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Internet Insider – The Currency Crisis

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Michael Pochron – Editor

More stories from Michael Pochron

A Final Farewell
May 24, 2017

The United States has the dollar, the United Kingdom has the pound and Canada has the loonie, however what does the internet have? The internet has the bitcoins is a decentralized digital peer-to peer crypto-currency. What’s unique about this currency is that it isn’t regulated or controlled really, by a central issuing authority such as the Federal Reserve. Just because no one is in charge means that people cannot make infinite money; bitcoins are generated by networked computers solving complex cryptographic puzzles. It’s similar to asking one’s computer to solve a Rubik’s Cube with a side for every color known to man.

Whenever an item is scarce enough, it generates value and desirability. Having to solve these complex puzzles allows bitcoins to be particularly scarce and, more importantly, adds market stability to them. Bitcoins can be transferred into all currencies and back again however, they are also used for countless other things. These are mainly internet services such as hosting and backup services, however they can be used on goods such as cupcakes and other sweets. Bitcoins are able to be traded due to people all agreeing that they have a particular value. That current value is approximately one bitcoin is equal to 922.68 United States Dollars as of writing this article.

Some naysayers have argued that bitcoins don’t have any real value and that they are “just something that’s made by creating ones and zeroes on a network.” The answer to this statement is “Does anything really have a value after the gold standard was abandoned?” The dollar is just something that’s made by taking ink and cloth on a printing press. Possibly and this is just my opinion, but maybe a currency that is not physical and is more convenient, is the most appropriate currency due to the rapid approach of a technology based era.

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