Bitcoin Essay

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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. The Bitcoin is a change for the global economy because it has the “…ability to move large sums of money across borders instantly, cheaply and potentially anonymously” (Foley, Noble, Chilkoti, and Jones, 2014). Although some countries have established strict enforcements on the Bitcoin, other count... ... middle of paper ... ...h their own economies. However, not only will the global South benefit, but the states in the global North can also gain advantages. Now states in the global North will be able to help developing states by incorporating them into the global market. Since all states economies will be tied together by the same currency, it is evident that not only will wealthier states will have to monitor their own well-being, but also that of the developing states. Together, they can build a stronger trade market, one without restrictions and inequalities. The Bitcoin is a revolution for the economy that is impacting our day-to-day lives and changing the way we connect with one another through the exchange of money. We have seen the Internet change the way we communicate, we have seen Google change the way we find information and now we will see the Bitcoin change the way we trade.

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