Just a few short years ago, it would be challenging to find anybody familiar with Bitcoins or with cryptocurrency in general. That former reality dramatically changed a few months ago when the familiarity with and the popularity of cryptocurrencies—Bitcoin in particular, had skyrocketed. To just scratch the surface, Bitcoin is a payment system that one could compare to PayPal. It is a peer to peer system that was originally introduced to the world as software that is open source. Cryptography is responsible for both controlling the transfer of the currency and its very own creation. According to a recent article published by Forbes, "Bitcoin is a grassroots nonprofit project that seeks to fashion a new currency out of little more than cryptography, networking and open-source software" (Greenberg 1). The main cause for the significant attention that Bitcoin had achieved last year, was its value known for constant fluctuation which had managed to shoot up past $1300 USD, for a single coin. While managing to turn quite a few early adopters into millionaires, this substantial increase in value also drew the attention of the mainstream media and transformed Bitcoin, as well as other cryptocurrencies like it, into virtual assets with a lot of potential in a number of different aspects (Greenberg 2). The future of cryptocurrencies and their use as both virtual and decentralized currencies and as tradable assets is currently looking to be a bright one, as their adoption throughout the world is currently seeing rapid and significant growth.
Perhaps the most purposeful use for cryptocurrencies like Bitcoin is, like the name implies, as a virtual currency. At present, it seems that Bitcoin has the most potential of all the cryptocurrencie...
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...naires created due to the vast amount of coin early adaptors managed to gather. In order for the future of cryptocurrencies to ultimately reach that milestone of replacing fiat currency as a mainstream, standard payment option, and for its future as both virtual, decentralized currencies and as tradable assets, it is currently looking to be very bright. Although a great deal of progress has already been made in this regard, there is still quite a lot that needs to be done. Yet, optimism should remain in tact as improvements are constantly taking place and cryptocurrency continues to draw the attention of millions throughout the world, with many financial analysts predicting an even more significant growth in cryptocurrencies’ values. As the uses and advancement in technology continues daily, our society continues to become more and more digital in every passing day.
Jacobs, Edwin. "Bitcoin : A Bit Too Far?." Journal Of Internet Banking & Commerce 16.2
Bitcoin is a digital currency that was started in 2009. It is a digital representation of currency with no actual tangible representation. Bitcoin, commonly abbreviated as BTC or XBT, is distributed worldwide, decentralized digital money (also called cryptocurrency). It is decentralized, meaning it is not controlled nor backed up by any government, country, or individual entity. Unlike traditional currencies, such as dollars and euros, bitcoins are issued and managed without any regulation from any central government. Thus, it is more resistant to inflation and corruption. A Bitcoin derives its value basically from the demand and usage of bitcoins, similar to a stock. Bitcoin doesn’t derive its value from the government; it derives its value from the people. The more that use/accept it, the more of a demand there for it, and the more valuable it becomes. Bitcoin is controlled by the people; you are your own bank. Transaction terms are determined by the user. Bitcoins can be bought with credit cards, PayPal, bank transfers, or even going to a local bitcoin exchange and buying them with cash. A person can acquire bitcoins as a payment for goods or services, purchase them with real money at a Bitcoin exchange, exchange bitcoins with someone you know, or earn bitcoins through performing mining services for the network. It has value and can be exchanged for real physical money, it’s valued exchange rate goes up and down like a stock, and it’s traded online like PayPal, but it is none of these. It’s widely considered as the future of world currency, but also scrutinized as a gateway for illegal activity. So which is it?
Goodale, Gloria. "Rise of Bitcoin: Is the digital currency a solution or a menace? (+video)." The Christian Science Monitor. The Christian Science Monitor, 23 Nov. 2013. Web. 25 Nov. 2013. .
The topic that I’m going to write about in this paper will be on the electronic currency released in 2009 known as Bitcoins. Bitcoins is a type of currency that entails computer software to be used with one person exchanging with another person for a different kind of trading option such as the US dollar, products or services. There is a fourth reason why Bitcoins can be exchanged which is done when a person is mining, that occurs when a participant acts as a mediator for transactions whereas mediator approves and documents. Bitcoins is one of the largest and first electronic currencies ever created by any developer including the makers Satoshi Nakamoto. Bitcoins doesn’t meet the characteristic guidelines to be considered an actual type of currency, though the US Treasury recognizes it as a type of decentralized currency in that no person or organization including governments oversees the transaction of Bitcoins.
