Why It’s Time to Embrace Bitcoin a Digital Currency System

1613 Words Feb 20th, 2018 6 Pages
This fascinating new model of commerce has recently spawned a lively public debate regarding the inherent risks and merits of the system. It is the position of this paper that Bitcoin is favourable to fiat currencies for cashless payments due to Bitcoin’s numerous socioeconomic benefits. It is globally accessible; allowing any business or individual to securely send and receive payments anywhere, at any time, with or without a bank account. As no government or individual has full ownership or control, the cryptocurrency is free of transaction fees, it’s low-risk, and most importantly it’s private. Regardless, many critics of Bitcoin denounce the currency as dangerously unsanctioned and criminal; SOMTHING. Other critics disregard Bitcoin as unintuitive, overly-complex, or simply too new to be trusted. This paper will demonstrate however, that these concerns of criminal use and unintuitive complexity are at best exaggerated or misunderstood. Finally, as the concept of a cryptocurrency is remarkably new, this paper will illustrate Bitcoin’s extraordinary potential: increased security, flexible transparency, and new payment opportunities.

What is Bitcoin?
Before discussing the benefits of Bitcoin, it is imperative in this context to develop a fundamental understanding of what Bitcoin is and how it works.…
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