Disruptive Technology: Bitcoins

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Bitcoins, an open source virtual crypto currency has been making long strides in the global economy over the past 15 months. Its rise has been nothing.....

Summary

Bitcoins, an open source virtual crypto currency has been making long strides in the global economy over the past 15 months. Its rise has been nothing short of spectacular and as a result has attracted the attention of the mainstream media. Bitcoins are virtual currencies that can be used just like any other currency and can be used to pay for goods and services at business establishments that accept them.

The value of the currency is underpinned by consensual belief that it is valuable to the person accepting them. Bitcoins can also be seen as a global ledger system that records all the transaction that takes place globally. The ledger also records the new coins that are created through mining. Such unique combination of being a currency as well as a payment system has baffled economist and finance professionals worldwide.

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Disruptive Technology: Bitcoins

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