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INTRODUCTION
Bitcoins a creation of Satoshi Nakamoto, is a cryptographic form of currency and a digital payment system. Bitcoins is meets all the characteristics present for an element to be referred to as a currency(Nakamoto, 2009) The crypto currency is a unit used to keep account, a possible medium of exchanging whether its services or goods and finally has a store of value. This digitized currency does not need a central structure in charge of its transaction like it is seen with note and coin legal tenders all over the world. This therefore goes untold that crypto currency is a safe transfer of ownership that usually stored in a wallet …show more content…
If a company or small business is to adapt this crypto currency then they are in for great benefits. This system of payment is free completely and is open to be used by anyone that integrates the system into their computers and joins the network. Unlike banks where one is levied an amount at a stipulated period, use of Bitcoinss requires no fee at all. Currently the legal tenders available in our accounts at the banks or any other institution that manages funds can be frozen if the stipulated fee is not met without the owner’s consultation. Bitcoins technologies will not interefere with your funds unless deemed necessary. Due to this,small businesses can be set up and run freely without fear of being bankrupt. Non-governmental organizations will also benefitfrom this and receive funds with no government restrictions and long processing duration. It is a cheaper and convenient way of doing …show more content…
With Bitcoins as currency it is impossible to create counterfeit coins of the same and even steal the coins in an event af a digital attacks. If this digitized system of payment is adopted, there will be no fraud or any other related monetary crime. Every purchase or any other form of transaction made using the Bitcoins is recorded in the block chain and can be traced back to a wallet address. If the culprit uses their wallet once more, they will be caught. No fraud or monetary crime means great for the development of small business and their financial performance
INTRODUCTION
Bitcoins a creation of Satoshi Nakamoto, is a cryptographic form of currency and a digital payment system. Bitcoins is meets all the characteristics present for an element to be referred to as a currency(Nakamoto, 2009) The crypto currency is a unit used to keep account, a possible medium of exchanging whether its services or goods and finally has a store of value. This digitized currency does not need a central structure in charge of its transaction like it is seen with note and coin legal tenders all over the world. This therefore goes untold that crypto currency is a safe transfer of ownership that usually stored in a wallet …show more content…
If a company or small business is to adapt this crypto currency then they are in for great benefits. This system of payment is free completely and is open to be used by anyone that integrates the system into their computers and joins the network. Unlike banks where one is levied an amount at a stipulated period, use of Bitcoinss requires no fee at all. Currently the legal tenders available in our accounts at the banks or any other institution that manages funds can be frozen if the stipulated fee is not met without the owner’s consultation. Bitcoins technologies will not interefere with your funds unless deemed necessary. Due to this,small businesses can be set up and run freely without fear of being bankrupt. Non-governmental organizations will also benefitfrom this and receive funds with no government restrictions and long processing duration. It is a cheaper and convenient way of doing …show more content…
With Bitcoins as currency it is impossible to create counterfeit coins of the same and even steal the coins in an event af a digital attacks. If this digitized system of payment is adopted, there will be no fraud or any other related monetary crime. Every purchase or any other form of transaction made using the Bitcoins is recorded in the block chain and can be traced back to a wallet address. If the culprit uses their wallet once more, they will be caught. No fraud or monetary crime means great for the development of small business and their financial performance