Harrison F.
All about Cryptocurrency “..And you promise that you won’t mine Bitcoins for five years now that I told you about it, right?” Ever since my friend Taylor made me promise that I wouldn’t steal his idea, I’ve been incredibly fascinated by Bitcoin, and cryptocurrency as a whole. After researching the concept of Bitcoin and cryptocurrency, my fascination towards the subject has only grown. What is cryptocurrency?
Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds operating independently of a central bank. Bitcoin was the first forum of cryptocurrency, that was created in 2009, by a mysterious programmer with the codename of Satoshi Nakamoto. He wanted to create a currency with algorithms that the government had zero control of.Crypto urrency is not paper money, instead it is electronic currency that only exists in the digital world.
How does cryptocurrency affect the economy? Cryptocurrency could impact the economy worldwide in an instant. This is because there is a limited amount of Bitcoin in existence, since each one is an algorithm that cannot be repeated, and finding a Bitcoin is luck based. Bitcoin value can change quickly, because the value is entirely community based and Bitcoin Miners (People who find Bitcoins) can alter the price. In addition, due to illegal online websites, buying illegal goods with Bitcoins is a method which people do, that has also risen the prices of Bitcoins.
Why is cryptocurrency used to commit fraudulent activities? Bitcoin is completely untraceable, and the government has zero control over it. This means that people find ways to use it to buy illegal product such as drugs and illegal weapons. Entire economies are centered around bitcoin and their use online. Bitcoin usage is primarily online based, as there are few businesses that accept payment through Bitcoin, thus more people spend their Bitcoins on illegal items on the deep internet.
Why is the price of cryptocurrency always changing? Cryptocurrency prices are frequently changing due to lack of Bitcoin in existence (or so we think). Locating Bitcoin is a complex thing, as finding one is done by a machine and is luck based. Bitcoin, and all other cryptocurrency are algorithms that may or may not ever be found, and never repeat, therefore the price changes– On a daily basis.
Sources: Cowen, Tyler. "How and Why Bitcoin Will Plummet in Price." Marginal REVOLUTION. N.p., 30 Dec. 2013. Web. 6 Nov. 2015. Craydon, Carter. "What Is Cryptocurrency?" Cryptocoins N.p., 16 Sept. 2014. Web. 10 Nov. 2015.
News. 
"Cryptocurrency Definition | Investopedia." Investopedia. N.p., 29 July 2013. Web. 10 Nov. 2015. Moon, Mariella. "A Brief Attempt at Explaining the Mad ness of Cryptocurrency." Engadget. N.p., 21 Jan. 2015. Web. 10
Nov. 2015.