The internet was a phenomenon that enthralled excitement in people during the 1990's when the internet became public and has since evolved to become a staple of our society. The evolution of the internet has been likened to that the commerce industry may be facing with the increasing popularity of Bitcoins and other forms of digital currencies entering the market (Tindell). Bitcoin is a digital currency that was created by a person obscured under the pseudonym, Satoshi Nakamoto (Maurer), on November 1, 2008. Bitcoin is an open-source online currency system that is secured by peer to peer connections. With the disappearance of Satoshi Nakamoto, the open-source code of the Bitcoin was modified and maintained by early bands of Bitcoin enthusiasts (Wallace). Bitcoin is not backed by any central authority or by a commodity such as gold, but rather relies on peer to peer networking and cryptography for the integrity of the currency (J.P.). This digital currency is stored in personal hardware on wallets or online wallets and due to its high liquid nature can be quickly transferred to other accounts over the internet (Grinberg). Bitcoin is a digital currency that has new features that distinguishes it from past attempts at digital currency and has major implications on our society including effects on our economic, legal, commerce, and global infrastructures.
Those interested in Bitcoins can acquire them in three ways: purchasing, accepting as payment, or mining. Acquiring Bitcoins in any manner involves installing the Bit client software and creating a wallet (Biggs). This wallet can either be created online or on personal hardware with recommended back-ups made in case of hardware failure. Bitcoin transactions cost only a very sma...
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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?
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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.
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In the documentary, Money and Medicine (2012), we learned that America is facing a health care crisis because over-diagnosis and over treatments (PBS 2012). This turns
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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.
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BY DOUG HENWOOD What’s being touted in some circles as the future of money looks hardly more peaceful than its past. Bitcoin, a formerly obscure cybercurrency, is now all over the headlines with reports of bankruptcies, thefts and FBI lockdowns. If our fate is to buy and sell bitcoins, this instability is troubling. But despite the headlines, the triumph of Bitcoin and related cyber-currencies is a lot less likely than recent commentary suggests.
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.
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.
Shirur, Anand. "Evolution of Money by Anand Shirur." Evolution of Money. 07 Dec. 2013. .
The Internet has revolutionized the computer and communications world like nothing before. The Internet enables communication and transmission of data between computers at different locations. The Internet is a computer application that connects tens of thousands of interconnected computer networks that include 1.7 million host computers around the world. The basis of connecting all these computers together is by the use of ordinary telephone wires. Users are then directly joined to other computer users at there own will for a small connection fee per month. The connection conveniently includes unlimited access to over a million web sites twenty-four hours a day, seven days a week. There are many reasons why the Internet is important these reasons include: The net adapts to damage and error, data travels at 2/3 the speed of light on copper and fiber, the internet provides the same functionality to everyone, the net is the fastest growing technology ever, the net promotes freedom of speech, the net is digital, and can correct errors. Connecting to the Internet cost the taxpayer little or nothing, since each node was independent, and had to handle its own financing and its own technical requirements.