Bitcoin And Money

Decent Essays
Money is the most influential item that has and will continue to shape the society of humans. The human society functions on the uses of money, money allows people to measure their wealth and represents the “success” an individual has in life. Barter was the first use of currency in the human race’s history. It was the exchange of resource or services for mutual advantages (PBS), the uses of barter dates back to the origins of modern humans. The human society would later resort to the use of livestock as a source of currency as agricultural sources were in high demand. 806 marks the year of the first know paper bank notes being used as a form of currency. China was one of the first countries to practice paper banknotes as their form of currency, …show more content…
Bitcoin is a new form of digital currency that was created in 2009, bitcoin can be used to buy items digitally. The difference between conventional money and bitcoin is that bitcoin is decentralized. There are no institutions that control the bitcoin’s currency. The best thing about bitcoin is that there are no transaction fees and that your account on bitcoin is anonymous. Bitcoin is easy to set up, its takes seconds to set up a bitcoin address with no fees to pay. There are marketplaces called bitcoin exchanges that allows people to buy or sell bitcoins using different currencies. People can easily transfer bitcoins to each other by using mobile apps or on their computers. There is a digital wallet that is used to store bitcoins that acts like a virtual bank account. The downside of using bitcoin is that the bitcoin wallets are not insured by the FDIC due to it being independent.. Bitcoin experiments new digital currency that is still in development. Users of bitcoin should never sore money that they cannot afford to lose since bitcoin is still improving and a relatively new way of storing …show more content…
New York University’s dirty money project found that money notes are a suitable environment that houses hundreds of different kinds of bacteria. NYU researchers analyzed $1 bills and identified around 3,000 types of bacteria. The most common species of bacteria found were known to cause acne. Other bacteria found by the NYU researchers were linked to gastric ulcers, pneumonia, food poisoning, and staph infections (the wall street journal). Paper money carriers more germs than a household toilet. Viruses and bacteria can live on the surface of paper money for 48 hours, and paper money has the potential to transport a live flu virus for up to 17 days (time). The human touch holds the reasons for bacteria on physical currency, bacteria feeds on the waxy substance found on the skin and oils. With physical currency going through circulation multiple of times each day, bacteria builds up. With digital currency such as debit cards or PayPal, they are personal cards that are only handled by the user. Digital money will help eliminate the spread of germs that comes with the use of physical currency, and provides a cleaner form of

Related Documents

  • Improved Essays

    Not only did money control the lives of many in the past, but it does not control the lives of many today in our time. This chapter has been enjoyable and I would recommend this chapter to those students who are interested in learning more about the history of the…

    • 826 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Penny Synthesis Essay

    • 654 Words
    • 3 Pages

    The penny should be kept. Others may argue that the penny is not worth it, but it is very valuable. Even if it is only one cent. The penny has influenced our culture, and eliminating the penny would cause problems. The penny can be changed to be more cost-effective.…

    • 654 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    If placing a dollar in a bouncer’s hand could get a better seat at a concert, the spare change wouldn’t be very hard to part with, would it? Unless the individual were extremely thirsty and needed that dollar to buy a drink, it most likely wouldn’t happen either. Using a larger bill, such as a twenty, would give a real shot of making that wish come true; which is exactly what Tom Chiarella explained throughout his article “The $20 Theory of the Universe.” As a man who considers himself as a “twenty-dollar millionaire,” Chiarella really sets the bar high for a piece of paper that most Americans carry with them daily. A little caution and advice can go a long way with this theory, though, such as knowing that a twenty-dollar bill cannot be used as a ticket, will not buy everything, and is better spent on a person than a possession.…

    • 779 Words
    • 4 Pages
    Improved Essays
  • Superior Essays

    Penny Problem

    • 956 Words
    • 4 Pages

    The U.S. penny has been around for a long time. A version of the penny was the first currency ever issued by the United States over two hundred years ago (A Brief History of the U.S. Cent, n.d., para.1). In the past, it was a very important part of the nation’s financial infrastructure. However, its value in today’s economy is highly debatable. In fact, the penny’s very existence could soon be just a footnote in the history books.…

    • 956 Words
    • 4 Pages
    Superior Essays
  • Improved Essays

    The Lydians Use Of Money

    • 472 Words
    • 2 Pages

    The first use of money was processed in 700 B.C. The Lydians were the very first culture to value a specific material and call it a “coin.” Soon after the Lydians invented what we know as money, other cultures around the world began to mint their own coins with certain values. The whole world eventually heard about this new creation. It was easier to trade goods, get items, and it brought people into thought of making businesses.…

