BITCOIN'S CONSTRUCTION AND ILLEGAL USE

Abstract

The inventor of Bitcoin is known by the nickname Satoshi Nakamoto, but in 2016, the true identity of the ending miracle of the Australian businessman Craig Wright explaining Bitcoin was revealed. Bitcoin is a digital currency used in monetary transactions in everyday life, such as central bank or other bank notes without a bank, using co-pending technology. The operations are controlled by the Bitcoin network and the design is open to the public and can not be controlled by any one. Expenses made with Bitcoin are made using mobile application, computer software or service provider providing Bitcoin wallet. Bitcoin deep web, money laundering and unregistered economy, since Bitcoin is purchased directly from Bitcoin and is not directly connected to the seller's purse, because Bitcoin is bought from intermediary sites in shopping centers which are not connected to any central authority or bank illegal use is allowed. Inaddition, Bitcoin is facing the risk of collapse due to the fact that the supply will not exceed 21 million and it is not used in legal ways. For this reason, Switzerland'slargestbanks UBS and Deutsche Bank, Santander and Bank of New York Mellon are working on a new digital currency and are planning to use it in 2018.