BITCOIN: THE FIRST DIGITAL CURRENCY
- Bitcoin is a form of cryptocurrency, that is, a decentralized payment instrument, which is based on cryptography for trading and creating new units of its own.
BITCOIN: THE FIRST DIGITAL CURRENCY
- The decentralized term given to him is based on the fact that the cryptocurrency is not issued by central banks of states, but is a form of private digital money.
BITCOIN: THE FIRST DIGITAL CURRENCY
- Conventional forms of money, such as banknotes, are that this is imposed by some state as a compulsory means of payment. However, the use of cryptocurrencies has not been enforced by any state, but it is solely up to the will of the businessmen (Metaxakis, 2017).
BITCOIN: THE FIRST DIGITAL CURRENCY
- Bitcoin is a digital currency based on a mathematical, cryptographic algorithm.
BITCOIN: THE FIRST DIGITAL CURRENCY
- Each Bitcoin corresponds to a unique number that can be transferred electronically from person to person without the intervention of a bank or other intermediary.
- Every Bitcoin user has a digital wallet in which they can receive Bitcoin and from which they can send Bitcoin to other users (Synallagma, 2017)
BITCOIN: THE FIRST DIGITAL CURRENCY