The use of Bitcoin and other virtual currencies

Abstract

This Bachelor thesis aims to bring the insight into the world of virtual currencies, and mainly to the world of Bitcoin which remains completely undiscovered by many people, although this could be very crucial for us in the near future. The theoretical part focuses on some general information. The effort is also to outline the principle of functioning of individual components the whole virtual currencies´ network consists of. Also, there are presented advantages and disadvantages associated with the use of these currencies. In the practical part, we mainly try to introduce the ways and options how the virtual currencies can be used in practice, offer other ways of utilization and then summarize their overall effect on the present and future global economic market.