 USD. The price is currently around $450 for one bitcoin but continues to fluctuate and is expected to continue rising. To simplify transactions, there is a mobile app for smartphones that allow you to send/receive funds by scanning the buyer’s unique QR code. These purchases have proven to be cost-effective for both the retailer and the consumer. Rapid deflation when caused by technological progress can create positive and significant economic growth. Typically retailers are charged a 2-3% processing fee imposed by credit cardShow MoreRelatedBitcoin the Cryptocurrency: Stimulating Global Economic Growth1742 Words   |  7 PagesBitcoin the Cryptocurrency: Stimulating Global Economic Growth Bitcoin is a form of digital currency that is similar to physical cash stored in a digital form. It is the first fully implemented cryptocurrency protocol utilizing an open source peer-to-peer payment system. As a transfer protocol, it fundamentally functions as a money transfer medium that sends bitcoins from user to user without the need of a third-party intermediary and the system is protected by peer-reviewed cryptographic algorithmsRead MoreCryptocurrencies Pestel Analysis1115 Words   |  5 Pages The PESTEL analysis will be used to examine the cryptocurrencies in the Political, Economic, Social, Technological, Environmental  and Legal aspects 1.1. Political segment, The policy of cryptocurrencies tends to be different across the world where the government can support or resist the implementation of cryptocurrencies (DeVries, 2016). For instance, the US government is likely to support cryptocurrencies by allowing those digital currencies to be used as local currencies (Hillard Heintze, 2014)Read MoreWhat is Cryptocurrency?932 Words   |  4 PagesWhat is Cryptocurrency? Cryptocurrency is a digital currency that uses cryptography for security purposes to make it hard for unscrupulous people to counterfeit. It is considered as fiat currency where its value is dependent upon its acceptance as medium of exchange. Cryptocurrency is neither owned nor tied down to any country or can be affected by inflation and Central Bank policies. The transfer of currency from one person to another is done through public and private keys. Like Bitcoins, itsRead MoreCbay Essay1110 Words   |  5 Pagesexperienced investors. Choose from multiple cryptocurrency pairs and make the most of your profit-making opportunities. BitBay – BitBay provides exchange services to users around the globe. The platform is home to innovative solutions for cryptocurrency traders. It hosts various cryptocurrencies, including Bitcoin, Litecoin, Ether, and Lisk. In addition, BitBay also has a great affiliate program you can use to add more to your profits. BTCe – Buy and sell bitcoins on BTCe. If you want to trade variousRead MoreVirtual Currency : A Political And Economic Spheres1688 Words   |  7 Pagesits contribution to illegal digital activity. Virtual currency, or cryptocurrency, was introduced as a widespread issue in the last five years through bitcoin, the most prevalent form of cryptocurrency used to date (Craig, Murphy, and Seitzinger). Bitcoin is notorious for the exploitation of its secure, untraceable transaction process used in illicit business. Federal agencies and several states are questioning the use of bitcoin as a legitimate form of currency because of this connection to internet-relatedRead MoreBitcoin s Impact On The World1262 Words   |  6 PagesSince Bitcoin s arrival online in 2009 cryptocurrencies have become immensely popular throughout the world. This paper will examine how the various cryptocurrencies come into being and how their creators utilize them for their businesses. With Bitcoin s metero ric rise at the beginning of 2013 a large number of competing currencies have been developed with some targeting specific niches to dominate while others have been formed to simply imitate Bitcoin. The most ambitious cryptocurrencies have aimedRead MoreThe Is The Backbone Of Modern Currency1163 Words   |  5 PagesMany people who have heard of bitcoins struggle to understand how it can have an actual, tangible dollar value. The idea of money not backed by any government or authority having value sounds absurd. For that matter, most people fail to think about the value of any traditional ‘fiat’ currency. After all it is just paper isn’t it? All modern paper currency today has value because they backed by the government. People are confident that others will hold money to its face value because it has a powerfulRead MoreBitcoin Essay999 Words   |  4 PagesBitcoin, A Bubble or Good Investment? 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 tradingRead MoreReasons For Bitcoins978 Words   |  4 PagesYou Should Invest in Bitcoins Today Lately, there has been a lot of talk on whether buying bitcoins is a good investment choice or whether it’s a bubble waiting to burst. The truth is that cryptocurrencies are here to stay. With every media outlet and investor talking about bitcoins, will bitcoins turn out to be a blessing or a curse? The article discusses 7 reasons why bitcoins are set to grow in 2018 and why you should invest in them. 2017 was a very good year for bitcoins. They rose in valueRead MoreBitcoin Was A Hoax?880 Words   |  4 PagesIn December 2013, after a series of governments’ legislation was passed, the price of Bitcoin crashed. While many hoped for a revival, the prices continued to plummet until they reached low of $200. In one short year, the price had fallen to one-sixth of its previous high (â€Å"Complete Bitcoin’s Price Chart†). This fall proved what many thought; Bitcoin was a hoax. One of the greatest downfalls of cryptocurrency is due to its lack of governing power. It is important to note that this creates inherent