Bit Coins Essay

283 WordsSep 3, 20132 Pages
Ian Van Metre Macroeconomics Bit Coins Bit coins are another form of currency. It is a completely digital currency with no physical form. It is a recent innovation that has yet to take off. But currently bit coins can purchase most of what any other currency can. The advantage of using this currency is that it is universal. Any one anywhere in the world can buy something online. It cuts out the middle man of banks to perform currency exchanges which cost money. This saves the consumer and the seller money. As we move into the future people want to save money and time. The bit coin provides both of these benefits. And as most people use some sort of card for many of their transactions this would be a simple transition on the industry front. As far as making a universal currency for the world it will most likely happen depending on which countries initially join. If the United States and China immediately get on board and have the same currency the rest of the world would not have much of an option but to conform to the currency. An issue that may arise from this universal currency is inflation. Right now each economy’s currency fluctuates for a variety of reason. With a universal currency there would be no such this as inflation for an individual country. Inflation would affect the entire world. With this in mind who would regulate the currency and make sure there is not unregulated currency activities? This currency is an interesting concept which allows for worldwide business to happen much easier but also ties economies closer together which can have many positives but also many

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