Abstract: The Potential of Bitcoin to Become the New Standard Transaction System

by Scimson on May 15, 2014 - 12:35am

The Potential of Bitcoin to Become the New Standard Transaction System

Author: Simon Cochrane (Student in Newsactivism at Champlain College St-Lambert)

Despite the convenience of credit card payments, there are many aspects of its process which could be improved. As technology progresses, new payment methods arise, but are often slow to impose themselves on the market. The Bitcoin is a cryptocurrency which offers new and innovative ways to perform transactions. The first journal article of the research, “To Bit or Not To Bit?”, is from the field of science and technology, mainly computer science. The article explores technical details of the Bitcoin which has been researched throughout the semester through the news, mainly over security concerns. The second article which is from the field of economics, “Are On-Line Currencies Virtual Banknotes?” explores the evolution of payment methods and the needs they were invented to fill. As the news research of the semester has been focusing on the innovations that the Bitcoin can bring, the article opens the door for the cryptocurrency to succeed to credit card payments. The following three articles are from the Canadian CPA Magazine, which relates to the field of accounting. They focus mainly on the practicality of the Bitcoin as well as worrying news related to the Bitcoin. They explore many of the problems that have been faced by the Bitcoin community so far, just as the semester long news research has been intended to do. Following the information of those articles, it has been concluded that the Bitcoin does not have the requirements to replace online credit card payments. However, it has opened the door for cryptocurrencies to change the world.

 

Works Cited

 

Bragonier, Dwayne. “Pourquoi Bitcoin Est la Voie de l’Avenir.” CPA Magazine. May 2014 : 24-24. Print.

Evans-Pughe, Christine. "To Bit or Not To Bit?" Engineering & Technology 7.4 (2014): 82-85. Academic Search Premier. Web. May. 2014.

Lorinc, John. “La Monnaie à Travers les Âges. De la Fève de Cacao à la Monnaie Numérique: un Bref Coup d’œil sur l’Histoire de la Monnaie et sur son Avenir Virtuel…” CPA Magazine. May 2014 : 26-31. Print.

Malamed, David. “Monnaies Virtuelles, Enjeux Réels.” CPA Magazine. May 2014 : 52-53. Print.

Quinn, Stephen and William Roberds. “Are On-Line Currencies Virtual Banknotes?” Economic Review (2003) 1-15. Academic Search Premier. Web. May. 2014.

Comments

Hey, this is a great topic because it really is a modern problem that is sure to evolve into an integral part of society. I think one of the most exciting aspects of cryptocurrency is that we, as the younger generation, are really seeing this new technology in its first form and we will continue to see it evolve. I think that much of the fear surrounding Bitcoin is that it is still largely and unknown because the currency is not tied to a country's currency, therefore it's value is not based on a country's economic performance, which scares people because of its uncertainty.

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