ECON paper just need help cleaning it up I have draft done.

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Running Head: Cryptocurrency

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Cryptocurrency

Cryptocurrency, new currency for the future

Myra G. Stallworth

Embry-Riddle Aeronautical University

Abstract

Cryptocurrency, some see this as monopoly money, a high-risk stock that is traded like currency. The mainstream effects of the free trading bitcoin have not shown in day to day life just yet. Feedback from Economist has been reserved they seem to just be watching not knowing how to read its future. If there is a stability in the private money system, could this be the next world currency? There are several cryptocurrencies on the market can they work together? Each stock has its own value if we are using that currency then money will have different rates. I hope to answer some of this questions and uncertainties with this research.

Introduction

What is Cryptocurrency you might ask? Cryptocurrency has become a worldwide phenomenon. Although, it is highly misunderstood by most banks and governments. Cryptocurrency was created by Satoshi Nakamoto as side project in 2008(site). Many inventors tried creating digital money however, they always failed. Nakamoto goal was to create a digital cash system. For example, a peer-to-peer file sharing system. The peer to peer network is how the cryptocurrency and types of cryptocurrency is sent from person to person.

Body

There are many brand names of cryptocurrency these include but are not limited too; bitcoin, ripple, ethereum, litecoin, and biocoin cash. New cryptocurrency is created daily usually through “initial coin offering” (economist.com) As a result of this there is an uprising of a competitive market. There are several cryptocurrencies on the market; but the question is can they work together? The answer is no they cannot, because they are traded at different values like stocks. If you wanted to use your Bitcoin to purchase something that worth 2 coins worth $400 and you only had 1 coin of Bitcoin worth and 1 Ripple. One might think that would be able to do that. However, that is not the case. Bitcoin could be worth a different share amount than Ripple meaning 2 coins of Bitcoin might be $500 but 2 coins of Ripple might be $50 dollars. Therefore, you cannot just buy diverse types of multiple different stocks with different currency value.

If there is a stability in the private money system, could this be the next world currency? Yes, because this cryptocurrency is a single world currency. Evenly money will not be regulated by banks or corporations. 2.5 billion people do not have access to banking, now if we give banking to those people, by using any internet system from cell phones, tablets and computers. Bitcoin is providing banking to the world without asking for permission.

Brainstorming

Strong enough meaning 5-10 thousand nowadays this is a major issue for the gaming community because all the cpu and gpu costs have increased dramatically with miners buying them in bulk. To benefit and make real money you need some serious super computers. Russian scientists just got arrested for using a nuclear super computer for crypto mining. The most surprising thing is with all the mining electric production had to be increased for all the high-end computers. This resulted in coal mines creating more damage to the environment than ever before just to produce enough power for crypto mining.

References:

Kevin Roose, 2017, The New York Times, I Was Wrong About Bitcoin. Here’s Why.

https://www.nytimes.com/2017/12/12/technology/bitcoin-predictions.html

Ameer Rosic, 2017, Blockgeeks, What is Cryptocurrency: Everything you need to know [Ultimate Guide]

https://blockgeeks.com/guides/what-is-cryptocurrency/

Compiled for the 2016 Economist ‘Which MBA?’ Investment Case Study Competition, with courtesy to The Economist© and Kraken© Bitcoin exchange: https://www.economist.com/sites/default/files/the_future_of_cryptocurrency.pdf

Frank Chaparro, 2017, Business Insider, Morgan Stanley: ‘Bitcoin acceptance is virtually zero and shrinking’: http://www.businessinsider.com/bitcoin-price-rises-but-retailers-wont-accept-it-7-2017

Christian Catalini, 2017, MIT Initiative on the Digital Economy, MIT Sloan School of Management: http://ide.mit.edu/economics-digital-cryptocurrencies-and-blockchain-christian-catalini

Thomas Heath, 2017, The Washington Post, Bitcoin is going mainstream. Here is what you should know about it: https://www.washingtonpost.com/news/get-there/wp/2017/12/04/bitcoin-is-going-mainstream-here-is-what-you-should-know-about-it/?utm_term=.c2491ff37c0c

Finance and Economics, 2018, The Economist, Bitcoin is no longer the only game in crypto-currency town: https://www.economist.com/news/finance-and-economics/21734462-which-could-be-next-digital-coin-rule-them-all-bitcoin-no-longer

https://www.youtube.com/watch?v=T2zH-T_hmLs