INTERNATIONAL BUSINESS Essay Example | Topics and Well Written Essays - 750 words - 1

INTERNATIONAL BUSINESS - Essay Example Though the technology is only a few years old, the amount of response it has received, in that short period is so overwhelming. The essay will provide more information on Bitcoin and its importance to the society. Apart from acceptance by many brick and mortar businesses such as restaurants and a number of online services like Amazon, it also uses Bit Coin technology. The most common way in which a person obtains Bit coins is normally through exchange or competitive mining (Shieber, 8). Mining is usually the process where individuals’ services to the network are rewarded. One thing that makes this technology unique is the fact that its mode of payment is easy. Unlike other purchases that require debit or credit card, for a Bitcoin purchase, one only needs a computer or phone (Shieber, 8). Through e-wallet application, one is able to make his payments because the only requirement is the recipient’s address. Bitcoin has a number of advantages. Unlike other financial institutions such as banks that operate from 8am to 4pm, Bitcoin has no such rules. Bitcoin is active at all times through the year, unless the system encounters an error or there it is undergoing an upgrade. Unlike ot her services such as PayPal that charge transaction fees, Bitcoin transactions are normally free of charge, only a small transaction fee is in situations where users wish to have the transactions done faster (Shieber, 9). Bitcoin also ensures that all transactions are secure and transparent. This is because the system is protected by cryptographically; therefore, there is little chance of tapping or altering information in the system. Whereas Bitcoin has many benefits, there are some limitations associated with it. Bit coin is far from being accepted because either people have not yet heard of it or they are still in doubt about this recent invention. Another disadvantage is that Bit coins can get lost in the network. With the massive number of Bitcoin transactions in a