Information Technology Reference
In-Depth Information
Chapter 10
the evolution of Virtual
Currencies: Analyzing
the Case of Bitcoin
Cecilia G. Manrique and Gabriel Manrique
Contents
10.1 Introduction ............................................................................................. 214
10.2 Virtual Currencies: A Background ........................................................... 215
10.3 The Case of Bitcoins: Legal Tender in the Making ................................... 218
10.3.1 Bitcoin Uses—Positive and Negative Impacts ...............................221
10.3.2 International Exchanges ...............................................................225
10.3.3 Regulation ................................................................................... 226
10.4 Conclusions ..............................................................................................230
Acknowledgments .............................................................................................231
Author Biographies ...........................................................................................231
References .........................................................................................................232
Suggested Readings .......................................................................................... 234
Abstract
Major newspapers have carried items on the growing use and acceptabil-
ity of the digital currency known as bitcoin in electronic transactions
that take place without government or central bank intervention. This
paper attempts to explain the history and progress of virtual currencies,
213
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