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It is also as a result of the challenges they faced in implementing their ideas. Good examples of open source exchange mediums that were used in the past include Flooze.com and…
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Download file to see previous pages In addition to managing to produce their own currency, the two companies also aimed at enhancing electronic transactions. This is evidenced by Levitan’s desire; he wanted to establish a currency that was different from other internet merchants. Just like Levitan, Nakamoto also worked industriously with an aim of making Bitcoin an open source exchange medium (“Bitcoin Foundation” 1). Additionally, the two dot-com ventures experienced serious transaction challenges at the start of their formation. In late 2010, the users of Bitcoin.com managed to overcome its economic restrictions leading to creation of indistinct number of bitcoins. 184 billion was raised and directed to two online addresses. Flooze.com also faced similar problem in 2001; a Russian crime syndicate used Flooz along with stolen credit card numbers in their money-laundering scheme (CNET News.com Staff 1). Unfortunately, Flooze.com did not manage to overcome this challenge; the fraudulent activity led to its indefinite closure in late ...Download file to see next pagesRead More
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