Innovations in information technology are constantly surfacing in the world. Such technological advances are driving the economy forward in making business enterprises run more sufficiently. The financial markets are always trending towards investments that will increase their stock shares and sustain their marks on global stock exchanges. None of this is possible without currency. Whether it is the US dollar, British pounds, Japanese yen, or Mexican pesos, currency is the blood of business that is in a never-ending circulation. As information technology has continued to advance in the world, currency has gone digital. Digital currency is use by virtually all parties public and private. Credit cards, electronic checks, and even mobile money via smartphones are the most popular forms of digital currency among individual parties. Major financial institutions such as Bank of America and Wells Fargo manage clients’ bank accounts and host their digital currency balances. Trade debtors or cash handling organizations such PayPal and Western Union manage cash on hand accounts and are often used for online shopping. Though these trade debtors do not distribute loans or pay interest on accounts such as public financial institutions. Such digital currencies are government regulated however, and subject to accounting audits as well as taxes in pertaining tax jurisdictions. A new form of digital currency however, is on the rise. This currency is not regulated by any government, not subject to taxes or audits, and can even be transacted anonymously. It is a single unit of currency and does not need to be converted when transacted among differing countries. This rising digital and universally traded currency is called Bit Coin.
Often referred to as the cryptocurrency due to it being operated through computer science cryptology, Bit Coin is a primary attraction for investment bankers, businesses, and even the Internal Revenue Service (IRS)....