Bitcoin: yet another way technology seems to be changing our lives, but what is it? How much of an impact will it have?

 Bitcoin is a digital currency that allows people to send money to others through the internet.  Since bitcoin is digital, it operates independently from central banks or governments. As of now, one bitcoin is the equivalent of $10,823.72, having decreased significantly from the $20,000 it was worth in December of 2017. Bitcoin’s official website, bitcoin.org, brags of borderless payments, fraud protection, and peer-to-peer transactions, one of the other reasons why bitcoin operates without any central authority or other banks. Additionally, bitcoin is open-sourced, with its design open to the public, not permitting any one person to control bitcoin, like a bank does.

 Bitcoin has attracted many buyers because of the security that it provides because there are no middlemen, like the government. That means that people can use bitcoin as a safe currency when dealing with illegal transactions or for money-laundering. Bitcoin is not simply used with  malicious intent; it provides more flexibility and usage. Additionally, there are no market influences, like printing money or proposed tax on bank deposits. That also means there are almost no transaction fees. Alas, right now, bitcoin has a rather limited use because there are not many services that allow people to get bitcoins or use them. Nevertheless, this digital currency is somewhat similar to a stock because someone can buy a small part of bitcoin and sell it later for more money than they spent.

 Bitcoin has both pros and cons, yet as sophomore Zach Perry said, “It’s a system designed to fail eventually, but if you work it right, it can be highly rewarding”. One of the reasons this digital currency remains exciting is because it shows us how technology can be used in every part of our lives. However, as of now, bitcoin does not seem as promising as it is made out to be. Due to the fact that bitcoin can rise and fall and not many places accept bitcoin, bitcoin does not seem to be as good of a currency as others.