I need help creating a thesis and an outline on Security and Cyber-Attack of a Bitcoin. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required.
One can use a Bitcoin to transact online or buy things like manicures, pizza or web-hosting.Bitcoins became famous after its introduction in 2009 because of its features. For example, as mentioned earlier, transactions using Bitcoin can be done anonymously. Additionally, Bitcoin is used online meaning that the transaction can be conducted in any part of the world. Because of such features tied to Bitcoin, transactions can be done without any regulation from the government. In addition, Bitcoin cannot be charged like normal currencies.
However, the use of bitchin led to huge criticisms from interest groups and some countries.Altshuler et al. (198) point out that Bitcoin attracted many users right after it was introduced in 2009. The study shows that a Bitcoin was going for $30. It attracted much attention in the market and media far more than any other currencies. However, the use came under criticism from interest groups and politicians. The critics argued that the use of Bitcoin encouraged money laundering. The senators from the U.S. and the interest groups from Germany such as the Federal Association of Digital Economy pointed out that Bitcoin is not good.
They argued that because of the anonymity features of bitchin and its use, the currency attracted illegal transactions and money laundering. They also pointed out that the use of Bitcoin will not be good for society because users will evade taxes. The study reveals that bitcoin is decentralized in nature making it a bit hard to regulate.However, some users argue that the anonymity nature of a bitcoin is not the main objective behind its application. Other people have different views. One member behind the development of Bitcoin, Jeff Garzik explains that there are no statistics relating to the illegal transaction using bitcoin.
There seems to be huge disagreement relating to anonymity despite claims that anonymity has nothing do to with its use. .Other users believe that anonymity is the main idea for use of Bitcoin. For example, WikiLeaks, an organization renowned for releasing government and people secretes accepts Bitcoin.