Summary Of The Article By Elizabeth Trinh

Article Summary Student’s Name Institutional Affiliation Article Summary The article by Elizabeth Trinh focuses on technological advancement through the use of Bitcoin. Bitcoin as a payment method has revolutionized the financial system. The article suggests that the Bitcoin method of payment was first used in 2011 by a 25-year-old engineer, who had moved from Connecticut to Southern California (Trinh, 2018). Although bitcoin has faced several critics from the financial analysts, its popularity has grown over the years. Currently, the New York Stock Exchange and Goldman Sachs are some of the renowned financial institutions in the United States that have recognized the use of bitcoin as a valid payment method. It is an advantageous technique for monetary transactions as it is managed by mathematics and an encryption process (Trinh, 2018). In essence, Bitcoin mode of payment is a more secure method than the Visa and MasterCard, which were established in the 1950s and 1960s, respectively. These payment methods have not undergone significant changes despite the advancement in technology, which has left them vulnerable in the modern business world. Bitcoin was invented in 2008 by Halloween; a group of computer programmers. They implemented the method under the pseudonym “Satoshi Nakamoto’ and published a paper titled Bitcoin: A Peer-to-Peer Electronic Cash System on the internet. They invented a strategy that would eliminate the third party in any business transactions, which is a common approach for business transactions. Nakamoto maintained their improvements in the use of Bitcoin, and by 2010, they relocated management of the source code to Gavin Andresen, the chief scientist of the Bitcoin enterprise and other renowned associates of the Bitcoin ...