What is Bitcoin and how does it work?

Bitcoin involves a peer-to-peer system where users communicate using an exchange or a central bank, or the Internet. These decentralized networks can create decentralized services, such as distributed ledger systems like Bitcoin, and allow the use of the digital currency through financial services such as payment, and thus have a significant impact on the economy, not just on the U.S. or global economy.

"We do not need any of those technologies being invented or sold under the hood," says Alex Vozis, former chief executive of JPMorgan Chase Bank, a New York-based financial information startup that markets itself as the "central bank to the economy." "We use technology to solve problems now and then, and we have created great value for the American public."

Vozis says his firm uses Bitcoin to track and verify payments on a massive scale. He uses an algorithm that tracks transactions across over 200,000 individual online merchants, and 

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