Information Systems for Business and Beyond (2019)

The following Bitcoin section includes a look at a new banking venture in Tanzania, East Africa. Bitcoin

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--- Bitcoin is a worldwide payment system using cryptocurrency. It functions without a central bank, operating as a peer-to-peer network with transactions happening directly between vendors and buyers. Records for transactions are recorded in the blockchain. Bitcoin technology was released in 2009. The University of Cambridge estimated there were 2.9 and 5.8 million unique users of bitcoin in 2017. 2 This web site provides more information about bitcoin. A major bitcoin project is underway in Tanzania. Business transactions in this East African country are fraught with many challenges such as counterfeit currency and a 28% transaction fee on individuals who do not have a bank account. Seventy percent of the country’s population fall into this category. Benjamin Fernandes, ----

Information Systems for Business and Beyond (2019) pg. 124

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