Electronic Payment System “Peer-to-Peer”: Analytical Study of Virtual Currencies, Bitcoin as a Model

Abstract

The peer-to-peer electronic payment system's financial transactions are examined in this research. This research uses an analytical methodology to examine the workings of virtual currencies, most notably Bitcoin. It uses a comparative methodology by analyzing the factors that led the monetary authorities in numerous nations, including the Kingdom of Saudi Arabia, to decline to deal with Bitcoin. According to the study's findings, Bitcoin cannot be used in its current form from an economic or legal standpoint.