Bitcoin Is An Electronic Currency Essay example

1559 Words May 26th, 2016 null Page
Bitcoin is an electronic currency created in 2007 by an unknown person using the alias Satoshi Nakamoto. While he is on record as living in Japan, it is speculated that Nakamoto may be a collective pseudonym for more than one person or as Hongkiat suggests “that his name was just a mashup of popular Japanese companies, (SAmsung, TOSHIba, NAKAmichi, MOTOrola)” (HONGKIAT , 2016). In 2008 Neal Kin, Vladimir Oksman, and Charles Bry file an application for an encryption patent application. This came problematic when all three individuals deny a connection to Satoshi Nakamoto. After all three individuals were cleared, the patent for encryption was granted and later that year Bitcoin.org was born! “The domain was registered at anonymousspeech.com, a site that allows users to anonymously register domain names and currently accepts Bitcoins” (Southhurst, 2016). Interesting enough an Australian man, Craig Wright had claim of being the mastermind behind bitcoin, stating that Satoshi is dead. All this said, he refuses to go on public television (Chappell, 2016). One of the many advantages of electronic currency is there is no exchange of physical currency. Bitcoin is virtual; all transactions are made with no middle men, meaning no banks. There are no transaction fees and no need to give your real name. Unlike traditional currencies, which are issued by central banks, “Bitcoin has no central monetary authority” (The Economist explains, 2013). Instead it works through a method the…

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