Chris Richter Sascha Kraus Ricarda B. Bouncken

Abstract

Virtual currencies have been well-cited and well-discussed in the near past. Due to the loss of trust in the banking sector and the fear of loss of capital, low interest rates and uncertainty of existing currencies, the ground for a virtual currency was given. Virtual currencies and the money flows are controlled only online by the anonymous group of volunteers (also called peer); every single transaction is documented. Approximately 10,000 businesses worldwide accept payments with virtual currencies already, and the number is increasing steadily. This article analyzes the advantages and disadvantages of virtual currencies in comparison to real money and gives an outlook to a new banking system with high transparency and the chance to lead to a paradigm shift in the world of transactions and banking.
Keywords
Virtual Currencies; Bitcoin Advantages and Disadvantages; Outlook; Future

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How to Cite
RICHTER, Chris; KRAUS, Sascha; BOUNCKEN, Ricarda B.. Virtual Currencies Like Bitcoin As A Paradigm Shift In The Field Of Transactions. International Business & Economics Research Journal (IBER), [S.l.], v. 14, n. 4, p. 575-586, july 2015. ISSN 2157-9393. Available at: <https://cluteinstitute.com/ojs/index.php/IBER/article/view/9350>. Date accessed: 25 sep. 2017. doi: https://doi.org/10.19030/iber.v14i4.9350.