Question

Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator.

review literature related to Bitcoin then support your position using ONE scholarly source

Answer 1

Bitcoin is a form of electronic money, the cryptocurrency. It is a decentralized digital currency without being independent of banks and without the need for intermediaries it can be sent from user to user on the peer-to - peer Bitcoin blockchain network. Bitcoin pioneers wanted to take care of the seller, remove the broker, cancel interest rates, and make transactions open, hack corruption, build organic network value, and cut fees. They created a decentralized system where you could control your money without depending on the banks.

Bitcoin uses public key cryptography and an innovative approach to bookkeeping to achieve the above described authorisation, balance verification, double expenditure prohibition, asset delivery and record inalterability. And it happens at no cost in virtually real time. Cryptography ensures authorization. The transaction requires a private key. And your key is complicated enough that it will take longer than the world has existed to crack the best machine. That is to say, it is practically unhackable.

The best thing about Bitcoin is that it's decentralized, which means you have a payment system that can settle international deals with exchange rates and extra charges, without messing around. You don't need to go through a third party like a bank to do your transactions, either. Bitcoin is free of interference and manipulation by the government, so there is no Federal Reserve System for higher interest rates. It's transparent too so you know what's going on with your money.

Source- Book on Mastering Bitcoin: Unlocking Digital Cryptocurrencies-  Andreas Antonopoulos