The Banking Executive Magazine - March 2021

Bitcoin Numerous forms of currencies evolved throughout time: goods, gold, silver, banknotes, and elec- tronic money. Today Bitcoin is emerging as an innovative payment network and a new kind of currency. It uses peer-to-peer technology to op- erate with no central authority or banks. Bitcoin cryptocurrency is a virtual currency that uses Blockchain paving the way for cashless, digital economy. However, the essence of Bitcoin is still unclear. Is it money, commodity or simply a hype? The answer is not straightforward and dis- tinct views are plausible. The popularity of bitcoin has boomed since it was invented in 2010 capturing the interest of in- vestors looking for an alternative to ISSUE 147 MARCH 2021 the BANKING EXECUTIVE 9