Abstract
The price of bitcoin hit an all-time high of $19,000.00 on December 17, 2017, sending the world into a frenzy about bitcoin and crypto currency in general. Interest groups, media circles, and populations of people that appeared so far away from the discussion were now participating, driving the world into a state of frenzy concerning the crypto currency phenomenon. As many will discover, crypto currency is beyond a phenomenon. It is an innovative mode of conducting business that is here to stay. This staying power will be driven by reputable sovereign states, such as Bermuda, developing the legal framework for a working model to domicile initial coin offerings (ICOs) and by the prospect of the approximately 2 billion adults without traditional bank accounts discovering the virtues of crypto currency to perform everyday transactions through their mobile phone.
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Notes
- 1.
Peer-to-peer network is a distributed architecture in which each node or computer has equal privilege as all the others in the network. And no coordination from a centralized computer is necessary.
- 2.
Fiat currency is money that a government has declared to be legal tender, but it is not backed by a physical commodity.
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Swammy, S., Thompson, R., Loh, M. (2018). Tales from the Crypt: The Dawn of Crypto Currency. In: Crypto Uncovered. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-00135-3_2
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DOI: https://doi.org/10.1007/978-3-030-00135-3_2
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Publisher Name: Palgrave Macmillan, Cham
Print ISBN: 978-3-030-00134-6
Online ISBN: 978-3-030-00135-3
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