Global Transfer of Bitcoins from One Party to Another

Abstract

We have been hearing about Bitcoins for several years not only in the news but also in TV series. The problem is that in most cases, especially in TV series, what Bitcoins really are and what we can do with them is distorted. It is not controlled by any authority, it is not stored in banks, it is not traceable and, in many cases, especially in the early days, it is associated with illegal activities related to drug and arms trade. But if we dig a little deeper into what this new currency actually means, we can see that it could become a widely used currency by users in the near future. Bitcoins is the thing that used by any person or organization without any restriction and this currency may be used as a currency officially. To understand transferring bitcoins among parties globally, it can be essential to clarify what a bitcoin is itself.