Bitcoin essay
Bit-coin Essay
By: Ronny Badr
Periods 6 & 7
I believe that bit-coins will succeed as currency due to the fact of how it is recently trending. According to the article “Much ado about Bit-Coin” by Adrian Chen, bit-coins have significantly risen over time. The starting price of the bit-coin currency was at only 9 dollars, and has recently became 880 dollars, an increase of approximately 97 percent. The bit-coin is used in the black market, where someone managed to buy all his Christmas gifts by using the currency. Also, speculators in China are even intrigued by the bit-coin.
Reading about the history of the bit-coin, I learned that in May of 2010, a man succeeded in using the bit-coins to order pizza only three months after a marketplace for the currency was derived. The cost of the pizza was 10,000 bit-coins. I was curious and therefore did the math, and realized that today that is worth 8,800,000 dollars! Also, if someone managed to receive an item like pizza, what else could the bit-coin bring to the table?
If bit-coin wants to survive as a currency, it must compete with current currencies. The bit-coin is different than these currencies due to the fact that it is government free. That is why it is so far prospering in the black market rather than anything else. I believe that if the currency continues to go in a upward trend, it will most likely be successful.
In conclusion, the bit-coin currency will eventually be a successful one. Throughout the history of the bit-coin, it has done nothing but shoot up financially. Going from 9 dollars to 880, it is bound to go somewhere as a currency.
By: Ronny Badr
Periods 6 & 7
I believe that bit-coins will succeed as currency due to the fact of how it is recently trending. According to the article “Much ado about Bit-Coin” by Adrian Chen, bit-coins have significantly risen over time. The starting price of the bit-coin currency was at only 9 dollars, and has recently became 880 dollars, an increase of approximately 97 percent. The bit-coin is used in the black market, where someone managed to buy all his Christmas gifts by using the currency. Also, speculators in China are even intrigued by the bit-coin.
Reading about the history of the bit-coin, I learned that in May of 2010, a man succeeded in using the bit-coins to order pizza only three months after a marketplace for the currency was derived. The cost of the pizza was 10,000 bit-coins. I was curious and therefore did the math, and realized that today that is worth 8,800,000 dollars! Also, if someone managed to receive an item like pizza, what else could the bit-coin bring to the table?
If bit-coin wants to survive as a currency, it must compete with current currencies. The bit-coin is different than these currencies due to the fact that it is government free. That is why it is so far prospering in the black market rather than anything else. I believe that if the currency continues to go in a upward trend, it will most likely be successful.
In conclusion, the bit-coin currency will eventually be a successful one. Throughout the history of the bit-coin, it has done nothing but shoot up financially. Going from 9 dollars to 880, it is bound to go somewhere as a currency.