Homework Answers
I don't think so bitcoin currently works well as a currency. I also don't think that it satisfies the the textbook requirements of money. No, I don't have any bitcoin and neither I have used it ever. In my view the future of bitcoin is weak. Following are thw disadvantages of using bitcoin:
- The bitcoin market is very volatile and fluctuating. It has no stability and lot of risk is involved as investment in it may result in huge losses.
- Since it is highly technology based, there is possibility of cyber attack and hacking which may result in loss of bitcoins.
- There is huge possibility of fraud in bitcoin market. The exchanges may be fake resulting in loss of precious investments.
- It is not regulated by government. This market is new and government does not have any clarity on bitcoin market. So, its future is uncertain.
- It is highly dependent on technology.Unlike other forms of currency or investment, there is no physical collateral to back it up. With gold, real estate, bonds or mutual funds, you own something that can be exchanged. It is too risky.
- It uses Blockchain technology which is dependent on creation of blocks.A mining pool can use computational power to mine a block and hide it from honest miners instead of reporting the new block to the network.
- Majority of the companies do not recognize bitcoin as legal medium of exchange.
- It is a very young and budding technology. It is very difficult to predict how it will perform in future.
- It is being called as effective online currency exchange but it is more used as a medium of investment. But the bitcoin market is very unstable and volatile. As a result it is very risky and may lead to loss of valuable savings of people.
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Bitcoin and other cryptocurrencies have recently gained increasing prominence and popularity in the United States a...
Bitcoin and other cryptocurrencies have recently gained increasing prominence and popularity in the United States and...
Bitcoin and other cryptocurrencies have recently gained increasing prominence and popularity in the United States and across the globe. Do you think bitcoin currently works well as a currency? Why or why not? Does bitcoin satisfy the textbook requirements to be considered "money?" Do you own any bitcoin? Are you using or have you used bitcoin to make purchases? Finally, do you think bitcoin will increase in popularity and use in the future?
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