ITS-836-M50
Bitcoins And Its Usage
Spring 2021 - Data Science & Big Data Analytics (ITS-836-M50) - Full Term
University of the Cumberlands
Introduction
Almost a decade ago, the concept of Blockchain was introduced through the invention of Bitcoin
in the year 2008. It is hard to discuss blockchain technology without an understanding of
Cryptocurrency, Bitcoin. The digital currencies foundations are not new. E-cash concepts were
first introduced in the 1980s (Bashir, 2017). Bitcoin is a digital currency that is entirely
decentralized, stable, and secure. Bitcoin is generally considered the king of Cryptocurrencies
because it was the first-ever created Cryptocurrency and highly valued currency among its
competitors (Kopleman, 2020). Because Bitcoin entirely depends on Blockchain technology, the
primary issues like accountability and anonymity observed in the early e-cash technologies
cannot be seen in this Cryptocurrency. The Cryptographic algorithms' introduction helped
develop the secure and transparent digital currency ever in the distributed systems. In today's
digitally advanced world, people have started accepting the new ways of handling things if
security and efficiency are the key factors. Moreover, Bitcoin is such a technology that is being
legally accepted by many countries across the globe.
Today, Bitcoin is the most widely used and successful Cryptocurrency globally, with thousands
of investors and billions of dollars investments. Bitcoin technology is leveraged to alleviate
various pain points with conventional currency-related trade and commerce. Furthermore,
blockchain technology usage in the fintech sector is exponentially increasing compared to
, different sectors. In this research paper, the organizations that heavily depend on Bitcoin
technology and those that do not accept Bitcoin as the main currency will be discussed.
According to the journal written by Rothenhorst, C. (2018), financial firms like insurance
agencies and banks may embrace Blockchain snappier than different areas. Rothenhorst, in their
article, additionally indicated that the speculations from these fintech-based organizations in
blockchain innovation are now around nine percent (Rothenhorst, 2018). These numbers
unmistakably clear that the utilization of Blockchain for digital money in the worldwide
exchange and economy is expanding at a tremendous rate. As mentioned by Silva et al. (2018),
"As a payment the cryptocurrencies has been gaining ground due to the widespread criticism of
the fees charged by credit and debit card networks since the technology would push the card
networks to lower their prices to traders," the rise of organizations that use Bitcoin as the
standard currency is increasing slowly. The significant role played by the Bitcoin cryptocurrency
will be discussed further to understand the reasons for adopting the Bitcoin currency and review
some limitations in these kinds of currencies. Finally, some recommendations will be preached
for the companies that want to use Bitcoin as the primary currency form. Even though Bitcoin is
banned and not accepted by many governments, using various methods, it is possible to accept
Bitcoins as payments just like the conventional currencies.
Organizations that are accepting Bitcoin as a Standard Currency
Since its inception in 2008 and practical implementation in 2009, the number of Bitcoin
users has increased significantly. In today’s world, even the stock values are given to bitcoins.
Many governments and organizations worldwide are showing interest in purchasing Bitcoins,
even though there are many fluctuations in the value (Waldo, 2019). The Fintech sector contains
many sub-areas like banking and the protected areas. While the traditional method of making
monetary exchanges is as yet in the blast, cryptographic forms of money are acquiring
prominence worldwide. Even though numerous enterprises have begun utilizing blockchain
Bitcoins And Its Usage
Spring 2021 - Data Science & Big Data Analytics (ITS-836-M50) - Full Term
University of the Cumberlands
Introduction
Almost a decade ago, the concept of Blockchain was introduced through the invention of Bitcoin
in the year 2008. It is hard to discuss blockchain technology without an understanding of
Cryptocurrency, Bitcoin. The digital currencies foundations are not new. E-cash concepts were
first introduced in the 1980s (Bashir, 2017). Bitcoin is a digital currency that is entirely
decentralized, stable, and secure. Bitcoin is generally considered the king of Cryptocurrencies
because it was the first-ever created Cryptocurrency and highly valued currency among its
competitors (Kopleman, 2020). Because Bitcoin entirely depends on Blockchain technology, the
primary issues like accountability and anonymity observed in the early e-cash technologies
cannot be seen in this Cryptocurrency. The Cryptographic algorithms' introduction helped
develop the secure and transparent digital currency ever in the distributed systems. In today's
digitally advanced world, people have started accepting the new ways of handling things if
security and efficiency are the key factors. Moreover, Bitcoin is such a technology that is being
legally accepted by many countries across the globe.
Today, Bitcoin is the most widely used and successful Cryptocurrency globally, with thousands
of investors and billions of dollars investments. Bitcoin technology is leveraged to alleviate
various pain points with conventional currency-related trade and commerce. Furthermore,
blockchain technology usage in the fintech sector is exponentially increasing compared to
, different sectors. In this research paper, the organizations that heavily depend on Bitcoin
technology and those that do not accept Bitcoin as the main currency will be discussed.
According to the journal written by Rothenhorst, C. (2018), financial firms like insurance
agencies and banks may embrace Blockchain snappier than different areas. Rothenhorst, in their
article, additionally indicated that the speculations from these fintech-based organizations in
blockchain innovation are now around nine percent (Rothenhorst, 2018). These numbers
unmistakably clear that the utilization of Blockchain for digital money in the worldwide
exchange and economy is expanding at a tremendous rate. As mentioned by Silva et al. (2018),
"As a payment the cryptocurrencies has been gaining ground due to the widespread criticism of
the fees charged by credit and debit card networks since the technology would push the card
networks to lower their prices to traders," the rise of organizations that use Bitcoin as the
standard currency is increasing slowly. The significant role played by the Bitcoin cryptocurrency
will be discussed further to understand the reasons for adopting the Bitcoin currency and review
some limitations in these kinds of currencies. Finally, some recommendations will be preached
for the companies that want to use Bitcoin as the primary currency form. Even though Bitcoin is
banned and not accepted by many governments, using various methods, it is possible to accept
Bitcoins as payments just like the conventional currencies.
Organizations that are accepting Bitcoin as a Standard Currency
Since its inception in 2008 and practical implementation in 2009, the number of Bitcoin
users has increased significantly. In today’s world, even the stock values are given to bitcoins.
Many governments and organizations worldwide are showing interest in purchasing Bitcoins,
even though there are many fluctuations in the value (Waldo, 2019). The Fintech sector contains
many sub-areas like banking and the protected areas. While the traditional method of making
monetary exchanges is as yet in the blast, cryptographic forms of money are acquiring
prominence worldwide. Even though numerous enterprises have begun utilizing blockchain
