Bitcoin, A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.” is a result of modern collective learning, which challenges the traditional centralized economy system. The development of Bitcoin reflects a model of Internet-based collective learning community. And the system where Bitcoin is operating on, Peer-to-Peer network is modern version of collective working. Bitcoin is multi-field product, which is electronic but indirectly based on silicon and it shows the advance in computer science, mathematic and cryptology.
Let’s check the things around us right now, lights, circuit, smart phones, calculators, and the Mac Air I’m using right now. All these things contain circuits and chips, which have millions of transistors. All these transistors need semiconductor, which is made of silicon. (CUB “Silicon”) Silicon is one of the most important elements in modern world. It supports the modern electric power and information exchange system. Silicon is #14 in the periodic table, is the second most abundant elements on earth, “It makes up about 28% of the earth crust and Oxygen, the most abundant elements, makes up about 47%.”(CUB “Silicon”) Together they are silicon dioxide, quartz and sand, which is really common. Chemists have found some kind of new elements in Quartz many times but they never realize that until 1824 a Swedish chemist, Jöns Jakob Berzelius, purified it and named it. People at that time debated about if silicon is a metal or nonmetal. “Berzelius believed it was a metal, while Humphry Davy thought it was a nonmetal. The problem was that the new element was a better conductor of electricity than nonmetals...
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Picture an innocent looking online marketplace, similar to those in which you shop for discounted books on Amazon or cheap surfboards on eBay, except you have the option to purchase marijuana, acid, fake passports and licenses, hacking services and potentially the ability to “order a hit” on someone, this my friends, is the Silk Road and it does have a captain. He goes by the alias of “Dread Pirate Roberts,” he’s pocketed $80 million in commissions, and he is the operator of one of the most notorious online black markets which accumulated $1.2 billion in total sales with its nearly one million customers. Shortened to DPR, Ross William was the operator of the site Silk Road, until he was eventually arrested at the beginning of October this year, with the fully operational website and assets summing $4 million being seized by the Federal Bureau of Investigation (FBI). Being named after the historical network of trades routes that allowed the integration of cultures spanning from Europe to Asia, Silk Road was home to trade of all sorts of contraband by allowing goods and services to be traded illegally, basically operating outside the formal economy. [1][2]
As technology continues to develop at a rapid pace, many aspects of our lives are being transferred to the digital world. The internet has changed the lives of many, giving them a new way to communicate, learn, shop, and more recently, make online transactions without physical cash, checks or credit cards. In 2009, the world of digital currency was altered forever when Satoshi Nakamoto introduced bitcoin, a crypto-currency. It has shown an immense growth in popularity within just six years, offering consumers less fees, more safety, and no physical currency to keep track of.
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Bitcoin is an electronic currency created in 2007 by an unknown person using the alias Satoshi Nakamoto. While he is on record as living in Japan, it is speculated that Nakamoto may be a collective pseudonym for more than one person or as Hongkiat suggests “that his name was just a mashup of popular Japanese companies, (SAmsung, TOSHIba, NAKAmichi, MOTOrola)” (HONGKIAT , 2016). In 2008 Neal Kin, Vladimir Oksman, and Charles Bry file an application for an encryption patent application. This came problematic when all three individuals deny a connection to Satoshi Nakamoto. After all three individuals were cleared, the patent for encryption was granted and later that year Bitcoin.org was born! “The domain was registered
The world is becoming increasingly more accessible due to the internet; specifically for monetary transactions such as shopping and banking. In 2009, a group of people under the name “Satoshi Nakamoto” created the Bitcoin, a form of digital currency that can be used to conduct transactions on the internet. In the past six months, there has been a sudden spur of popularity for the Bitcoin, which increased the coin’s net worth, as well as stock prices for investors. Its stocks started accumulating investors in September 2013, at roughly $130 a share. Now in 2014, a share of the Bitcoin, sits at approximately $600. On a purely economic level, the Bitcoin may appear to be a promising investment of both money and hope for the economy in the future as technological advancements make improvements in our day-to-day lives. However, the very thing that is attracting investors is also sending red flares to government officials – uncertainty. A virtual currency is innovative and a very new concept to the society which we have today that is caught in a limbo between holding onto the old and transitioning into the new. The Bitcoin generates an interesting outlook on global politics and economy in the 21st Century. The virtual currency analyzes the threat of a foreign currency within a state, the possibility of a potential global currency and the technological economy of the future.
On the other hand, there is the element of widespread profit from the market of the electronic currency. The ones who [participate...
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.
Michael Rodriguez James Maughn English 1A 20 May 2015 bitcoin fantasy. The Nation. The World. The World. ARE DIGITAL CURRENCIES THE FUTURE OF MONEY?
The computer had a long standing status as a tool, being strictly business and to the point, performing necessary and calculated operations. The computer was far beyond the use of a typical white collar worker at the time, reserved for those whose job required it. The last thing a consumer would expect a computer to be was an entertainment device, but as a result of the plethora of knowledge computer-centric magazines like Byte provide, the applicability of the computer shifted from professional to home life. Byte mostly offered material on subjects only dedicated computer enthusiasts could understand, limiting their reach somewhat. The information available however, was profound in its nature, often detailing somewhat unexplored frontiers within the computer worl...
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...
Boepple, Paul. "Internet." The New Book of Knowledge. 34th ed. 20 vols. Chicago: Grolier Inc., 2000.