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Published in:
2014 | OriginalPaper | Chapter
Bitcoin Decentralized Virtual Currency
Author : P. Carl Mullan
Published in: The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations
Publisher: Palgrave Macmillan US
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Bitcoin was created as an electronic version of cash. The decentralized currency is revolutionary for its use of a distributed ledger. Rather than a central ledger held by a third party requiring trust of that third party, Bitcoin distributes that ledger to all users and removes the need for a third-party intermediary. Bitcoin is becoming “money without banks” for many users. It is difficult, but not impossible, for regulatory agencies to monitor Bitcoin activity.