Analysis of the Bitcoin blockchain: Socio-economic factors behind the adoption
As the first decentralized digital currency introduced in 2009 together with the
blockchain, Bitcoin offers new opportunities both for developed and developing
countries. Bitcoin peer-to-peer transactions are independent of the banking
system, thus facilitating foreign exchanges with low transaction fees such as
remittances, with a high degree of anonymity. These opportunities together with
other key factors led the Bitcoin to become extremely popular and made its price
skyrocket during 2017.