Bitcoin: The Future Of Currency In The Modern Age Of The Future

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One of the constants of currency is that it is constantly changing. Sometimes these changes are for the worse, and sometimes they are for the better. Changes in currency can cause prosperity or famine. Currency is reaching another stage of development due to the introduction of computer technology. Virtual currency has become a possibility for the future, and bitcoin is exploring that new idea. Bitcoin is a virtual currency that has the potential to be the future of currency and comes with both advancements and detriments. Currency has taken on many forms in its long history; however, future advancement might be closer than what we think. Kashmir Hill, a reporter writing for Popular Science magazine, explains that throughout the history of currency, it has gone through massive and constant change (Hill). These changes helped to advance currency into its current state. The first disruption to money that came from the introduction of technology is bitcoin (Hill). Bitcoin is the way currency is advancing in the modern age after a long history of change. Bitcoin holds value in a fundamentally different way than conventional currencies. As John O McGinnis, a law professor at Northwestern University, and Kyle W Roche, a lawyer at Boies Schiller & Flexner LLP, explain, “All modern fiat currencies depend on trust in a …show more content…

These advancements are possible due to the digital aspect of bitcoin, having transactions work similar to an email and allowing an easy way to send and receive bitcoin(Hill). This ease makes digital currency very convenient to use. The process of bitcoin creation is described as “Every 10 minutes, new Bitcoin enter the system. "Miners" donate spare or dedicated processing power to help validate transactions around the globe. Bitcoin come as rewards for that work.” (Hill). These show advancements that bitcoin has made to currency, but these advancements do not come without

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