Alternative Digital Currencies ( Bitcoin, Litecoin and others)
Alternative digital currencies represent a major innovation in the evolution of money. While not actually legal tender they are growing rapidly in popularity and usage. The main benefits of Bitcoin and others relate to their protection of user anonymity, minimal transaction fees, and their independence from both government control and the banking system. These alternative currencies have been very controversial due to their use as a preferred method of payment in the underground and black market economy. Your paper should evaluate the future potential these currencies becoming mainstream money. The report should address both the opportunities and challenges facing these currencies and the implications regarding their potential impact on society- including the economy, government, the banking system, as well as the regulatory environment ( eg. law enforcement and policy issues).