The coins made in gold, silver and bronze were traded during Roman Empire and the shortage of coins created a barrier for money circulation. However with the establishment of paper money, a sophisticated banking, global clearing system and electronic money, the global financial system evolved with a worldwide framework of legal agreements. In the Global Financial market, foreign currencies issued by the world, countries are traded by the buyers and sellers using currency exchange rates. Now a day, it is very common practices of companies in one country to raise capital in a foreign country by listing their stocks on major foreign exchanges given the growth of equity markets are becoming more globalized (SNHU, 2015).
“The Economist Explains, How Does Bitcoin Work?” The Economist (2013): n. pag. Web. 08 Apr. 2014.
Money has evolved with the times and is a reflection of the progress of man. Early money was a physical commodity, grain, gold or silver. During the vital stage, more symbolic forms of money such as certificates of deposit, bank notes, checks, letters of credit, bonds and other forms of negotiable securities came into prominence. Social development transformed money into a trust, “In God We Trust' it says on the back of the ten-dollar bill.” (The Ascent of Money, 27)
The documentary Banking on Bitcoin from director Chris Cannucciari was a documentary released in 2016. Throughout this documentary Cannucciari asserts that the cryptocurrency Bitcoin is the future. Using Bitcoin experts and enthusiasts, this documentary is working to persuade people that Bitcoins peer to peer non-centralized system is the future and should be used over traditional banking methods. The targeted audience for this documentary is businesses, government officials, and anyone interested in the Bitcoin technology. The tone of this documentary is ardent while also informative.
Bitcoin is a digital currency, similar to cash due to the fact it is instant, however, is not managed or controlled by a central government or organization. Instead, the network is run on thousands of independent user’s computers. None of these computers have more control over the network than any other computer. The network that Bitcoin was founded upon is based on 40 years of research in cryptography and over 20 years of research in cryptocurrencies; by thousands of researches around the world.
Michael Rodriguez James Maughn English 1A 20 May 2015 bitcoin fantasy. The Nation. The World. The World. ARE DIGITAL CURRENCIES THE FUTURE OF MONEY?
In recent times, the company Ripple and its crypto-token XRP have been spread far and wide around the monstrous void that is the internet. Via social media sites, YouTube videos, blogs, news headlines, and more XRP as almost become a household name. As a result of this widespread growth in popularity, masses of people have become obsessed with “Ripple” and want to know “how to purchase XRP” and “what the price of XRP amount to by year’s end”. With so much being said and so many people interested it is highly beneficial to inform the general public on what Ripple actually is and the precise function of XRP.
The invention of money was a major improvement in peoples’ lives. In the past, people usually had to travel all day to find the person who is willing to exchange their goods. In addition, the goods people want to exchange did not have the standard value of measurement. This led to unequal exchanges. Furthermore, it is not convenient to carry heavy goods from one place to another for an exchange. To solve these issues, money will be the only solution. Later, people tend to develop money from cowry shells to credit cards for the convenience and to improve their society.
The invention of money is perhaps one of the greatest achievements of human civilization. From the very beginning of society, people have used money to circumvent the difficulties of bartering and to foster trade and commerce. Since then, money has come a long way. No longer do we need to rely on silver coins, cocoa beans, or even anything of intrinsic value to conduct our business; today, we use paper currency, which is convenient and easy to carry around. But slowly, we are moving into the digital age of money, an age in which less of our money is actually tangible and more of it is just data on a computer server.
No economic systems can regulate the production or value of the currency, the system that crypto-currencies are based upon was created by Satoshi Nakamoto - purposely creating Bitcoin which the practise of fractional reserve banking would be virtually impossible. Bitcoin is currently the most successful crypto-currency to date - created in 2009, this anonymous decentralized digital currency has been the target of several raids and hacking sprees; the media are contemplating the significance of Bitcoin in our current worlds economy. Whether it has potential of overruling fiat-currencies or if it’s just a puerile project created by the aberrant Satoshi Nakamoto. Global Perspective Since its creation in the ‘60s, the Internet has paved the way for numerous phenomenons that have affected the way that we live, the way we communicate and that have affected the worlds economy.
Inflation is the rate at which the purchasing power of currency is falling, consequently, the general level of prices for goods and services is rising. Central banks endeavor to point of confinement inflation, and maintain a strategic distance from collapse i.e. deflation, with a specific end goal to keep the economy running smoothly.