User:Bandoh1104

Introduction For my research, I chose to discuss the innovation of cryptocurrency, specifically bitcoin. Bitcoin is a digital currency used as a payment system, it’s the first decentralized digital currency since it functions without a central administrator.

Current Use Bitcoin is an innovative payment method and a new kind of money. Some users use it as part of their investment portfolio. There’s been a huge surge of users who are millennials over the past two years since the cryptocurrency world has been attracting attention. This is all done on a private network.

Security Aspects The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement, and the media. The FBI prepared an intelligence assessment, the SEC has issued a pointed warning about investment schemes using virtual currencies, and the U.S. Senate held a hearing on virtual currencies in November 2013 (Wiki).

Ethics Some people are skeptical because of how rapid it has grown and the unknown factors of this new technology. Critics have referred to cryptocurrency as a Ponzi Scheme. That would’ve been valid but there’s some big known players that have publicly have invested in bitcoin.

Future Use I can see this being the primary currency globally within the next fifty years. The idea of a currency boundless of government control is somewhat revolutionary to some users. The future is here and the future is now.