The Evolution of Virtual Currencies: Analyzing the Case of Bitcoin - Information and Communication Technologies in Public Administration - page 223

However, the fact that all bitcoin transactions are publicly available (and there-
fore can be tracked, in theory, by law enforcement agencies) and that every bitcoin
is defined by its unique transaction history (making it difficult for criminals to
cover their tracks) may limit the growth of its use in the black market/underworld.
In addition to its role as a means of payment for online commerce, bitcoin can be
used for transfers of money (e.g., immigrant worker in the United States sending
remittances back home). This can be done very cheaply and fast (online settlement
in under 10 minutes if the sender is trustworthy, like a family member, or 50 min-
utes when the settlement is with strangers). Its potential role in the fast-growing
realm of global remittances is significant.

10.3.2 International Exchanges

The bitcoin industry has spawned a whole new set of vocabulary and acronyms for
institutions and organizations engaged in various activities. Table 10.4 provides

table 10.4 Country and Bitcoin organization

Country Organization Name (Some in Native Language)

Argentina Fundación Bitcoin Argentina

Australia Bitcoin Australia

Austria Bitcoin Austria

Belgium Belgian Bitcoin Association

Canada Bitcoin Embassy, Bitcoin Alliance of Canada

Denmark Dansk Bitcoinforening

Germany Bundesverband Bitcoin e.V.

India Bitcoin Alliance of India

Ireland Irish Bitcoin Foundation

Israel

Italy Bitcoin Foundation Italia

Netherlands Stichting Bitcoin Nederland

Sweden Svenska Bitcoinföreningen

Switzerland Bitcoin Association Switzerland

Source: The Bitcoin Foundation. Bitcoins . Retrieved from https://bitcoin
.org/en/.