Home / Fall 2013 / 2013-10-31 / Bitcoin: the new currency

Bitcoin: the new currency

Written by: Stephen Cavallaro

This Tuesday the first ATM to house one of the most revolutionary and sophisticated digital currencies in the world, the Bitcoin, opened in a Vancouver coffee shop.

The Bitcoin was introduced in 2009, and during this time 1,309.03 bitcoins (BTC) was worth $1. Today a single BTC is worth close to $200. People obtain BTC by exchanging physical currency for BTC or through mining, the process of harvesting the limited amount of BTC (that will never exceed 21 million) with immense computer power and solutions to math problems.

The Bitcoin is an amazing alternative to the dollar. The program allows for secure and anonymous exchange and an even greater benefit of owning BCT is the lack of centralization. A strict and accepted protocol established since inception guides the system and is in no way regulated. In addition, BCT can be used worldwide without the hassle of transactions and hidden fees.

While the Bitcoin is generally associated with the rise and fall of the online marketplace responsible for the sale of millions of dollars in drugs, Silk Road, a variety of markets that accept BTC are increasingly growing. And this is simply a representation of the Bitcoin’s glory, for BTC is a currency dedicated to freedom by existing for anyone for whatever they choose.

Over 11 million BTC are in circulation, and as the Bitcoin becomes more popular each day, governments become increasingly suspicious of the mechanism’s potential. These institutions have reason to fear this digital currency because the Bitcoin has proven itself to be superior to others of its kind as well as to traditional currencies.

The Bitcoin has shown the world how viable of a product it is. Over the years the Bitcoin has fluctuated in value yet remains intact, and while 25 BTC are being mined every 10 minutes, patrons are working to develop more advanced mining technology while traditional currencies face sharp declines without any help from policy makers. Thus, the Bitcoin is ever-demonstrating to the world that it is here to protect you and your assets for the future.

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