Bitcoin.com vs Flooze.com - Essay Example

It is an Arabic name for money and Bitcoin got its name from the coin which is also a description for money (“Bitcoin Foundation”, 1). In addition to managing to produce their 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 to make 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 the creation of an indistinct number of bitcoins. 184 billion was raised and directed to two online addresses. Flooze.com also faced a 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 2001. Read More