Bitcoin Is A Viable Currency As It Struggles For Acceptance

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Around 1,200 years ago, the pound sterling was created. Serving Great Britain and its territories to this present day, it is one of the most traded currencies in the world. Some 1,000 years later, the dollar came in to existence followed by the Euro at the turn of the millennium. In 2008, a new paradigm, Bitcoin, reared its head into the world economy. Bitcoin sets itself apart from the aforementioned currencies because it doesn’t exist; it is one of many digital currencies, albeit the most popular by far. Bitcoin is a private, peer-to-peer cryptocurrency that is slowly gaining prominence. Sitting at over 16 million bitcoins in circulation, the question must be asked whether Bitcoin should be seriously considered as a viable currency as it…show more content…
This verification-reward system is both a method for maintaining the integrity of bitcoin transactions and also a way to introduce more bitcoins into the system at a metered rate. Bitcoin, then, is a system which may be intended for clients: those who transact bitcoin with other users and companies, and verifiers: who confirm these transactions in hopes of earning more bitcoin (Barber et al. 409). Once obtained, bitcoins behave as normal currency in that they can be used to purchase goods from vendors who accept it, or exchanged for another currency. Those who are convinced that Bitcoin will become popular believe so because Bitcoin offers a number of unique benefits over conventional currency. Bitcoin is not controlled by any governments, banks, or authorities, appealing to those who prefer a freely-traded currency. In Bitter to Better – How to Make Bitcoin a Better Currency, the paper’s authors explain that, “such a decentralized system guarantees that no single entity, no matter how initially benevolent, can succumb to the temptation or be coerced by a government into subverting it for its own benefit” (Barber et al. 400). Bitcoin transactions are also, by design, quickly irreversible, preventing credit card fraud. (Barber et al. 401). Yunyoung Hur, in Investigation into the Market Viability of Bitcoin: Measuring the Digital Currency’s Speculative Nature, adds to the list of benefits including, “[Bitcoin’s] instant

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