Could This Digital Currency Be The Future of Money? Bitcoin: A Brief Primer.

Like it or not, money makes the world go round. For anyone paying attention, it’s current place at the heart of our civilization is undeniable. It is incredibly hard to have an impact or create any lasting change without money. And those in power know this, which is why, of course, it’s a simple matter for those with money to create more of it, while those born without it often struggle their entire lives just to get by. A lucky few may break through, but this remains the exception. The money pyramid is a very real thing (research this yourself and you will find it to be fact) and breaking free of this long-running paradigm is one of the hardest things any human can attempt.

For now.

The future may hold a very different story about money. 

For those not familiar, bitcoin is a virtual cryptocurrency that has popped up in the media quite a few times over the last few years. To put it simply, it is internet-based money that is not managed or controlled by a central bank, making it free from authority and potentially more secure due to its heavily encrypted nature. Although the phrase “internet-based money” is sure to make some people cringe, and there are of course no guarantees when it comes to such a fledgling technology, keep in mind that our current currency is virtual in the sense that it hasn’t been on a gold standard since 1974, and is slowly becoming more and more digital as cash is phased out. Bitcoin offers plenty of promise in terms of the future of the currency market, and is something well worth keeping a collective eye on.

History

Bitcoin was created in 2009 by a developer named Satoshi Nakamoto, although it has only gained mainstream notoriety within the past few years. You may have heard about SilkRoad, the online black market that ran off of bitcoin currency and was eventually shut down for the sale of drugs, weapons and other illegal items. Despite bad publicity such as this, the potential of bitcoin for non-illegal activity is huge.

Bitcoin Benefits

  • Secure
  • Anonymous
  • No cash handling fees

Safe and Anonymous

One of the biggest benefits of bitcoin currency is the fact that it is more secure – using bitcoins, you can avoid credit card use and protect yourself from potential fraud while purchasing items on the web. As the internet continues its expansion into ever more facets of our lives, privacy is predicted to become one of the biggest concerns of future citizens everywhere. This is a massive advantage in the virtual currency’s favor. It will also, most likely, prove to be a growing ethical concern as the technology advances. As mentioned earlier, the anonymous nature of bitcoin is one of the reasons it is so ideal for illegal online activity.

Increasing Awareness

As knowledge of this alternative currency continues to grow, more and more people are jumping on the bandwagon to test the waters. Not only does this continue to push it in front of more and more mainstream eyes, it also raises its value. In fact, thousands of businesses around the world now accept bit coin currency, and the numbers are only growing. If the trends continue, we may very well be looking at a near-future scenario of decentralized exchange taking place on everyone’s phones, tablets and laptops.

The Future of Bitcoin

Whether bitcoin becomes the standard currency of the future or not, the most important thing about it is the technology it’s based on. A completely secure, anonymous and digital form of money offers a multitude of possibilities that today’s currencies simply cannot achieve. Even if bitcoin dies out over the next few years, there is no chaining the impact it has already had. It will be marked as the first of its kind. Both merchants and consumers have experienced a new way of trading, and the differences therein will not be soon forgotten. Due to its influence, the future of currency and human exchange has already begun to shift.


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Tyler MacDonald is a writer with an interest in science, psychology and various other topics.