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.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Similar content being viewed by others
Note
US Department of Justice, National Drug Intelligence, 2008. Money Laundering in Digital Currencies. Product No. 2008-R0709–003. [report] Washington, DC: National Drug Intelligence Center, 4.
Author information
Authors and Affiliations
Copyright information
© 2014 P. Carl Mullan
About this chapter
Cite this chapter
Mullan, P.C. (2014). Bitcoin Decentralized Virtual Currency. In: The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations. Palgrave Pivot, New York. https://doi.org/10.1057/9781137382559_13
Download citation
DOI: https://doi.org/10.1057/9781137382559_13
Publisher Name: Palgrave Pivot, New York
Print ISBN: 978-1-349-48002-9
Online ISBN: 978-1-137-38255-9
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)