How Technology Has Changed The World Essay

1457 Words Oct 29th, 2014 null Page
Major advances in technology in the last two decades have drastically changed the entire world, causing many long-established systems and devices to quickly modernize or risk becoming outdated. To name a few things that are now essentially obsolete: disposable cameras, physical maps, and public telephones. The next two decades will undoubtedly bring about a similar state of change, and among the systems that may very well be forced to evolve is one of the oldest and most fundamental in human history—currency. Before the Internet, currency had been exchanged in person or by mail for millennia. Now, nearly anyone can buy a product or service from someone else around the world. However, doing so generally costs the buyer or the seller (sometimes both) a percentage of that sale, in the form of transaction fees. In many cases, there is also a waiting period for the monetary transaction to go through; this process to transfer funds from the buyer to the seller can take several days, especially during weekends and holidays. One development that hopes to alleviate many of the problems with the current system is digital currency. Bitcoin, by far the most popular of these, does have its disadvantages—primarily due to the fact that it is in its infancy stage and still developing—but the freedom, control, and security it provides to the market make it a promising system of currency in a globalizing world.
Before Bitcoin, third-party services were necessary in order to avoid what…

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