    • 472 Words
    • 2 Pages
    Improved Essays
  • Improved Essays

    Infection Control Nvq

    • 416 Words
    • 2 Pages

    Infection Prevention and Control 15.1 a There are several ways infection can penetrate and spread into the body, especially the chemicals that we use in laundry area can get into our skin if we are not careful from drops and slip; it can burn, break and irritate our skin until it spread into the body. Another is through inhalation that can lead to respiratory infection and spread of viruses from cold and flu. It can even spread through breathing, coughing and airborne infection. 15.1 c It is true that our hygiene can pose a risk of infection to other people even in patients with dementia.…

    • 416 Words
    • 2 Pages
    Improved Essays
  • Improved Essays

    Abolishing The Penny

    • 942 Words
    • 4 Pages

    Since its institution as legal tender in 1797, the penny has begun to experience a surprising amount of opposition from Americans (Kahn). In the modern world, the penny has become almost obsolete; few American stores sell any product for a mere penny as it has become so devalued that it has little independent function. In fact, since 2005, individual pennies have cost more than one cent to produce, resulting in a net loss for the federal government. Ultimately, pennies have little practicality in the modern world and are of increasing consequence to the American economy.…

    • 942 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    In Frederic Bastiat’s essay “What is Money,” his character named F— denounces money, yet praises riches. The patient bystander, B— is confused, as would be nearly any person of his time, and even the majority of people of today. Bastiat uses this exchange between strangers to prove to the reader that money is not wealth, which contradicted the economic system of the time, mercantilism. Money does have an important function, though, and Bastiat wants to make clear to the reader what money is, and what it is not. Without money, to facilitate exchange people would need to barter, or directly trade goods for other goods or services for other services.…

    • 1521 Words
    • 7 Pages
    Improved Essays
  • Great Essays

    In the book Debt, by David Graeber, Graeber provides an alternative to the narratives economist want society to believe. One being the idea that money, a unit for measure, was established after the barter system is a view that Graeber characterizes as a perfectly simple and straightforward answer, which is terribly incorrect. (21) The idea that individual traded item for item runs into a few conflicts which explains the creation of money. For instance, say one neighbor has cows, and the other has chickens.…

    • 1943 Words
    • 8 Pages
    Great Essays
  • Improved Essays

    5) The agricultural techniques of today 's Maya farmers differ from the techniques used after the 9th century CE because today, farmers prepare their fields by cutting down small trees and brush and then burn the dead vegetation to fertilize their land. But after the 9th century CE, rigorous forms of agriculture were used, such as draining swamps and building elevated fields. 6) Elite Mayan women could be influential in Mayan religion and politics.…

    • 1063 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    What does money mean to you? Money is not simply money. Money represents power, love, joy, and much more. If it was just money, our "money problems" would be easily solved. People don’t want to be rich so they can buy stuff, it’s so they can have power over others.…

    • 777 Words
    • 4 Pages
    Improved Essays
  • Superior Essays

    Success in a Modern Society How one defines “success” can varies drastically from one person to the next. Michael Sandel and Matthew B. Crawford both tackle the issue of “success” in their individual essays, especially focusing on extrinsic verse intrinsic value and questioning what are the real true joys of life. Sandel with his writing of “Markets and Morals” tackles the issue of how money plays its role in our society. He purposes the question of where as a society we should draw the line to how we value things in a market system. Sandel provides evidence through facts of all items and services one can buy and sell in our modern times.…

    • 1487 Words
    • 6 Pages
    Superior Essays
  • Improved Essays

    The Effects Of Money In Society Thematic Essay: Old Money vs. New Money vs. No Money The Great Gatsby By F. Scott Fitzgerald maintains the theme of Old Money vs. New Money vs. No Money throughout the whole book very well. It reveals distinct detachments between the characters who live different lives.…

    • 998 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Gold In the ancient Chinese dynasties has been represented in different material. Before the Spring and Autumn Period (770BC- 403BC). Gold often was represented bronze, which was the dominate and widespread material other than iron. Ancient people did not understand so much about gold, and also the limited availability of gold. Precious metal gold was not utilized regularly until a few dynasties later.…

    • 832 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    For Smith, this development certainly had flaws, but the facilitation of exchange through the use of a universal currency outweighs the issues. Smith deals with the history of money by telling the story of how money came to be. After the division of labor, everyone had something of their own making to exchange; so, they would carry around their commodity. However, this proved to be flawed logic, as some commodities were highly impractical to carry around on one’s person every day. Thus came the need for a portable bartering chip.…

    • 1432 Words
    • 6 Pages
    Improved Essays