Online Journal of Computing Technologies
Bitcoin is a free open source peer-to-peer electronic cash system. It is completely distributed, without any control of a central server or trusted parties. Bitcoin has the prospective to transform online payment systems in a way that welfare consumers and businesses. Instead of using an intermediary such as PayPal or submitting credit card information to a third party for verification-both of which often include transaction fees and other restrictions-Bitcoin allows individuals to pay each other directly for goods or services.