Digital currency

547 Words2 Pages
bulb-icon

Recommended: Bitcoin: a new global economy

Throughout history many types of currencies have been used in their purest physical form for simple transactions between people. Initially it all started with the primitive trade of cattle until the use of somewhat more advanced Chinese cowrie shells replaced such currencies. Today, humans have evolved so drastically that technology has pretty much become an extension to our Phenotype. Physical currency is no longer required, so innovators have found ways to create our reality more and more virtually by developing currencies which no longer require to be consisted of physical matter. One of the most notable digital currencies in today’s online world is bitcoins. In the past years it has found its place within the Age of the Internet even though previously many people had doubts concerning the future prospects for such digital currency.
However due to the network effect of the bitcoin, the anonymity of transactions and simply the widespread growth of the bitcoin, the future of this crypto-currency seems both promising and prosperous.
The network effect is based on establishing a solid...

Show More
Related

  • Explaining the Bit in Bitcoin

    2063 Words  | 5 Pages

    Jacobs, Edwin. "Bitcoin : A Bit Too Far?." Journal Of Internet Banking & Commerce 16.2

    Read More

  • Digital Currencies: Bitcoin

    2291 Words  | 5 Pages

    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?

    Read More

  • The Underground Online Revolution: Online Black Markets and the Bitcoin

    1448 Words  | 3 Pages

    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. .

    Read More

  • Bitcoins Essay

    981 Words  | 2 Pages

    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.

    Read More

  • Akiane Kramarik

    1299 Words  | 3 Pages

    more and more popular these days. There are a great number of people who find inspiration and

    Read More

  • Bitcoin the Cryptocurrency: Stimulating Global Economic Growth

    1748 Words  | 4 Pages

    “The Economist Explains, How Does Bitcoin Work?” The Economist (2013): n. pag. Web. 08 Apr. 2014.

    Read More

  • Pros And Cons Of Bitcoin

    965 Words  | 2 Pages

    The article ‘Minting Pure Reason’ written by Jyotirmoy Bhattacharya concentrates on the mechanism of bitcoins, security concerns while trading using bitcoins and pros and cons of using bitcoins as a currency. The author also questions whether bitcoins, in future can replace actual currencies (referred to as ‘little pieces of coloured paper’ in the article).

    Read More

  • The Pros And Cons Of Cryptocurrency

    3058 Words  | 7 Pages

    On the other hand, there is the element of widespread profit from the market of the electronic currency. The ones who [participate...

    Read More

  • Analysis Of The Documentary Banking On Bitcoin

    1403 Words  | 3 Pages

    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.

    Read More

  • What is Bitcoin? Is it the Cash of the Future?

    1402 Words  | 3 Pages

    It is important to note, that while Bitcoin can be very difficult to understand, most people don't fully understand most of today’s technologies that influence their everyday lives such as telephones, cell phones, the internet, and computers.

    Read More

  • Argumentative Essay On Bitcoin

    2950 Words  | 6 Pages

    Michael Rodriguez James Maughn English 1A 20 May 2015 bitcoin fantasy. The Nation. The World. The World. ARE DIGITAL CURRENCIES THE FUTURE OF MONEY?

    Read More

  • Essay On Ripple

    1018 Words  | 3 Pages

    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.

    Read More

  • The Future of Our Money

    2427 Words  | 5 Pages

    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.

    Read More

  • Crypto-Currencies Essay

    1267 Words  | 3 Pages

    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.

    Read More

  • Ethical Issues in e-Commerce

    1594 Words  | 4 Pages

    The Internet has received a great deal of attention in the media lately due to its tremendous

    Read More

More about Digital currency

Open Document