Bitcoin has emerged as a hot topic in our marketplace. Launched in 2009, Bitcoin is considered the first cryptocurrency, which is a virtual currency, devoid of any physical form. This paper takes a strategic approach to investigating Bitcoin usage. Additionally, the paper provides insight on the societal impact of Bitcoin. As its demand increases, it appears that Bitcoin is here to stay, therefore gaining a better understanding of this new form of currency and its impact on the market is crucial. The paper begins with background information on Bitcoin, followed by an overview of current Bitcoin users, which provides insight on the influence of income and economic development on usage. The paper then takes a closer look at the power of Bitcoin by highlighting its increased usage during the coronavirus pandemic. The paper concludes by spotlighting companies that are currently accepting Bitcoin as payment and their motives behind this move.
Fabienne Cadet (Sat,) studied this question.