Bitcoin as a Worldwide Currency

  • Andrew Rushing
  • Priscilla Hartley

Bitcoin, a cryptocurrency, has been this issue of many debates since its conception, on whether it ought to be considered as a viable worldwide money for international trade. Bitcoin is a kind of money known as cryptocurrency; it can be an all virtual money you can use at some online shops and to pay bills from a few different companies. Bitcoin should not be consider a viable worldwide currency for international trade, using its lack of a standard to lower back it up, whether it would have been by silver or silver.

The non-supporters, of using the Bitcoin as an internationally currency, argue resistant to the Bitcoin by saying the currency is not so secure. In Christopher Matthews' 2014 Time Mag article, he states, "On December 6th and 7th of last year, the value of one Bitcoin fell from $1200 to $600 throughout 48 time. The non-supporter of the Bitcoin money would utilize this example of a value drop to deface the value of the Bitcoin, because when a company were to store all of its riches in the bitcoin currency and the currency experienced another drop like that forty-eight hour period in December of 2013, the business could face bankruptcy as explained by Christopher Matthews in his 2014 Time Publication article. (Matthews, 2014, Paragraph 6) A lot of people seem to find the money as more of gaming or the stock market then a currency to work with for shopping, due to its spontaneous drop and increases of value. Besides the lack of stability of value in Bitcoins, non-supporters of the cryptocurrency dispute that the money is not secured well, relating to Erin Negley, Hackers are a difficulty as it pertains to the Bitcoin system; he seems hardly anything was done when hackers hacked into a Bitcoin Market and stole billons of the cryptocurrency. Non-Supporters of the Bitcoin system feel there's a insufficient traceable information, so that it could be used to act out functions of terror by terrorist.

One one who is intrigue by using Bitcoin, Judy Walker, says some people feel Bitcoins are a great deal safer than credit or debit cards since there is much less private information stored in the data for Bitcoin accounts. Another reason followers believe that Bitcoins should be more widely used as a worldwide currency is the fact that international business deal, such as mailing money to someone in another country, in their view is easier and faster using Bitcoins over transferring country by country money that would have to be transferred into an alternative currency and cause fees to be charged. Judy Walker is intrigued by the Bitcoin, but she says she would rather stay with the dollar for the present time. Marc Andreessen, a supporter of Bitcoins, expresses in his 2014 NY Times article that he feels the Bitcoin is far more consumer friendly because of the insufficient fees for transfers, that banks could have charged the buyer. He also declares in the 2014 New York Times article, He feels the utilization of Bitcoin would bring underdeveloped countries in to the modern world as it pertains to economical criteria set by the first world countries. He also thinks that Bitcoins could help the "underbanked" residents in america insurance agencies lower fees then your conventional banking systems offer. Andressen later claims his view on a concern that the non-supporters of Bitcoin exhibit, "Finally, Let me address the claim made by some critics that Bitcoin is a haven for bad behavior, for crooks and terrorists to transfer money anonymously with impunity. That is a misconception, fostered typically by sensationalistic press coverage and an incomplete knowledge of the technology. Much like email, which is quite traceable, Bitcoin is pseudonymous, not anonymous. Further, every transaction in the Bitcoin network is tracked and logged forever in the Bitcoin blockchain, or everlasting record, designed for all to see. As a result, Bitcoin is significantly easier for police to trace than cash, silver or diamonds. "(Andressen, paragraph 31)

There a wide range of different items of views when it comes to the Bitcoin system getting used as an internationally money. The non-supporters, who feel it should not be utilized as a worldwide currency, declare that the system is not very reliable as it pertains to value, and the system is not very secured as little or nothing was done when billons of Bitcoins were stolen from a Bitcoin market. The followers, who feel the Bitcoin should be used as an internationally currency, declare that the system is better because it will not require information about the buyer to be release to the buyer as that of a debit or credit-based card would. The supporters also feel that the Bitcoin would make international trading easier, so that it is easier to send money to family back in a different country, and would help the "underbanked" citizens of the United States insurance agencies lower fees than that of a typical bank operating system. The Bitcoin system is something that does not have a standard to back again it up, the value increases and lessens rapidly; therefore the system shouldn't be used for an internationally currency.

