peer-to-peer payment system Bitcoin

Question No. 1

After researching the peer-to-peer payment system Bitcoin, and the alternative (complementary) currency WIR [WIR Bank], please extensively address the following

points:

1. What are the main differences, if any, between the two “virtual currencies”?

2. What are the similarities, if any, between the two “virtual currencies”?

3. With specific reference to Bitcoin, please explain how and why the risk of money laundering arises;

4. With specific reference to WIR, please explain your point of view on these items:
a) How did WIR start?
b) Why did WIR start?
c) What are the main advantages of WIR for the local community (e.g. people, organizations, etc..);
d) What are the limitations associated with the use of WIR?
e) How can WIR help the economy?
f) How can WIR help commercial credit and commercial debt?

5. Debates over complementary currencies are becoming more popular, and some suggest that such currencies would help sustain economic growth at times of recession or

recession-like times. Please state if you agree or disagree, and explain your reasons.

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