The aim of this article is to show the position of Bitcoin among virtual currencies. On the basis of the reports published by the European Central Bank and The Financial Action Task Force, as well as the available Internet and primary sources, there have been presented the types and the history of virtual currencies, the way in which Bitcoin functions and the methods of acquiring it. The article is based on the assumption that an in-depth knowledge of virtual currencies, their classification and their functioning will make it possible to regulate their legal status. It is necessary not only for tax purposes, but also in order to avoid the risk of using this payment method for terrorist or criminal purposes. The knowledge of the history of virtual currencies also makes it possible to foresee the problems that may hinder the functioning of Bitcoin and other virtual currencies. The growing popularity of virtual currencies and cryptocurrencies is linked with the increase of importance of non-cash payments on global scale. Thus, Bitcoin may be considered a next step in the evolution of digital money.


    Access

    Download


    Export, share and cite



    Title :

    Bitcoin as a virtual currency


    Contributors:

    Publication date :

    2015-01-01


    Remarks:

    RePEc:pes:wpaper:2015:no155


    Type of media :

    Paper


    Type of material :

    Electronic Resource


    Language :

    English



    Classification :

    DDC:    330 / 629




    Bitcoin as an example of a virtual currency

    Wisniewska, Anna | BASE | 2016

    Free access

    Buyer's protection in bitcoin

    Hariya, Meet / Wagle, Yash / Desai, Achintya et al. | IEEE | 2017


    TRANSACTION QUEUING GAME IN BITCOIN BLOCKCHAIN

    Li, Juanjuan / Yuan, Yong / Wang, Shuai et al. | British Library Conference Proceedings | 2018


    Transaction Queuing Game in Bitcoin BlockChain

    Li, Juanjuan / Yuan, Yong / Wang, Shuai et al. | IEEE | 2018


    The transaction method of electric vehicle charge using virtual currency

    LEE CHANG JU / LEE EUN CHANG | European Patent Office | 2023

    Free access