Bitcoin Vs. Dollar And Bitcoin Essay

1043 Words 5 Pages
In the 20th century people would have to go to their bank for all their money needs, but with the change of technology in the 21st century everything became a bit simpler. People no longer have to go to the bank to transfer money, they can just go online or make a phone call, and with the invention of credit cards transactions are now easier. With the blink of an eye our society has change with the help of technology. One thing that hasn 't transformed much is the form of traditional currency in the US, but that may be soon to change with the development of Bitcoin. Although the US dollar and Bitcoin are both currencies, they are both vastly different types of coinage. Bitcoin not only offers a new form of portability and decentralization, but it also offers extra control and security. In 1998, Wei Dai came up with the first form of a concept called “cryptocurrency”, which today is known as Bitcoin. The concept consisted of just a new form of money that would use cryptography to control its creation and transactions, rather than a central authority such as a bank (“Who created Bitcoin?”). “Cryptography is a form of encryption that stores and transmits data in a way so that only whom it is intended for can read and process it”(Rouse). Thanks to Satoshi Nakamoto, Bitcoin was successfully published in 2009. Although Bitcoin is a form of currency it isn’t printed like dollars or euros. Instead people, and businesses, running computers all around the world, using software that…

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