Bitcoin as a New Exchange Medium
Money is an item used by men as an exchange medium to replace the previous barter-based system. An object can be represented as money if it meets the following criteria. Generally accepted by the public, materials used to fabricate money must be durable, cannot be easily faked, necessary to be portable, can be divisible without losing its intrinsic values. Above all, its existence has to be guaranteed by the government and the value needs to be stable from time to time. Although it may appear that Bitcoin already meets all the essential requirements as a medium of exchange, there are countries that do not accept, and even some of them totally ban it. To completely legalize Bitcoin as a mature currency seems to be far from achievable.
Merchants are starting to accept Bitcoin for a new payment method. There is a great deal of merchandises that can be bought with it varying from candies to cars. After this virtual currency is getting more widely used by merchants, the value is getting more stable (Nytimes, 2014). On the early 2013s, Bitcoin’s price rose from roughly thirteen to one thousand dollars. Its price bubble is one of many reasons why Bitcoin is the new trend for investing money.
It is true that the price of Bitcoin is getting stable this time around. However, skyrocketed from thirteen to one thousand dollars? Obviously not a sign that it is attaining it’s stability point. With only lasting for about sixty days, it dropped again for about half of the price. After many vendors are accepting Bitcoin as a transaction method, the price goes bubble. Due to this extraordinary phenomenon, the bubble goes burst during the time when many people who have their Bitcoins exchanged them with money. ...
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...concerns as it can affect national currencies, potential for illegal mistreatment, and tax problems. Tax is debatable in which many nations have different perspective whether it is taxable or not. Since it cannot be applied for tax payments or government obligations, Germany pronounces Bitcoin as an illegal form of payment. Meanwhile, Canada has declared that the income earned from Bitcoin is taxable (Verdict, 2014). While other countries are still in the waiting phase. Also, there are recent cases where Bitcoins are being used as an illegal transaction for drug smugglers and terrorist to laundry their money. There are still multifarious problem that needs to be dealt with in order to legalize Bitcoin.
Although this essay believes that realizing Bitcoin as the new currency is far from possible, to completely ban it from being used is also not the right solution.
This currency is decentralized as there exists no central controlling body. Unlike normal currencies, bitcoins don’t exist physically. They are used to transfer funds between two parties at a smaller fee. They are created through a procedure referred to as mining where people use computers to solve very complex mathematical problems. Bitcoins came into existence in early 2009 by a mysterious figure only known as Satoshi Nakamoto. Nobody knows who this person, group of persons or organization is. With no middle men and excess fees, bitcoins can be used globally to make
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.
Marijuana has been the center of debate for several years now. There are many opinions on the subject, some believe that marijuana will be a “save all” that can help with medical advances, is less harmful than alcohol along with the taxability, so they push extremely hard for it to be legal. Others believe it will cause the world to collapse starting with it being addicting and moving to the detrition of our mental health, and want to do all they can to keep it illegal. Even though some believe it is bad for your mental health and can be very addictive, marijuana should be legal because it has positive medicinal and recreational uses and is taxable and safer than alcohol.
“The Economist Explains, How Does Bitcoin Work?” The Economist (2013): n. pag. Web. 08 Apr. 2014.
The greatest question many have sought to answer is the creation vs. evolution debate. How did we get here? Were we created or did we evolve randomly? Are we the product of purposeful intelligence or are we the result of countless mistakes? Does it even matter? The story of money is similar to the story of humanity. Was money created or did it evolve. If it was created we can assume it will die. If money evolved then we can assume the future is unknown. In his book, The Ascent of Money a financial history of the world, Neil Ferguson historic analysis of money answers many of these questions. Ferguson believes money essentially mirrors mankind, magnifying back to us our progress, failures, values and weaknesses.” (The Ascent of Money, 358) The history of money shares many similarities to the history of man; Ferguson parallels between finance and Darwinism, illustrating the natural mechanism of our financial ecosystem that evolves, creates, competes, and dies.
Banking on Bitcoin acknowledges these opposing arguments throughout the film but negates them with many different rhetorical elements. The opposing argument does not stop this documentary from being effective in persuading people to use Bitcoin. Cannucciari has supplied sufficient evidence and logic along with rhetorical elements to persuade one into using Bitcoin. The concepts in this documentary support themselves and are still growing today. It would be no surprise to find that this documentary helped the growth of Bitcoin over the last
"Regulation of money supply needs to be depoliticized... especially as it applies to virtual currencies" - Al Gore
Michael Rodriguez James Maughn English 1A 20 May 2015 bitcoin fantasy. The Nation. The World. The World. ARE DIGITAL CURRENCIES THE FUTURE OF MONEY?
People have been fighting for the legalization of marijuana for a long time. Many people use this drug and find absolutely nothing wrong with it. Others find it disgusting and are opposed to the legalization of it. The earliest use of marijuana was documented in 7000 B.C. The ancient Greeks, Egyptians, and many others used it for medical purposes. Marijuana was first used in the United States during the 1800’s and was banned in 1937 without any reason given by the government except that “it was for our own good” (Block, “Why Marijuana Became Illegal”). Marijuana should be legal everywhere in the world because, although it is highly addictive, marijuana is not as harmful as tobacco and alcohol, having a regulated market for it would reduce the sale and use of it amongst people under the age of eighteen, and the government can save and make money off of it.
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. To some, this prospect may seem daunting. However, given the major advantages of electronic money over outmoded paper counterpart, society as a whole should embrace the upcoming era of digital money.
...society, I will say that living in a cashless society is the way to go. Let work together to make this future dream a reality so that we can be proficient, competent, and capable in abating the crime in our society.
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.
A cashless society will further improve the globalisation that characterise our present time. The computerised systems can be used to decrease the quantity of paper trail therefore substituting paper cash with cashless credits or electronic money transfers. However, in a cashless economy, this will change with certain crimes almost eradicated. It will also be faster to generate electronic payments than cash as Near Field Communications (NFC) chips make their way into more payments cards and mobile handsets as well providing protection not applicable to purchases made using cash. This technology is simple with low power wireless link evolved from radio-frequency identification (RFID) tech that can transfer small amounts of data between two devices identifying us and our bank account to a computer. Another benefit of drawing nearer to a cashless society is that other companies are providing pioneering cash-free solutions to the payment related problems we come across. For example, WisePay, a provider of e-payments services, is deploying technologies that ensure parents no longer have to worry about sending their children to school with cash to pay for meals, excursions and other fees that will eliminate the likelihood of being caught short for cash or children misplacing money. The Government also has valuable explanations why they may deem to turn away from cash. Due the main factor of printing and distributing cash, not to mention ensuring the economy is free from forgeries which are all costly endeavours estimating that the cost to society of using cash is between 0.5 and 1.5% of GDP annually. In addition, there are many technological innovations that propose there is a real enthusiasm for an alternative to cash with the upsurge...