Review theBitcoin Video (Links to an external site.)

  • Write a 4-5-page paper including a summary of what you learned about Bitcoin, how this IT product is useful to accountants, and how it addresses web security and privacy concerns.
  • Assignment should follow APA guidelines with respect to use of subheadings, 1″ margins, and double-spaced. Use the CSU Global APA Instructions (Links to an external site.).
  • Page length requirements for the assignment exclude the title page and the reference page.
  • References need to include your textbook plus two additional credible academic references. All sources used, including your textbook, must be referenced; paraphrased and quoted material must have accompanying citations and cited per APA guidelines. Use of the CSU Global library is necessary.

Requirements: 4-5 Pages

Answer preview

Worth noting, the exchange of the cryptocurrency exchange is usually a simple process like sending an email. The primary user sends the bitcoin to a public ledger following cryptographic protocols that prevent double-spending. Generally, these bitcoins act as rewards for payments made. After a cryptocurrency exchange, an individual gets a bitcoin in a process known as mining. According to WeUseCoins (2014), miners get rewards from every payment made. In cryptographic protocols, blind signatures enhance privacy. These signatures are the secret codes or hash codes which verify ownership of the bitcoins. For individuals wanting to purchase bitcoins online, they have to open an account through Coinbase used in Europe, the USA, and the UK (, n.d.). Another option is Spectrocoin, applicable in Europe and Bisq, a global registration system highly convenient due to its privacy. The other step is loading the account with cash and then place an order. Order execution is the final step that leads to the withdrawal of bitcoins.

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