Bitcoin the cryptocurrency: boosting global economic growthBitcoin is a form of digital currency that is similar to physical money stored in a digital form . It is the first fully implemented cryptocurrency protocol using an open source peer-to-peer payment system. As a transfer protocol, it essentially functions as a means of money transfer that sends bitcoins from one user to another without the need for a third-party intermediary and the system is protected by cryptographic algorithms evaluated by peers. This cryptographic digital currency simultaneously offers users a method to exchange money for free or for a nominal fee, which is mutually beneficial for retailers and consumers. The main concern is that it can be used for illegal activities such as purchasing drugs, weapons and other illegal goods. While this is true, the problem also exists with all other forms of regulated currency, such as cash and wire transfers. Anonymity is one of the biggest benefits of Bitcoin, however, nothing is as untraceable as cash. It's the solution to major economic and security problems that have left everyone vulnerable, especially following the Target security breach in which hackers stole unencrypted credit card and card data. throughput of 40 million customers along with their PIN codes during this period. two weeks before its detection. Additionally, these hackers were also able to obtain the names, addresses, phone numbers, and email addresses of 70 million customers (Andreesen 6). If Bitcoin were to be used as a standard payment method, the transaction data would not identify the identity of the buyer and all information would be encrypted. It is the most secure payment method and is a more secure future. Bitcoin is a technologically innovative solution...... middle of paper ......Web. March 26, 2014. “The economist explains how Bitcoin works? The Economist (2013): n. page. Internet. April 8, 2014. Boring, Perianne, “Bitcoin Basics for the “76%” Who Have No Idea What It Is.” » Forbes (2014): n. page. Internet. April 10, 2014.Carmody, Timothy, “Money 3.0: How Bitcoins Can Change the Global Economy.” NationalGeographic (2013): n. page. Internet. April 6, 2014.Ober, Micha, John Azzarello and Miles Kara. “Structure and anonymity of the BitcoinTransaction graph.” Internet of the Future (2013): n. page. Internet. April 8, 2014.Patel, Sital “Big banks jump on the Bitcoin bandwagon”. MarketWatch (2014): no. page. Internet. 08Apr. 2014. Ridley, Matt “Cooking the Books: Bitcoin or Bit Con.” » The Socialist Party of Great Britain (2013): n. page. Internet. April 27, 2014. Wingfield, “Bitcoin Pursues the Mainstream.” NYTimes.com (2013): n. page. Internet. April 27. 2014.