Essay about Good Bye Money Welcome Bitcoin

Essay about Good Bye Money Welcome Bitcoin

Length: 1281 words (3.7 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview


Introduction & Overview

Time demands improvement in technology, every other sector needs updates and upgrades in existing systems and applications. All operational sectors look forward to attain efficiency and effectiveness in day to day operations. Business world give emphasis on a belief i.e., Time is money, hence it is crucial to make sure we use our time in a best way to squeeze out all the possible benefits.
From early civilizations, i.e., Mesopotamia and Indus, traces have been found that people were using good to get other kind of good, say a ton of Wheat to get a ton of Rice, later scholars gave a name to that system i.e., Barter System. Phoenicians adopted Barter system and Babylonians then improved the bartering system. It has been found that Romans used salt to pay the salary of their soldiers as salt was considered as an valuable item.
Explorers, mainly European traveled around the world and used furs to exchange Silk. As time pass by, the than richest Chinese kingdom introduced Coins and later we all know we got Fiat money.
But in initial stages of Fiat money, barter system does not come to an end infact it became more systematic. During great depression of 1930s, when Late. Franklin D. Roosevelt, the then President of US, requested all American to deposit the gold they were having to maintain the flow of money and it was during that time when people used barter system to exchange food and other needful products.
From Oldest Civilization to Middle ages, from great depressions of early 20th century till we finally experienced another recession in the era of highly smart tech savvy people where we have multiple modes to make payments debit and we have the power to purchase goods by me...

... middle of paper ...

...raises two key this dramatic boom-bust phase constitute a bubble? More importantly, does bitcoin have a positive fundamental value? Since we know in 2008, Bitcoin was originally introduced by Santoshi Nakamoto whose entity is still a mystery during that time we also had a economy melt down so people could not welcome Bitcoin with open arms as they were concerned about the monetary security.
This new kind of currency was created by maths by an anonymous inventor i.e., Santoshi. So, it became very crucial to check the solidity and the level of reliability
In their finding, they mentioned, “Bitcoin and other cryptocurrency markets have been under-explored academically, they also wrote that Bitcoins are prone to speculative bubbles. Here one thing that catch our utmost attention was empirical study proves that the fundamental value of bitcoin is zero ((Eng-tuck Cheah)

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Bitcoin : The Future Of Money Essay

- Michael Rodriguez James Maughn English 1A 20 May 2015 bitcoin fantasy The Nation. ARE DIGITAL CURRENCIES THE FUTURETHE FUTURE OF MONEY. BY DOUG HENWOOD What’s being touted in some circles as the future of money looks hardly more peaceful than its past. Bitcoin, a formerly obscure cybercurrency, is now all over the headlines with reports of bankruptcies, thefts and FBI lockdowns. If our fate is to buy and sell in bitcoins, this instability is troubling. But despite the headlines, the triumph of Bitcoin and related cyber-currencies is a lot less likely than recent commentary would suggest....   [tags: Money, Currency, United States dollar]

Better Essays
2950 words (8.4 pages)

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

- 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....   [tags: digital currency, bitcoin, money]

Better Essays
1402 words (4 pages)

Description and Analysis of Bitcoin Essay

- Bitcoin has become a hot, controversial topic, but what is it and how is it used. Bitcoin is one of several digital currencies, but, as of 2014, it is the most popular one. It is a form of money, but for online use only. Bitcoin is the system of how payments are made, while bitcoin refers to the unit of online currency. Unlike traditional currency, Bitcoin is not regulated by a central organization. Even though it's been around for more than five years, not too much is known about the origins of Bitcoin....   [tags: currency, bitcoin, online money]

Better Essays
648 words (1.9 pages)

Bitcoin Price and Volatility Essay

- I. Introduction The bitcoin currency was created in the midst of the financial crisis of 2008-2009, as an experiment and political statement against the global government and central banks’ ability to manage monetary policy. Bitcoin is a digital currency based on an open-source, peer-to-peer internet communications protocol. The goal of the system was to create a private global traded currency without the need for third parties to guarantee transactions. The backbone of the bitcoin system is the decentralized blockchain, or the public register of all transactions that are verified by the network....   [tags: Bitcoin Volatility Index]

Better Essays
1560 words (4.5 pages)

Bitcoin as a New Exchange Medium Essay

- Bitcoin as a New Exchange Medium Money is an item used by men as an exchange medium to replace the previous barter-based system. An object can be represented as money if it meets the following criteria. Generally accepted by the public, materials used to fabricate money must be durable, cannot be easily faked, necessary to be portable, can be divisible without losing its intrinsic values. Above all, its existence has to be guaranteed by the government and the value needs to be stable from time to time....   [tags: barter-based-system, money, currency]

Better Essays
647 words (1.8 pages)

Keeping Money For A Good Car Essay

- As I think through where I want my life to be financially, both now and in the future, there are a few statements that fit with the now category. One is to begin paying back my student loan debt. That way I will be able to save myself from having to pay more for interest on the loans. Another statement is to start saving money for a good car. I realized in my financial plan how expensive taking a taxi to work would be and now I know for certain that I need to be able to buy my own car and the necessities that accompany one....   [tags: Money, Debt, Want, Future]

Better Essays
814 words (2.3 pages)

Bitcoin : The Cryptic Currency Essay

- Bitcoin The cryptic currency 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....   [tags: Money, Currency, United States dollar]

Better Essays
1563 words (4.5 pages)

Digital Currencies: Bitcoin Essay examples

- ... After the transaction goes through, it is added in the ledger (block) and attached to the public block chain (1) Even though Bitcoin is virtual based currency, just like M-Pesa and PayPal, it is vastly different. Yes transactions are done online, but that’s where it ends. E-money systems like PayPal are directly backed by a sole entity and a bank. The money being traded is real government money and is valued as such. On PayPal you pay in USD, Euros, etc. Your PayPal is directly linked to your bank account....   [tags: digital money, cryptocurrencies]

Better Essays
2291 words (6.5 pages)

Digital Currency- Dhananjai Bagrodia Essay

- Bitcoin is a technological tour de force”- Bill Gates, Founder of Microsoft. Lumpy, Unpredictable, potentially ground breaking. Bitcoin currently is going through massive polarisations of thoughts some political idealists view it as a way for people to be liberal and as a revolution, some more conservative agencies look down at it with disdain and disregard. Those who are more closely related to the world of technologies and fascinated by the technological world see it as something with enormous potential and they spend a lot of their time playing with it....   [tags: bitcoin, electronic money]

Better Essays
2383 words (6.8 pages)

Essay on No Money Drives Out Good : Gresham 's Law

- In simple terms, Gresham’s law is a monetary law stating that "bad money drives out good". If two different types of commodity money are floating around, which are taken by law as having the same value, then the more valuable type will be driven out from circulation. The law was named in 1860 by Henry Dunning Macleod, after Sir Thomas Gresham, who was an English merchant who founded the Royal Exchange in London, England during the Tudor dynasty. However, there had been a number of people who had stated the law before this....   [tags: Money, Currency, Commodity money, Numismatics]

Better Essays
1265 words (3.6 pages)