Bitcoin- asset or currency In the story of the evolution of money, we have come a long way from barter to cowries , coffee beans to coins, paper currency to plastic currency and the latest one on the line is “Bitcoin”. It is a “decentralized virtual currency” that took its shape after the subprime crisis of USA in 2008. Ever since then, it has been awarded a number of hit and trials- being used a currency, in black marketing, round tripping, drug selling, hoarding (virtual gold) and as a ransom; as in case of ransomware attack by “wannacry”. The latest proceedings about bitcoins suggest that it is a “valuable asset” rather than a “means of transaction”. While this question is open to debate, we will look at the various aspects of bitcoin and its utility, both as a currency and asset. Blockchain and bitcoin Bitcoin is an application of the Blockchain technology. The bitcoins are used for the transaction of money and payment of bills. The public server on which the history ...
