Free Sample: Money and Peer-to-peer Electronic Currency paper example for writing essay

Money and Peer-to-peer Electronic Currency - Essay Example

A week ago I read an article and the title was: “With Bit coin, you can be your own bank”. But is it really possible that an internet currency can have such a big impact to change all the traditional payment and sales’ methods we have in real life? Bit coin is a peer-to-peer electronic currency , which can be sent, received and managed through various Independent websites, PC clients and mobile device software. Unlike traditional currencies such as dollars or euros, they are Issued and managed without any central authority: no government, company, or bank in charge of it.

Some people ay that it will change society’s fundamental operations much more than the Internet did, because the net, after all, only allowed people to talk and shop more efficiently. By comparison, Bit coin eradicates the government’s ability to operate. Governments don’t have a monopoly on coming up with things you can trade and barter with. The difference between Bit co in and all others monetary systems that have been invented over the years is that nobody is in control of the money supply, and of the money flow.

This means that nobody can start the printing presses to eradicate your savings, ND nobody can seize or see your wealth or Income. But, no central authority able to reverse transaction and no way to track down someone you send Bit coins to, unfortunately create the perfect environment for fraud. While centralized payment systems Like credit cards have their disadvantages, they offer one very large advantage as well: they act as an arbiter in the case of disputes. I know that if something goes wrong with my credit card or with a merchant or with a transaction, I can have a recourse.

Bit coin has none of that. In short, while Bit coin is irresistible opportunity to software fanatic for its sheer cleverness, I just don’t see it having the right attributes to break out into a larger world of consumer spending. I think transparency is the first point when we are dealing with money in every form we use it. Adulthood makes me see things from another point of view and I believe that the word “money” not always form part of the good things of the world, so why can’t we simply Improve or rebuild the failures from what we already have, rather than other ways to dupe people more and more?