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

The Potential of Bitcoin to Become the New Standard Transaction System

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

Outdated Laws Destroy Innovation

Bitcoin is a decentralized digital currency, which could eliminate the need for bank transaction fees. However, since it is decentralized, it is also subject to rogues who could exploit the system. Its main problem right now doesn’t rely on users, but on the governments.

Digital Currency: How research from economics, cryptography and computer engineering can help understanding its future real world applications

I have been writing about many issues related to the technology world. Manly, my articles revolved around the security of specific technology and the future use of certain technologies. The first news that got me interested in digital currencies was the implementation of Bitcoin ATM machines in Montreal. Following my research on that subject I became really interested by the possibilities offered by Bitcoin and other digital currencies.

Megabytes or Megabucks?

            Christine Evans-Pughe, a science and technology writer who holds a bachelor’s degree in physics and electronics, describes the different possibilities offered by Bitcoin in her peer-reviewed article “From Megabytes to Megabucks.” (Evans-Pughe) It was published in the Science & Technology journal in 2012.

Digital Economy, the Future of Currency

Wednesday February the 5th, a bitcoin ATM will be presented at the Montreal Bitcoin Embassy. The machine is said to be a vending machine to either buy or sell bitcoins. Montreal will be the third city to have a BitAccess ATM, as Tracey Lindeman explained in her article “Bitcoin ATM opens for business in Montreal” released Tuesday February 4th. Hundreds of similar machines are planned to be installed this year all around the world.