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Journal: Innovative Economics and Management (Vol.II, No. 1)

Publication Date:

Authors : ;

Page : 106-108

Keywords : Bitcoin; Mining; Socio-economic Development; Investments; Satoshi; Virtual Currency;

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The Bitcoin is defined as an international virtual digital currency invented by Satoshi Nakamoto. The bit coin is the internet source of saving and payment. The Emission of bitcoins is called mining . This process is not managed by any central government that enables to avoid the devaluation of the currency. There exist the following subunits of the bit coin: Micro bitcoin (uBTC) = 0.000001BTC, Milli Bitcon (mBTC) = 0.001BTC, Satoshi is the lowest possible unit of bitcoin (0.00000001 BTC). There are listed the World's Top 10 Bitcoin-Friendly Countries 1 : Estonia, The USA, Denmark, Sweden, South Corea, The Netherlands, Finland, Canada, the UK, Australia. However, t he Bitcoin has its advantages, such as: Freedom in payment, Control and security, Informa - tion is transparent, very low fees and etc. and the disadvantages- Not widely used , No physical Form. However the bitcoin becomes popular also in our country gradually. The leader company of bitcoin-mining, the member of international Bitfury group has established 2 companies in Tbilisi and Gori. That means to open the opportunities to the World innovative technologies Map. That can be regarded the key source to attract extra investments and to create the new vacancies. All these will have its important effect on the Georgian socio-economic development.

Last modified: 2018-02-14 05:55:39