BitCoin is the leading innovator in a new emerging market of digital currency. BitCoins are created and held electronically. It is decentralized, which means no one owns it, and can run due to the massive amount of computer power put into “mining” BitCoins. Some people believe that BitCoin could be the future of the global economy. If this happens there would only be one currency and it would be completely digital. This is obviously a huge change for what we know of now.
BitCoin was created by a Japanese man under the pseudonym Satoshi Nakomoto. No one actually knows who this guy is and he could’ve started a huge revolution in the way we view money.
BitCoin is so special because it takes out the middleman. There are no banks involved in BitCoin transactions which means no bank fees. This makes shopping online and in theory shopping anywhere much much cheaper for everyone.
This leads me to my question. If BitCoin takes off (p.s. it already has) how will banks fare? How will this effect the governments and their national currency? This could lead to catastrophe for banks and national governments. Was it ethical for this guy to ensue this chaos of banks and governments to give everyday people an easier, cheaper, and safer way to use money?
links to learn more about BitCoin. And sources I used.
http://www.coindesk.com This site has many other links about BitCoin news.
Side note, if you invested $100 into BitCoin at the beginning of 2013. You would have made over $5000 today. This proves the rate at which people are catching on to this new currency. Many big companies such as Google and Ebay are planning on integrating BitCoin use with their companies.