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.
