The Evolution Of Digital Currencies: Bitcoin, A Cryptocurrency Causing A Monetary Revolution

Abstract

Bitcoin was not the first attempt at a digital currency, but it has been the most successful and it is now being accepted by a number of major retailers. Bitcoin is a cryptocurrency and operates as a peer-to-peer network. Its security is guaranteed by cryptographic algorithms instead of governments and has the potential to become a major means of payment for e-commerce and may even materialize as a viable challenge to traditional money-transfer providers. Instead of serving one country or some countries, Bitcoin serves the entire world.