Part 3: Read the case materials and answer the questions (20%) Bitcoin, a form of electronic currency that does not exist in physical form and can be transferred from one person to another via peer-1o-peer networks, without the need for a bank or other financial institution as intermediary. Bitcoin is more complicated than but is accepted by a growing number of traditional currencies merchants, some reputable, and some not. Because Bitcoin requires no intermediaries to conduct transactions, it is out of the control of bankers and politicians. Bitcoin is a decentralized currency, and although it’s not a physical currency that you can put in your pocket, its supporters believe that it requires less trust than traditional currency. There is no need to trust the qualifications of central banks to monitor the currency, to hold money and transfer it, to lend money responsibly, and to safeguard our personal information. Bitcoin also allows businesses to take and make payments much more easily than through channels like PayPal and credit cards. Bitcoin allows merchants to avoid the fees associated with these services, enabling frictionless transactions. On the other hand, with Bitcoin, all transactions are irreversible, and if Bitcoins are somehow stolen, the victim has no recourse. Still, purchasers who use Bitcoin receive other benefits, such as not being required to provide personal information to merchants. With the proliferation of security breaches experienced by major companies seemingly every week, this is now an important advantage. Bitcoin also allows people without access to traditional banking services to conduct financial transactions more easily Questions: 1. What is a digital currency? What are some of the benefits of using a digital currency? 2.
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