Essay Examples on Indiana University of Pennsylvania

Discuss the rewards and drawbacks of Bitcoin

Discuss the rewards and drawbacks of Bitcoin s existence for the banking industry The definition of money may be broad but the most widely accepted is that it functions as medium of exchange a unit of account and a store of value The history of money goes back about 11 000 years ago when cows was used as a medium of exchange to buy goods or services Later coins of gold and silver started being used as money but due to its difficult to carry governments started to print paper money that could be exchanged for specific amounts of gold with the central banks This system was called Gold Standard and lasted until September 19 1931 when Britain abandoned it Since then governments issue paper fiat currency and its value is not backed by any commodity instead they have value because governments declared it to be legal tender Now a new currency has been created which are online currencies based on cryptography and with no central authority to control it 

1 pages | 332 words