NDM 30/01/18

Bitcoin and cryptocurrencies – what digital money really means for our future

Bitcoin illustration

https://www.theguardian.com/technology/2018/jan/29/cryptocurrencies-bitcoin-blockchain-what-they-really-mean-for-our-future

The advancement in technology has allowed bitcoin to reach uncharted territory in the world of finance. It has allowed people to approach purchasing items in a whole new way. The rate in which people are using bitcoin is constantly growing; the new way of transactions has allowed a prosperous future to develop.

  • A lot of the quirks of the currency come down to the collective agreement about what constitutes “legitimacy”. 
  •  For instance, since the first bitcoin was created in 2009, the total number in existence has been growing slowly, at a declining rate, ensuring that at some point around 2140, the 21 millionth bitcoin will be mined, and no more will ever be created.
  • The real question is why one bitcoin is worth $11,000 (and why Ethereum is worth $1,040, and why one particular Cryptokitty is worth $100,000).


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