THE ADVANTAGES AND DISADVANTAGES OF BITCOIN PAYMENTS IN THE NEW ECONOMY

Carina Elena Stegaroiu
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Carina Elena Stegaroiu: CONSTANTIN BRANCUSI UNIVERSITY, TARGU JIU, ROMANIA

Annals - Economy Series, 2018, vol. 1, 67-72

Abstract: In the Internet economy, with the help of cryptography, a branch of mathematics dealing with the security of information, as well as authentication and restriction of access to a computer system, a new digital coin as an alternative to national currencies appeared. In accomplishing this, using both mathematical methods (taking advantage of, for example, the difficulty of factorizing very large numbers), and quantum encryption methods. Throughout the world, information technology companies are focusing on information protection, inventing day-to-day methods with greater durability. In the horizon of Information Security, Quantum Cryptography has emerged, generating new possibilities in that field, hoping that data will be better protected and that the digital currency will resist over time and eventually evolve in the future, although Kurzweil, Bitcoin's pioneering technology is unlikely to be used in this respect. The idea of virtual alternatives to national currencies is not new, with advantages and disadvantages. The advantages of this coin are high payment freedom, transparency of information, high security, reduced risks for traders. Among the disadvantages we highlight the risk and volatility, the lack of notification and understanding, with incomplete functions, but which are developing, so Bitcoin is not perfect.

Keywords: bitcoin; criptografy; methodology; economic growth; economic agent; branch production; virtual economy (search for similar items in EconPapers)
Date: 2018
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