Article : Bitcoins: A Currency Or Speculative Instrument

Title

Bitcoins: A Currency Or Speculative Instrument

Author

Dr. Vipin Kumar Aggarwal

  Bitcoin is a decentralized virtual currency that emerged privately in 2009 with an objective of providing a low cost medium of exchange to facilitate transactions (locally as well as internationally). Financial institutions that facilitate transactions with government backed currencies need to invest heavily in infrastructure to be able to serve as effective facilitators of transactions. These infrastructural costs are passed on to merchants and customers in various forms such as credit card fees, wire transfer charges etc. The virtual currency bypasses this expensive infrastructure by utilizing the power of the Bitcoin network based on peer to peer technology. The purpose of this paper is to look at the price trend of bitcoins and to examine its significance as an alternative currency. 

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