Bitcoin has recently been gaining attention in the media. For those who don't know what it is, Bitcoin is a digital form of currency that is not controlled by any banks or governments. The article "Will You Be Paid in Bitcoin?" discusses what Bitcoin is, and whether it is a good idea or not.
The author mainly wants the reader to know about Bitcoin and its growing popularity. The author reports the facts: Bitcoin was invented in 2009. It is popular in countries that have unstable currencies, such as Argentina. Its value changes like a stock price; right now one Bitcoin is worth about $840. In July 2010 a Bitcoin was worth about 6 cents. The author includes both sides of the Bitcoin - they note that more and more businesses are using it. They also include a quote from Robert Shiller of Yale University: "It is a bubble, there is no question about it." The author does not have an explicit bias towards Bitcoin being a good or bad thing.
However, the author does seem to think that Bitcoin is interesting, or at least rather futuristic. The author opens the article with the question "Could a mysterious Web currency someday replace dollars?" The use of the word "mysterious" indicates that the author is unsure whether Bitcoin is a good idea or not, but that he or she thinks it's cool and worth watching.
The author of "Will You Be Paid in Bitcoin?" seems to think that Bitcoin is a cool and futuristic idea, but doesn't know if it will last. Personally, I am not sure that Bitcoin is a good idea. I have one question about Bitcoin: Dollars, and most forms of government-issued currency, are backed by gold. What is Bitcoin backed by?
Hmm, interesting...never heard of Bitcoin before...I'll be sure to look it up! Overall though, you did a great job on summarizing both sides of the argument on whether they should use Bitcoin or not. And I agree with you, Bitcoin may seem like a good possibility, but it would be kind if weird to replace a currency that we've had for so long. Nice job!
ReplyDeleteI love it how you wrote a response on the actual article and not the topic or issue, its an interesting take. I also love it how you dissect different people's opinions on Bitcoin. I was also wondering, like you, what Bitcoin is backed by as well as how would trading stocks of bitcoin would go and if it was safe enough to use on the internet. it seems like an ok idea however I doubt that this is actually possible as it has many flaws. as for your response, flawless :)
ReplyDelete