Friday, January 24, 2014
Blog Post #1
I believe everything will eventually switch over to digital currency, in the form of bitcoins or using QR codes to pay for things by having your bank accounts tethered to your phones. As of right now, most of the world sees BitCoins as being used for illegal purposes such as drugs and assassinations. Most people think of credit cards or debit cards when they are asked about digital currency, they don't think of other forms of currency like BitCoin. Recently I was reading online about BitCoins and I had found an image of a sign outside of a restaurant in the Netherlands stating how they are now accepting BitCoins as payment. There was a sticker on the window with a QR code on it with a BitCoin logo next to it. Once this form of currency becomes dominant, I believe the government will try to put a handle on BitCoins and try to make it so that they can be traced back which will cause a struggle between the people and the government causing the BitCoin system to collapse. I believe that this collapse would happen over time and immediately in the sense that there will be tension that will build up that will eventually lead to the system crashing one day, hence the immediate part. I believe that eventually the general public will be able to fully adapt to the currency and the government will eventually realize that they will not be able to control and regulate the whole BitCoin industry.
Subscribe to:
Post Comments (Atom)
How would the bitcoin system collapse? Would it happen over night or would it be a slower process? Also you mentioned that bitcoins have been involved in assassinations? Where did you hear this from? That sounds very interesting.
ReplyDelete-Victoira Valley group 2
Greg, I believe that you are correct in your statement that everything will eventually serve as digital currency. Bitcoins are a great way to see how people have picked up on the idea and used it to buy things but there is another player coming into the game of digital currency and that is JP Morgan Chase. In this article discussing the use of online money JP Morgan wants to create a virtual currency that challenges bitcoin because of the rise in Bitcoins popularity. Since people are making more and more purchases online the banks want to keep up with that and accommodate to the user change with a virtual cash system. There has to be some form of rivalry because there would be a monopoly within virtual money just like multiple banks. In the article it says that the virtual currency will compete with credit and debit cards but with that the two will find ways to improve themselves so that one will be better than the other. Yes the government will not know what to do but they will adapt to the regulation of the current money system with trying to convert what money there is into virtual money.
ReplyDelete@Victoria, there was an article(http://www.forbes.com/sites/andygreenberg/2013/11/18/meet-the-assassination-market-creator-whos-crowdfunding-murder-with-bitcoins/) that explains a website called "Assassination Market' that is one of many website on the Onion network where users would sign in and they could place a minimum of 1 bitcoin bounty(1BtCn = $822.95 at this time of writing) on anyone's head and an assassin would carry out the job.
ReplyDelete@shannonheric Thanks for the info! I never considered people to create competitors in the online market.
Greg, why do you think tension will build up? I agree with you that technology is advancing but I believe that the world is accustom to using debit cards/ credit cards. Do you think that there is a big enough society that uses BitCoins more that other forms of cards? If the system of BitCoins was to collapse do you think other companies would try and adopt a system similar?
ReplyDeleteI think eventually everything will go to a single digital currency, and I think that there will be a massive struggle between the governments of the world and the people as we transition to this. This will be true since the people created it under the governments nose, and now it will rise slowly to power without the governments hand originally in it.
ReplyDelete