New Age Currency : A Welcome On The Future Economy Essay

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New Age Currency: Bitcoins
Welcome to the Future Economy
Money! The single word that will grab everyone 's attention and by definition it means something that is used to pay for goods and services and more. But over the last 6,000 years, the material form of money has changed drastically—from sheep and textiles to online banking and today 's electronic currency, the bitcoin. Founded in 2009, Bitcoin was not the first swing at online currency; but it was the first to take off. At its launch, $1 = 1,309.03 bitcoins (BTC), to calculate the value, economists, scientists, and mathematicians calculated an equation that accounts for the cost of electricity generated by a computer to mine for a bitcoin. The bitcoin expands the possibilities of the global economy by establishing a global currency that is accepted anywhere, successfully promoting the concept of Blockchain, and gives freedom to the market by eradicating the middle man; despite the bumpy kick off of the concept.
Money Doesn’t Grow on Trees Money, in some form, has been part of human history for at least the last 3,000 years. Before the invention and use of coins began starting up, bartering, the direct trade of goods and services, arrangements were what humans used. The problem with bartering was with finding and agreeing on a common value for something. Then as the population increased and advancements in technology, a new form of prehistoric currency was accepted. These easily traded goods included textiles, animal
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