In 2009, computer programmer Satoshi Nakamoto created an
open source peer-to-peer digital currency known as “Bitcoin.” As such, Bitcoin has no physical manifestation
and removes the need for third-party intermediaries (e.g., PayPal or Visa). In addition, because it is peer-to-peer,
its controlling computer code is open to public view. However, the unique feature of Bitcoin is
that it is the world’s first completely decentralized digital-payments system,
meaning that no government or central authority has control over Bitcoin. Businesses and venture capitalists have both taken notice of the potential promise of Bitcoin, and so too have
criminals.
