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Bitcoin and the Future of Money

   

Added on  2020-03-07

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Assignment : Writing MemoStudent Name:Student ID:Subject Name: Money, Banking, and the Financial CrisisSubject ID: BUS33882Date Due:Professor Name:1 | Page
Bitcoin and the Future of Money_1

Dear Madam,Multiple financial crisis and failure of our present currency system has raised doubts regards to current prevailing standards in currency. The concept of money had developed from the age-old concept of barter, where one type of good was exchanged for another1. Then money went on to be further developed into metallic currencies. In the recent year there has been emergence of another type of currency, which is the digital currency referred to as commonly bitcoins. Bitcoinshave tremendous potential and is regarded as one of the greatest innovation of all times that has capacity to eliminate government money. It has capability to transform all suitable types of payment systems and mechanisms. Bitcoins has tremendous future potential as it can be treated as a replacement of all future currencies. Digital currency as bitcoins has potential to reduce scandals and volatility associated in the financial and currency market. Money can have a new dimensions with the emergence and rise of usage of bitcons. Chicago is making tremendous amounts of investments and innovation in reagrds to bitcoins development. It can depict a huge impact in the financial and currency history of the world. Viability of bitocins in the age of digitalisation bitcons can emerge to a supportive technology that will be used to transform mechanisms2. Various functions of money involves ways and methods to incorporate to enable an individual purchase or male payments towards a good or service. Money though has a diversified range of other functions, key functionality is focused purchasing capability to have acess to goods and services. Age-old concept of money that was involved in the barter system was to enable easy exchange of goods and services. Bitcoins can help advance the diversified range of functionalities that money can offer. It can be readily used and applied for various benefits and can yield substantial transformation, which might impact greater economic parameters. Bitcoins have capabilities to impact inflation, financial crisis, economic downfall, loss of currency and various other factors in a positive manner3. It can substantially reduce political interferences from1 B.S. Bernanke, "Non-monetary effects of the financial crisis in the propagation of the Great Depression." 2 R.A. Radford, "The economic organisation of a POW camp .".3 M. Andreessen "Why Bitcoin Matters.".2 | Page
Bitcoin and the Future of Money_2

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