Bitcoin

The Cryptocurrency of the Future

What Is Bitcoin?

Bitcoin is a cryptocurrency that was created in 2009 that allows the purchase of items using technology such as smartphones or computers. Bitcoin transactions eliminate the need for a middle man, therefore banks are not required for Bitcoin interactions.

Are There Other Types of Cryptocurrencies?

Yes, but what makes Bitcoin unique is its dedication to anonymity, as well as the ease in which international payments can be made due to the communal currency. Bitcoin also provides the opportunity for investment due to the frequent fluctuation of the value.

Where Do Bitcoins Come From?

Bitcoins are created through a process known as "bitcoin mining". People around the world compete by solving complex math puzzles and are rewarded with Bitcoins. A winner is rewarded with approximately 25 Bitcoins every 10 minutes.

Where Can I Keep Bitcoins and Is It Safe To Use?

Bitcoins can be kept in your digital wallet which your phone, tablet or computer can connect to. It acts as a virtual bank account and takes similar actions such as transfers or purchases. Bitcoin is also anonymous, but as with all technology, there is the potential of hacking. Bitcoin is working hard to ensure that digital wallets are protected so users are not robbed or hacked.

The Future of Bitcoin

No one is quite sure where Bitcoin will go in the future, but it has certainly made substantial progress in the past 6 years. Ideally, Bitcoin can potentially be accepted by vendors all around the world, along with cash, as opposed to eradicating paper currency. Bitcoin will simply serve as an alternative.

Is Bitcoin a socially just technological innovation? Find out during my in class presentation on May 9.