Blockchain and cryptocurrencies application Bitcoin. How can the distributed system concepts be applied? Indeed, the first application of the concept is found in the form of Bitcoin as an attempt to rebut quantitative easing actions by the US Federal Reserve as previously illustrated. The idea was published in a paper titled A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto in 2008, with a key feature being the objective of preventing the double spending problem with an encrypted digital currency. According to Satoshi Nakamoto, in order to prevent the double spending problem, there will be only 21 million Bitcoins, the cryptocurrency to be issued. Can you trust Nakamoto? Well, you do not have to because the records are distributed to everyone in the network, and we have seen how difficult it is to change blocks in the distributed network.

Since then, Bitcoin has gained momentum to the extent that Tesla on February 9th, 2021, announced that it invested 1.5 billion US in Bitcoin and is also planning to start accepting Bitcoin as payment, giving significant legitimacy to the cryptocurrency. However, later in May, 2021, Elon Musk announced that Tesla would suspend vehicle purchases using Bitcoin due to environmental concerns.