Bitcoin Decentralized Virtual Currency

P. Carl Mullan
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P. Carl Mullan: PDX Currency Corporation

Chapter 12 in The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations, 2014, pp 84-92 from Palgrave Macmillan

Abstract: Abstract Bitcoin was created as an electronic version of cash. The decentralized currency is revolutionary for its use of a distributed ledger. Rather than a central ledger held by a third party requiring trust of that third party, Bitcoin distributes that ledger to all users and removes the need for a third-party intermediary. Bitcoin is becoming “money without banks” for many users. It is difficult, but not impossible, for regulatory agencies to monitor Bitcoin activity.

Keywords: National Currency; Proxy Server; Digital Unit; Virtual Currency; Digital Currency (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-38255-9_13

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DOI: 10.1057/9781137382559_13

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