Bitcoin Decentralized Virtual Currency

Abstract

Bitcoin was created as an electronic version of cash. The decentralized currency is revolutionary for its use of a distributed ledger. Rather than a central ledger held by a third party requiring trust of that third party, Bitcoin distributes that ledger to all users and removes the need for a third-party intermediary. Bitcoin is becoming "money without banks" for many users. It is difficult, but not impossible, for regulatory agencies to monitor Bitcoin activity.