| Bitcoin is a digital currency that is not backed by any government or bank. Anyone can download the bitcoin source code and mine bitcoins. Bitcoins are gaining value as more organizations and individuals have started to accept them. Most businesses that accept bitcoins are e-commerce; however, a small but growing number of "brick-and-mortar" businesses are also starting to accept this digital currency. This research paper evaluates the advantages and risks associated with the usage of bitcoins. They have a lower transaction cost and cannot be reversed like credit card transactions. One of the major risks associated with bitcoins is the exchange rate fluctuation. Bitcoin is one of the most successful cryptocurrencies so far. Building upon the advantages and associated risks involved in bitcoin usage, this paper strives to answer whether bitcoins will change the way individuals and organizations conduct business. |
Updated 02/21/2015