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Bitcoin Economics

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Running head: BITCOIN ECONOMICS 1

Bitcoin Economics

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BITCOIN ECONOMICS 2

Introduction

Bitcoin is a cryptocurrency that uses rapidly advancing digital technology, whose invention

dates back to 2009. The currency uses a peer-to-peer technology that ensures technological

communication between computerized systems. A decentralized authority controls the process of

bitcoin transactions. Various Institutions from different sectors have continued to embrace the use

of the bitcoin currency in business transactions due to its numerous advantages, compared to other

types of currencies. The currency provides solutions to many challenges associated with using

other currencies, such as credit cards. Some of the widely renowned companies using bitcoin

include the United States-based companies, such as Microsoft.com and Overstock.com. The use

of bitcoin is also becoming common in other institutions. They include financial institutions,

academic institutions, and government institutions. The currency provides solutions to many

challenges associated with using other currencies, such as credit cards. The essay will examine

various reasons that contribute to accepting or rejecting the use of bitcoin by companies.

Many companies have opted to use bitcoin over other types of currencies when transacting

business, following its numerous benefits (England & Fratrik, 2018). Some of the benefits include

minimal transaction fees, facilitation of quick payments, and safety. The minimal transaction fee

is guaranteed when using bitcoin, compared to other types of currencies. Very few companies were

involved in international transactions before the invention of bitcoin due to the high cost of fees

offered by other currencies (Wiseman, 2016). However, the introduction of bitcoin cryptocurrency

in the global market has resolved the issue. More business enterprises can now transact their

services and deliver their products, regardless of the size due to the minimum charges offered by

bitcoin. Many companies prefer when the payment of their services or products delivered is

processed at a fast rate so that the funds can be put to other uses. However, payment methods such

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Running head: BITCOIN ECONOMICS 1 Bitcoin Economics Student’s Name Institution Affiliation Date BITCOIN ECONOMICS 2 Introduction Bitcoin is a cryptocurrency that uses rapidly advancing digital technology, whose invention dates back to 2009. The currency uses a peer-to-peer technology that ensures technological communication between computerized systems. A decentralized authority controls the process of bitcoin transactions. Various Institutions from different sectors have continued to embrace the use of the bitcoin currency in business transactions due to its numerous advantages, compared to other types of currencies. The currency provides solutions to many challenges associated with using other currencies, such as credit cards. Some of the widely renowned companies using bitcoin include the United States-based companies, such as Microsoft.com and Overstock.com. The use of bitcoin is also becoming common in other institutions. They include financial institutions, academic institutions, and government institutions. The currency provides solutions to many challenges associated with using other currencies, such as credit cards. The essay will examine various reasons that contribute to accepting or rejecting the use of bitcoin by companies. Many companies have opted to use bitcoin over other types of currencies when transacting business, following its numerous benefits (England & Fratrik, 2018). Some of the benefits include minimal transaction fees, facilitation of quick ...
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