New Age Currency : A Welcome On The Future Economy Essay

Bitcoin, an electronic currency, is currently one of the most valuable forms of money that can be obtained, yet maintaining the entire bitcoin network requires an absurd amount of electricity and resources. This electricity is all used for the sole purpose of creating and exchanging money that doesn’t even exist for various real world items with value. Bitcoin demonstrates what occurs when you take the concept of money and take it to the extreme with large groups of people arguing over something that is not only has an entirely self defined value, but is also a large drain on the Earth’s resources. These arguments demonstrate another flaw with the concept of money bringing people happiness which is that if everyone is fighting over money, is it really bringing any of them

Cryptocurrency is a digital asset that serves as a medium of exchange with no central authority and was created to prevent the issue of double spending. This problem is solved with the use of blockchains where miners confirm transactions on a public ledger. As of today, there are over 1,000 different types of cryptocurrencies, and at least 600 of these have listed market caps of over $100,000. Bitcoin, Ethereum and Litecoin are top cryptocurrencies trading today with their combined market cap topping $331B. Bitcoin, created in 2009, is the biggest cryptocurrency and has recently reached a net value of over $270 billion, with much of its growth being in the last few months. This has led to much

Money has been been a big central network in developing our country today. Back then people used to barter items with others, so they could get different things they may need things like corn, fish, wheat, and etc. Salt was another commodity money salt was very difficult to obtain mainly in the inner countries and it is very good to cook with because it adds flavor to your food. In the south people became so wealthy because they didn't use money either there was a system called “Mit’a” from the age of 15 young Incan males had to do physical labor to state of a set of days. They built public buildings and places in return the government all the basic necessities of life food, clothing, tools, housing and, etc. The first known currency

1. Early currency issues in America-In 1690, early Americans in the Massachusetts Bay Colony were the first to issue paper money in the colonies to meet the high demand for trade,also a response to the shortage of coins, which were primarily used as money at the time.

When silver and gold was discovered in North America the Europeans brought it back to Europe, and began to use it as currency. Land, and trade were the main source of money before the New World was founded, so this threw the previous lords, that made their money from their land, poor, and made the sailors, and markets keepers

After the Revolutionary war ended the need for money in the United States was great. This made the idea of a coinage act an idea of great importance, the only problem was the national leaders had to decide if a coinage act was the best way to establish sovereignty across the nation. Even though throughout the years there were several coin acts such as: the Washington coin with President Washington’s picture on each coin made between 1783-1792 and the Nova Constellantio created by Robert Morris in 1783, none of these were in fact passed by congress but they were able to help with the other coinage act that did pass congress.

How long has money been around for and why does it exist? Money is the universal item to purchase any sort of good today. An environment where the rich are in control of the world, the existence of starving third world countries continue to exist. According to (www.gizmodo.com) there is “60 Trillion dollars” in the world. This is more than enough money to share $8571 amongst the “7.125 billion people” who live on Earth as stated on (www.worldometers.info). Money, a current medium of exchange in the form of coins, banknotes made of metal and paper is what society revolves around. It does not provide any nutritional benefit to fuel human bodies but man-kind is forced to work for currency in which then is used to purchase materialistic goods as well as food. The rich who have control over the global society, promote globalisation, teaches business that is driven by greed, while also creating idol figures for the lower classes to be similar to. Work is enforced to the less privileged, who are contracted to carry out task for in return they are trusted, and paid through money in order for the employees to have a reason for working. The constant loop of working under employment to earn money, to purchase food to survive, to afford materialistic goods to feel a sense of pride, people of society are not aware of problems such as third world hunger, and problems that are relevant to the continuous existence of humanity.

There’s a new currency gaining prominence in American culture; it’s the currency of offense. This currency is based on the perceived value of victimization and people buy, sell and trade with it every day. The pictures on the bills change with the daily news. This particular currency uses the leverage of impugned guilt, and promises gratifying profits in the form of entitlements, forced cultural acceptance and indignation.

The one item that people obsess about day in and day out is money. Our currency runs the world and the choices we make. However, before the standard federal reserve notes, gold was used in exchange for goods. The gold standard was created, but then it was abandoned; it is still debated today whether or not the gold standard will ever return.

Historically, money in the form of currency has predominated. Usually (gold or silver) coins of intrinsic value commensurate with the monetary unit (commodity money), have been the norm. By contrast,

Currency acts as a store of value, a medium of exchange and a unit of account. Physical currencies are promissory notes payable to the bearer on demand. Digital currencies are internet-based form of currency. They represent both developments in payment systems and a new type of currency. Digital currencies, in hypothesis, serve as money, at present day they act as money to a small amount of individuals and institutions. It has been often questioned as whether the decentralised digital currency, such as Bitcoin and Litecoin, will emerge as the preferred method of payment for Internet Services or will remain a superficial payment method compared to well established existing payment systems.

Without a bank to manage the supply of this crypto currency, the price is unregulated and proves to be extremely volatile. This price fluctuation is one quality that is holding the legitimacy of Bitcoin back because it needs a consistent value for practical use in the monetary world. As speculative investors buy and sell Bitcoin, the price varies at extreme rates. But in support of Bitcoin’s long-term future, the price has shown a steady uptrend in the past year, peaking at around $1200 (See Apendix I). Eventually, a steady value will be reached to establish the actual price of Bitcoin.

Bitcoin is a network that enables a different type of payment system it is used a lot for purchasing objects of the dark web and completely digital money. It is the first peer-to-peer payment network that is powered by its users with no central authority or middlemen (someone who buys goods from producers and sells them to retailers or consumers). From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

     In the present day, the world's economy is ever-changing and adjusting. Many different reasons control the reasons for this. The future of currency is something that can only be predicted and is not guaranteed. However, there are many determing factors behind the changes that can take place. Asia and North America are two continents that have economies that have recently changed or are in the midst of change.

To start off primarily, Bitcoin is a digital currency as opposed to physical currency that we’re accustomed to and use in our daily life. Straight off their site, Bitcoin is described as a pseudo-anonymous, P2P technology operating with no central authority or banks, it’s open-source, public, owned by no one and open for everybody to take part; but what does that all mean? “Bitcoin is the leader in a new generation of emerging currencies known as “cryptocurrencies” which aim to, among other things, facilitate the movement of money electronically while still maintaining a sense of privacy,” (Hobson)