BITCOIN- A Digital Currency
by RSJ LexComply Compliance Management - LexComplyBitcoin
is a form of digital currency, created and held electronically. It is an
electronic Cash System and a peer to peer digital system of paymentsand transactions take place between users
directly, without an intermediary. It
can be used to buy things electronically. In that sense, it’s like conventional
dollars, euros, or naira, which are also traded digitally. It is invented by
Mr. Satoshi Nakamotoin October, 2008 and launched the network in 2009. The idea
was to produce a currency independent of any central authority, transferable
electronically, more or less instantly, with very low transaction fees.So, you
are in control of your money with Bitcoin. It is often called Crypto currency
and commonly referred to with the term like digital currency.It is the first
decentralized digital currency.
Unlike
usual forms of currency it is in a virtual form. It can be bought & sold
offline and online. Directly from individual or at bitcoin ATM and buying on an
exchange. Mining new ones is also another way to obtain bitcoin.
There
are a growing number of businesses and individuals using crypto currencies like
Bitcoin. There are quite a few advantages that make Bitcoin a one of
a kind digital currency that has no likeness.Of course, because nothing is
perfect, Bitcoin does have its flaws which are also required to be discussed.
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Created on Dec 31st 1969 18:00. Viewed 0 times.