As the first generation to grow up with modern technology, we know that many years from now, everything will be digital. Lately, We have seen a rise in cryptocurrency or bitcoin. Bitcoin was created by an online group or person by the name of Satoshi Nakamoto. Bitcoin has seen a rise in popularity among millionaires and billionaires because of its very hefty price and convenient way of overseas payment, with one Bitcoin as of writing this article going for 56,620.80 United States Dollars per Bitcoin. With this rapid increase in cryptocurrency especially among famous billionaires such as Elon Musk, we can infer that we won’t need to carry around minted currency but simply use an app on our phone.
What is Bitcoin? And is it more convenient or is it just another useless way for billionaires to spend their money? One reason people use Bitcoin is to eliminate “the middleman.” The middleman is someone who transfers the money from the first person to the other. But how are you supposed to trust a total stranger with big sums of your money? For some people, this distrust was proven right when people in the middleman position took advantage of the customers and stole some of the money for themselves, But with Bitcoin, you can have one-on one-contact so you can make sure you would get all of your money without the worry of it getting stolen. Also, something that is important to note is that Bitcoin is decentralized and not run by some sketchy privately owned company.
Everything is open to the general public including the ledgers, and if you have Bitcoin, you can store the ledger in your own computer. With this decentralized ledger and system of working things, it shows a kind of transparency that we don’t see very often if at all in the economy. Decentralization would eliminate the use of central banks or single administrators which would put a lot of people out of their jobs.
All things considered, Bitcoin, a decentralized economy, and, in general, Cryptocurrency is all very new. We still don’t know what it has in store when it comes to the changes it might bring to our economy. But we would be naive to think that this new wave currency is just a fad and will disappear in a few years. We are entering the new age of technology where technical advances are being made every day and to think we will keep a system that is outdated and worn out for this time unrealistic.