Bitcoin as a Green Economy Solution –An Emerging Concept in India.
Introduction
Making payments is one of our routines and has changed its way very drastically. Initially there was barter system and then we moved from gold/silver coins for making payments, paper currency, and plastic and eventually electronic money payment. Now there is a new emerging concept-cryptocurrency. Bitcoin is one of the cryptocurrencies that is gaining popularity day by day.
What is it?
Bitcoin is a virtual or online currency used by internet to trade or payment for services across the world. It is encoded using cryptography for security so it cannot be easily falsified. They can be transferred from a computer or smartphone to another and cannot be traced. Its internationally recognized code is BTC.
Bitcoin was introduced in June 3, 2009 as a first cryptocurrencies, system of electronic money by a group of anonymous individuals. It is a decentralized currency that is created, used and controlled by its users. Bitcoin phenomenon is growing at a rapid rate. This currency is limited in a number to control inflation rate.
Review literature
Earlier there were practice of using barter system, gold/silver/copper system, paper system then plastic system in order to exchange in economy.
Barter system
An old method of Exchange introduced before 6000 BC. This system has been used for centuries and much until the money was invented. People exchange goods for other goods and services in return. Today, barter has made a comeback using techniques that are more sophisticated to aid in trade; for example, Internet. In ancient times, this system involved people in the same area, however today the barter is global. The value of the exchange of items can be negotiated w...
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...ere are plenty of places where Bitcoins are accepted as payment. This is likely to change, but for now the average person mostly buy Bitcoins as an investment.
Too volatile
Currently Bitcoin prices are going up like crazy. It is likely that the price will stabilize at around $ 10 U.S. U.S. current $ 200. Currently the price is going up so fast an online store would have to adjust their prices almost daily if they wanted to accept Bitcoin. It is very convenient.
Conclusion
At conclusion, it can be said that bitcoin can be alternative currency in future to be used instead of gold, silver, paper, plastic and other metals currency which leads to conserve environmental resources used for this currency making. In the 21st century everything is digital, virtual or online so it is better option to consider bitcoin as a solution for green economy.
Bibliography
world began to use this item as a means of currency. Leading in the production of this element
The first type of economic system that they movie shows is a traditional system. A traditional economy is an economic system in which the allocation of scarce resources and other economic activity is the result of ritual habit or customs. In other words a traditional economy is a barter or trade system, everybody decides WHAT WHEN and FOR WHOM. When the video first starts the Mochans had to trade all over the island to acquire what needed. After a while they had enough of trading the chief decided to switch to currency instead of trade.
Bitcoins emerged following the 2008 financial crash where banks were accused of mishandling clients’ funds, duping them and charging abnormally high fees. This prompted innovators to think of a way of solving the issue so that it would not happen again in the future. As a result, bitcoin pioneers thought of creating a currency that would put the transacting parties only in charge of their finances by eliminating middlemen, cancelling interest fees and ensuring that transactions are transparent. Bitcoin was therefore invented to facilitate the efficient transfer of money between two parties with no intermediary in-between at a cheaper cost and higher speed. Since their creation in 2009, bitcoins have grown tremendously. During the launch in 2009, bitcoins were worth a few cents, but as of January 2018, a single bitcoin was trading at about
To fully understand Bitcoin, you need to have a basic understanding about how traditional currency works. Currencies like the dollar bill and the Euro are backed by a central bank. This central bank is controlled by one or more countries. The dollar, for instance, is backed by the US government through the Federal Reserve System. The only reason people have faith in the US dollar is because it is backed by the US government. Consumers therefore, have faith not in the physical currency itself, but in the government behind it. The only value in currency is the faith we place in the country controlling it. The controlling government has complete control over the currency it backs. For example, every dollar bill is marked with a specific ID number. This allows the government the ability to track the bank note through the global market...
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 Bitcoin is a change for the global economy because it has the “…ability to move large sums of money across borders instantly, cheaply and potentially anonymously” (Foley, Noble, Chilkoti, and Jones, 2014). Although some countries have established strict enforcements on the Bitcoin, other count...
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.
But Bitcoin (capitalized as a concept, lowercased when referring to units of the currency, according to American Banker) is another animal entirely. It is the first and most famous of a large and growing family of so-called “cryptocurrencies.” Others include Litecoin, Feathercoin, Songcoin (“designed for The Music Industry”), Auroracoin (Iceland only) and Dogecoin (“the fun cryptocurrency”)—but Bitcoin is by far the largest. Its origin is traced to a 2008 paper written by the pseudonymous Satoshi Nakamoto. Newsweek recently claimed to have located the real one, but he promptly denied it, so the whole thing remains quite mysterious.
My first reason is that not everyone in the world takes only forms of electronic payment but also in the case of a city-wide emergency where there is no electricity there is no way to pay for items as a time of disaster. That would cause a panic among people who cannot obtain supplies. Some places are not that safe to use your credit card information that contains confidential identity that then it is quite difficult to fix fraud cases. Identity theft is a big issue that is hard to control and many skimmers who are always trying to steal your important information exist. According to article published by Bloomberg that big banks in Sweden are embracing a cashless society.
"Sometimes both parties are happy with the goods they receive, other times one country will liquidate the received asset, ultimately receiving cash in the deal. This is also referred to as "using barter to complete a trade." (www.investopedia.com, 2004)
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.
Firstly, an insight into crypto-currencies, what they are and how they can benefit the worlds economy. A crypto-currency is ‘digital medium of exchange’(RhettandLink) - managed through extensive encryption techniques known as cryptography. Comparable with fiat money, no group or individual can stunt, increase or abuse the production of crypto-currencies. 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.