Critical Thinking Assignment: Topic Argument Whether it is the mainstream media or the online community, cryptocurrencies, the new and emerging digital money transfer system, is gaining interest fast. One of the most popular cryptocurrency, Bitcoin, recently has been the subject to numerous criticism and negative speculation in the mainstream media due to the recent fall of Bitcoin’s largest currency exchange, Mt.Gox. However, despite negative media reports, Investing.com reported that Bitcoin prices have recently surged past $700 dollars, up 41% since the 25th of February of this year (Investing.com, 2014). Bitcoin’s rallying prices has shown that people have true faith in its future, and that cryptocurrencies in general, are here to stay and are the future of money exchange. Cryptocurrencies exist on a decentralized monetary system, meaning that there is no central authority, government, or institution that controls the flow of the currency (Quast, 2014). The main benefit of having a decentralized monetary system is the freedom of dismissing the need to rely upon a third party, such as a bank, for monetary transfers. Cryptocurrencies are stored on a user’s own computer, and uses a peer-to-peer system to verify transactions, allowing for faster and cheaper money transfers all around the world (Clark, 2013). Having a decentralized system also prevents the manipulation of money for political or institutional benefits, as the flow of money will be handled by an online network, as opposed to an institution. In addition, cryptocurrencies are not subject to inflation, as it will have a fixed rate of generation that slows down as quantities increase, and will stop the generation new currency once a capacity limit on the supply has bee... ... middle of paper ... ...d readers with the news of “the fall of Bitcoin’s largest currency exchange, Mt.Gox” as a contrary evidence to the claim. Moreover, this piece of news was widely popular in the mainstream media, thus it serves as an effective tool to be relatable to the reader and to generate interest among readers. Works Cited Critical Thinking Assignment: References Clark, J. (2013, March 5). Bitcoin: Decentralized Virtual Currency. Retrieved March 09, 2014, from Data Center Journal: http://www.datacenterjournal.com/it/bitcoin-decentralized-virtual-currency/ Investing.com. (2014, March 04). Bitcoin rallies above $700 as prices continue to rebound. Retrieved March 04, 2014, from investing.com: http://www.investing.com/news/forex-news/bitcoin-rallies-above-$700-as-prices-continue-to-rebound-270066 Quast, B. (2014). Bitcoin and Cryptocurrencies. The Graduate Institute Geneva, 1-4.
When looking at a particular discourse community, one can come across a number of genres that are appropriately applied to articles geared toward the discourse community. Looking at the discourse community of the stock market, the two genres that appear the most often are news articles and analysis articles. Both of these genres can be written with an intended audience of either people within the discourse community, or people on the outside of the discourse community. The key point of differentiation, is the language that is used throughout the writing. It can be written using terminology that only people within the discourse community understand, or in a way such that everyone will understand exactly what is meant by the author. In comparing these two genres and two types of audiences, we can better understand exactly how the stock market discourse community is portrayed not only among its insiders, but to everyone else as well.
While it’s still questionable if Bitcoin will ever succeed and become a mainstream currency, its blockchain technology has already sparked huge interest and is being used outside the realm of Bitcoin. With the blockchain anything of value can be transferred and saved on a private basis. Its complex algorithms and simple transparency make it nearly impossible to cheat the system, and consequently ensure trust between strangers.
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 author Vincent Ruggiero defines critical thinking in his book Beyond Feelings: A Guide to Critical Thinking, as a “search for answers, a quest.” It is the idea that one does not accept claims, ideas, and arguments blindly, but questions and researches these things before making a decision on them. From what I learned in class, critical thinking is the concept of accepting that there are other people and cultures in this world that may have different opinions. It is being able to react rationally to these different opinions.
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.
What critical thinking skills are needed for the leader committed to social justice to effectively communicate at all levels of practice?
Bitcoin has been compared to the internet of the early 90’s by many people in that it has the potential to become a huge global peer to peer payment system allowing people to exchange currency value over the internet without a 3rd party bank. Much like the internet in its infancy was the basis for global commerce, Bitcoin has the potential to become a huge global payment network that operates outside of banks and government control.
"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?
Similar to our current market of fiat money, bitcoins are priced according to supply and demand, as well confidence in the value of bitcoin. If there were no merchants who accepted bitcoin, the value would plummet, regardless of how scarce the supply of bitcoins were. As more merchants began to accept bitcoin as a form of payment, the confidence in the currency followed, which thus sparked its rapid ...
3) Bitcoins are changing how we store and spend our own particular wealth. Since the presence of printed (and at last virtual) money, the world has given over the vitality of cash to a central mint and diverse banks. These banks print our virtual money, store our virtual money, move our virtual money, and charge us for their go between organizations.
Chris had just been promoted as an Executive Assistant for Pat the CEO, Chief Executive Officer, of Faith Community Hospital. Pat had given Chris her very first assignment on her first day of work as an executive assistant and that was to gather information so that Pat can present the issues to the board of directors. Faith Hospital is faced with issues that needed attention and the board of directors must be notified of the issues so that a solution can be remedy to help the hospital stay in business.
Knowledge is generated through critical and creative thinking. Creative thinking is something new or original that is created with value. Critical thinking is a type of thinking that questions assumptions and validates or invalidates a current belief or something that is said to be previously true. Knowledge is created through the culmination of generally accepted assumptions and creativity. How do you separate general assumptions and creativity? These two types of thinking can be easily separated in regards to concrete or realistic ideas compared to abstract or original ideas however to generate new, acceptable knowledge critical and creative thinking must interact together. The questioning of established beliefs with the creation of unorthodox new ideas will expose the most beneficial knowledge for the world.
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.