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Bitcoin – A Brief Analysis of the Advantages and Disadvantages

George Cornel Dumitrescu
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George Cornel Dumitrescu: Institute for World Economy 13th Calea 13 Septembrie, Sector 5, ZIP Code 050711 ROMANIA

Global Economic Observer, 2017, vol. 5, issue 2, 63-71

Abstract: Along the history, people organised in communities needed payment means in order to exchange goods or deliver services. From beads and feathers to metal and paper money they have always improved the way transactions were made. The invention of the Internet opened new doors in the field of payments, through the quick access to information and the emergence of significant international online communities. The members of these communities became aware of the importance of decentralising the way they acquire goods or services, thus eliminating the middlemen. Cryptocurrencies represent the response of these communities to the old centralised means of payment, controlled by the bankers, politicians and interest groups. Our paper aims to analyse the cryptocurrency phenomenon revealing some of its advantages and disadvantages, to increase the awareness on the topic. We based our research on the existing literature, the relevant international databases, the official positions of the financial and regulatory institutions on the analysed matter.

Keywords: Bitcoin; Nakamoto; cryptocurrency; altcoins; blockchain; ethereum; security (search for similar items in EconPapers)
JEL-codes: G G1 G23 (search for similar items in EconPapers)
Date: 2017-12
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