Cryptocurrency: Bitcoin


As of this new year of 2018, most countries in the world use their own distinguished types of currency, which the societies of said countries run on. The exchange of goods and services helps sustain human lives, as many products on the market are unquestionably responsible for our survival and entertainment.

At the same time, since the end of 2017 up to today, a newer type of currency may end the uniqueness of the planet’s types of currencies – for the better, and for the worse.

Perhaps one of the most popular topics in all of 2017’s media was the explosion of the cryptocurrency (defined as a digital currency) known as Bitcoin. Its popularity occurred when people realized that one could use Bitcoin to pay for anything, no matter where it is, due to its universality. Although the company was founded in 2009 by Satoshi Nakamoto, it remained a topic of little discussion until its explosion in popularity and stocks in late 2017. The unique features of Bitcoin, as many are aware, are the exclusion of banking systems and the process of earning bitcoins through “mining”. However, this doesn’t mean that the currency can’t be regulated; the difficulty of this problem is evident in requiring almost every user in order to do so.

The unprecedented explosion in stock value of Bitcoin is partially what made it so well-known to the public. A single bitcoin initially costed almost $20,000- an absolutely staggering high value for any local economy, not just the United States. Unfortunately, with the passage of time, this value has lost more than half of its value. As of April 2018, the price has declined to the $7,000 range, and it appears to be falling lower and lower. Additionally, since the decline, Bitcoin has been dragged down other cryptocurrencies into decline, such as Ripple and Litecoin. It is not uncommon to see it gain a fraction of its value back at times, but the decline is very noticeable. Bitcoin’s value and its presence in our economy and society remains ambiguous, but its once-legendary climb in price has been a turning point for how we handle money in our world.