Bitcoin is the sign currency traded through the Open Source Cryptographic Protocol. Bitcoin transactions do not require financial institutions, regulatory bodies, or fixed houses. [1] Satoashi Naakamoto introduced this coin in 2008. He called this currency as peer-to-peer transaction. [2] [3]
Bitcoin transactions are protected by a server named Bitcoin Miner. If there is a bitcoin transaction between peer-to-peer communication systems in multiple computers or smartphones, its central server user laser updates. As soon as a transaction is completed, new bittacquines are produced. By 2140 new bits of bits will be reduced to half every four years. After 2140, 21 million Bitcoins will not be produced and no new bits will be made.
Since there is no need for a financial institution to complete the transaction of Bitcoin, and the transaction's movements can not be followed in any way [4] [5] Bitcoin is becoming increasingly popular in various places around the world. [6] In addition to legal products transactions, the use of bitcoin in drug smuggling and money laundering has increased alarmingly. Although Bitcoin has gained popularity as a digital currency, many people criticize it due to its high degree of price fluctuations, scarcity and limited use of business against international currencies. [7] [8]
Recently Bitcoin's first ATM machine has been introduced in Canada's Vancouver [9] . It is assumed that it will lead to further development of Bitcoin to become a currency. Drug, smuggling, the United States and Canadian government are considering to bring Bitcoin customers under the control of illegal arms trade and other illegal uses.