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Bitcoin: The History of Money and the Future of Digital Currency

MONEY! Is it the root of all evil? If you have more money, do you have more problems? Who created money? Why was it created?

 

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The Internet has a history of people being skeptical about spending their hard earned real world cash in a virtual space. Many people were afraid of Internet scams when ebay was first launched in the late 1990s, and with good reason. There were fears of using Paypal to make online payments and never receiving your product. Over time, online spending has become commonplace. With Amazon.com, iTunes, and the google Play store (to name a few) it’s becoming less common to do your shopping in the physical world. Buying music, books, clothes and even groceries online is viewed as safe and normal in our current society.

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With all of our digital spending, there is now a growing trend in developing a digital currency. There have been attempts at this since 1990 (see the failed Whoopie Goldburg endorsed “Flooz”) but in the past few years there has been a stronger acceptance of digital currency and there is a possibility that Bitcoin could become a new common form of money. It would be money without government regulation, recognized across the world, completely revolutionizing the way our global economy functions.

Of course, with a brand new form of currency, there are a few concerns. Many digital currencies have failed because they have been used for money laundering. With anonymous identities, digital currencies have been used to buy and sell drugs and make other illegal transactions over Dark Web marketplaces like the Silk Road.

So, what does the future look like for digital currencies? Are you ready to join the Bitcoin revolution? Is it a safe investment or a waste of money? In this lesson, take a look at the history of money and where it’s heading in order to make a choice on where you stand.

 

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