[kictanet] Public Notice by CBK on Virtual Currencies

[Mark Kipyegon]

The peer to peer nature of bitcoin is designed to remove the need of a
central regulatory authority.

The blockchain [1] that supports bitcoin covers the risk of not having a
central authority i.e. a trusted third party by recording every bitcoin
transaction in the public domain.

For those who wish to learn more, the original paper on bitcoin is
available online [2]

[1] http://www.investopedia.com/terms/b/blockchain.asp

[2] https://bitcoin.org/bitcoin.pdf

On 17/12/2015 09:24, kictanet-request at lists.kictanet.or.ke wrote:

> 
> I may not agree with your assertion on the traceable of the currency. the users can trace and track their transaction more clearly and openly than the paper money transactions that have great attention in trade. the difference that people fail to und3erstand is that they are crypto currencies and that only if you are in it then can you argue as you say. in simple terms they are a hidden currency and that only two persons can trade a bitcoin rather than the third party. these leaves the "wanna be" third party left out and remains clueless, hence the argument that they cannot be traced.I agree with you that in future the currency should give room for third party. i.e a regulatory body in these case. these will help to foster trust for its use in the economy.
> 
> 

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