The Bitcoin Currency - a New Instrument Used in Conducting Business?
The Bitcoin Currency - a New Instrument Used in Conducting Business?

Author(s): Cătălin Cristian Selişteanu
Subject(s): Law, Constitution, Jurisprudence
Published by: Societatea de Stiinte Juridice si Administrative
Keywords: Bitcoin; criptocurrency; digital currency; transaction; banking institution;
Summary/Abstract: The Bitcoin „phenomenon” has spread its wings especially over the past two years, experiencing an unprecedented growth and being supported by several companies from the international scene. The result is the possibility of buying goods and services using the Bitcoin currency. But the most important thing is the state support which, at the present time, either does not exist, or is in the moment of granting, requiring time. Bitcoinis a cryptocurrency created and given to users (located in front of a computer connected to the Internet) who solve a special category of mathematical problems. Computers around the world „extract” Bitcoin, competing with each other. This extraction can become quite competitive among users because new Bitcoins are created at a predictable and fixed rate. The more users join the network, the more difficult it becomes to make a profit for each of them. Bitcoin is mainly used in the Hidden Internet - that portion of the Internet that is not accessible to the general public through a regular browser - in purchasing illegal goods and services.

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