Introduction

Bitcoins are a recent form of digital currency created and introduced by programmers around the year 2009. This type of currency is anonymous and thus not issued by any bank or central government or any established form of authority. As per, no form of commission or any additional fee for the money to transact is needed. It is as if you are paying someone in cash to do you a favor, but that person can be on his computer on the other side of the world. Because it is third party controlled and cryptographically limited, bitcoins are often perverted to purchase illegal substances and further support other criminal agendas.

There are currently no buildings or companies founded to regulate bitcoins, leaving little chance for it to advocate and regulate legal or ethically sound activities. However, just because there is currently no form of regulated virtual fiat currency without it being taxed, it does not mean there can’t be positive uses for it in the future. In theory Bitcoins or something similar could be innovative and prolific in the near future. As with any newly presented system, someone will always find a hole to exploit for their own benefit, and filling said holes can only be a matter of time.