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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 and…
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The Comparison between and The success in online transactions is as a result of specific individuals’ innovativeness. 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 and These two companies, which started as sites, had some things in common. Apart from being products of individuals with the same ideas (starting online currencies), their names originated from money. Flooze was derived from the word flooz, an Arabic name for money and Bitcoin got its name from coin which is also a description for money (“Bitcoin Foundation” 1). 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 managed to overcome its economic restrictions leading to creation of indistinct number of bitcoins. 184 billion was raised and directed to two online addresses. also faced similar problem in 2001; a Russian crime syndicate used Flooz along with stolen credit card numbers in their money-laundering scheme (CNET Staff 1). Unfortunately, did not manage to overcome this challenge; the fraudulent activity led to its indefinite closure in late 2001.
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“Bitcoin Foundation.” Bitcoin. (2014). Web. 23 Sep 2014. < created-bitcoin> CNET Staff. “E-currency site Flooz goes offline.” Cnet. (2001). Web. 23 Sep. 2014. Read More
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