“PEER-TO-PEER” ELECTRONIC PAYMENT SYSTEM: ANALYTICAL STUDY OF VIRTUAL CURRENCIES, BITCOIN AS A MODEL

Abstract

This study deals with financial transactions with a peer-to-peer electronic payment system. This study relies on the analytical approach by analyzing the mechanism of virtual currencies, notably bitcoin. It relies on a comparative approach by examining the reasons that prompted the monetary authority in many countries, including the Kingdom of Saudi Arabia, to refuse to deal with Bitcoin. This study concluded that Bitcoin could not be dealt with in its current state, either from an economic or legal viewpoint. Keywords: Payment, Peer-to-Peer, Virtual Currencies, Bitcoin DOI： https://doi.org/10.35741/issn.0258-2724.58.1.15