Annotated Bibliography

Andreessen, Marc. "Why Bitcoin Concerns. " NY Times, January 21, 2014, www. nytimes. com. Andreessen talks about the annals of the bitcoin from conception to provide. The article includes home elevators just what a bitcoin is and how the currency is valued. He gives facts, with information to back those facts up. An evident plus of this article is the fact, the writer uses both arguments for and against the use of bitcoins exclusive cryptocurrency as an internationally currency; he will use expressive words when speaking about the views of both edges. Because of the utilization of opinions in this article, treatment would be needed to stay unbiased when taking things out of this source. This source would be overall an fine source to make use of for a research paper.

CHAFKIN, Utmost. "CAN BITCOIN TIDY UP ITS Take action? (Cover History). " Details 33. 4 (2015): 94. MasterFILE Complete. Web. 23 Mar. 2015. This article is on the online cryptocurrency, called Bitcoin. The article goes over the beginnings of the international meeting series Gold coin Congress, the assistance for budget provided by Crypto Currency Associates for bitcoins startup, and ideas of hackers. He goes over how the market leaders of the bitcoin activity are now being shut out by the elite member of American Society, where at the beginning it was typically employed by hackers, drug sellers, and illegal forearms traffickers. This article is alright to use, however the writer of a research paper would have to be carefully when using direct rates from the article.

Matthews, Christopher. "Why Economists Are Right to Hate on Bitcoin. " Time, January 3, 2014, www. time. com. This informative article is based round the negatives of using Bitcoins as a currency. The author uses financial data and his history in the financial world showing his statements could be backed up. He claims that businesses wouldn't normally want to work with the bitcoin online currency because the currency is not very stable. The money value lowered 600 dollars when it concerns two days which could have triggered any businesses to be on the verge of financial collapse if indeed they possessed store their profits in bitcoins. He does state the opposite sides opinions and answers them with his own response. The writer does a good job at saying facts and when he says his view it is quite apparent that it's an opinion. I really believe if the writer of the research paper is careful this would be a good source to utilize for the research paper.

Negley, Erin. "Bitcoin basics. " Reading Eagle (PA) 01 June 2014: Details of View Reference point Middle. Web. 23 Mar. 2015. The writer explains that bitcoins are a cryptocurrency. He has an summary of the mining system used for bitcoins. He says that little is done when hackers hack the system, taking billions of the virtual currency known as bitcoins. He provides an overview of the marketplaces used to switch the cryptocurrency. The article provides both the benefits, that those who buy into the bitcoin virtual currency system uses to aid their belief, and the drawbacks, that those who disagree with the bitcoin digital currency system uses to aid their beliefs. This article provides information about where you may use the bitcoins, both in online stores and brick and mortar businesses. He explains the potential that bitcoins have. He uses very little expressive vocabulary in the elements of his article comprising real facts, but there are areas where he uses people viewpoints and the ones have expressive terms in those opinions. He uses facts and viewpoints employed by both edges, those who concur and disagree with the bitcoin system, this might be considered a great source to use for a study paper.

Walker, Judy. "Bitcoins: THE CONTINUING FUTURE OF Money?. " Encounters 31. 6 (2015): 20. MasterFILE Complete. Web. 23 Mar. 2015. The writer provides home elevators bitcoins, and she mentions that bitcoin are a form of money applied to online shopping. She later says that bitcoins can be used to exchange for goods and services also at brick and mortar business in everyday life. He also claims that some consumers feel better about using bitcoins over bank cards and debit credit cards, because little information is needed about the consumer. The usage of bitcoins also makes international trading easier. The author uses more facts than opinions, but states opinions promoting bitcoins as a exclusive currency are stated. A drawback of this source is the lack of opposing views, the author states those judgment that only agree with the use of bitcoin virtual cryptocurrency. This may be a source to utilize for a newspaper, however care and attention would be needed to make certain the use of opinions in this specific article are not used in the research newspaper, as a fact because this would be bias.

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