Cryptocurrency Destroying the World's Economy?

by MishelAtaev on December 3, 2017 - 7:44pm

It is currently an age where the rise of technology is exponential compared to previous decades. The ways we use to travel, communicate and spend/earn money. We are in an age were cryptocurrency is on the rise, the most valued one being Bit Coins. Bit Coins are as of 3rd of December 2017 worth around $14 000 CAD per Bit Coin, only a week ago the currency was at a ratio of 1:11 000 Bit Coin to CAD. China, one of the countries with the largest population on Earth seem to have predicted the rise of this currency, as they have banned Cryptocurrency just 3 months ago. The rise of the value of Bit Coins as in fact raised alert for Federals Vice Chairman of Supervision Randal Quarles, as a crash in the currency if it was more widespread could lead to another economical crash for the rest of the population.

Cryptocurrency is an interesting subject to talk about considering how it is entirely reliant on technology progressing. To earn said currency there are two ways, the first of which is the simplest one, buying from other people. The second way to earn cryptocurrency is by mining them. Mining cryptocurrency is a very complex subject, however the base line is you use computer components, RAM, Graphics Card, etc. to earn said the currency. That being said do you believe that cryptocurrency could help improve the economy?

“Bitcoin a threat to financial stability, says Fed official.” South China Morning Post, 30 Nov. 2017, www.scmp.com/business/global-economy/article/2122370/bitcoin-threat-fina....

 

About the author