Satoshi Nakamoto, who called it a Peer-to-Peer Electronic Cash System, is the creator of Bitcoin, a sophisticated online payment system. Despite the initial skepticism, Bitcoin has gained popularity over the past few years and today has a market valuation of over US $300 billion.
Many agree that bitcoin is more than simply a new payment system; it also has blockchain properties and uses blockchain technology to ensure the security of its distributed ledger. Furthermore, Bitcoin has shown that tangible assets can be and will be digitalized. Blockchain is a decentralized system that relies on cryptography to keep an immutable record and enable trustless transactions and value transfers between all parties. This has wide-ranging implications for industries such as banking, insurance, healthcare, logistics, media, and others.
Since March 2017, the cryptocurrency market has become more competitive and less dominated by Bitcoin. However, it does not reduced the importance of bitcoin. This shift indicates the emergence of a wider variety of blockchain-based governance models, which are more sophisticated than traditional corporate governance. These novel forms of governance, which put computer code at the core of the system, highlight the need for new organizational governance research that takes into account the interconnection of different levels inside blockchain-based enterprises. The use of Bitcoin for cross-border remittances confronts significant legislative, institutional, and logistical hurdles despite its promise to transform international money transfers. It contends that the use of person-to-person payment rails to transmit evolving digital currency makes this space more widely recognized and subject to international regulation.
in 2021, El Salvador became the first country to accept Bitcoin as a currency. Further, Bitcoin’s growing adoption across different industries such as banking, finance, shopping malls, etc. is expected to boost its price over the period of time. Since Bitcoin is a digital currency independent of banks or central authorities, it can save airlines significant sums of money on foreign exchanges such as fuel expenses, maintenance, and flight operations. Many of these actions are performed overseas, and transactions may take long times to process. Bitcoin speeds up such transactions and hence gaining more traction among investors, traders, and among others.