In layman terms, digital currency is data represented by unit of bits or bytes. Digital revolution, technology evolution and human perception have introduced digital currency, or cryptocurrency, with an encrypted hashed data that has given a value to be used as a unit of virtual currency called bitcoin (BTC).
Bitcoin is used on business transactions among Peer to Peer (P2P), Peer to Business (P2B) and Business to Business (B2B) via miners (blockchains) without a need of traditionally functioning central banks, currency regulatory authorities or government regulations. In its initial stage, bitcoin offered freedom from financial fund mobilization without the need of banks and bandits.
For instance, if a trader trades with bitcoin to buy a car, there would be no need for real currency or bank or regulatory involvement. Perhaps minor transaction fees are collected by blockchainers; so in that sense, bitcoin has the same value as gold or paper currency for trading, which is completely virtual.
https://icrunchdatanews.com/bit-byte-business-bitcoin-blockchain/
Topic: [2016-06-13] The Bit and Byte Business of Bitcoin and Blockchain (Read 280 times)
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