Running Head: Argumentative essay
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Bitcoin was created by a person (or group of people) who did not want to reveal their identity, nicknamed Satoshi Nakamoto in November 2008. Based on the Bitcoin value line chart from Coinranking, the movement is a modest loss after much sharper gains earlier in the week, when bitcoin plummeted from an all-time high of $19,843. $19 ,843. Then, its value is down more than 30% in a single week after a sharp depreciation which began around December 17 and 18.
The 2017 witness a new age of cryptocurrency, especially the Bitcoin thought its price in Feburary in 2013 is just $32. However, besides its advantages Bitcoin also causes many threats for economies around the world. Because of the anonymous feature, the cryptocurrency is a great market for money laundering and governments cannot collect taxes from Bitcoin transactions. Moreover, because of the massive increasing of Bitcoin’s price, this phenomenon is much likely
the tulip bubble and internet bubble crisis from the past. Firstly, the price of Bitcoin will drop rapidly, which will pull other cryptocurrency valuation decreasing as well. When this hundred billion dollars value market bursting up, it will impact not only organizations and people in the market, but also other fields of economy.
There are some solutions to prevent and slow down the growth of Bitcoin. When an institution announces to accept Bitcoin, it causes the price climbing significantly. Hence, by issuing more policies to limit the investing trend, governors can block the growth of Bitcoin or even reduce its price. In addition, by creating a new cryptocurrency, c ryptocurrency, governments and central banks can improve improv e their banking system; delete the competitive advantages of Bitcoin then attracting users from non-governor controlling cryptocurrency.
AGRUMENTATIVE ESSAY
Reference
Azmaan Onies, Giancarlo Daniele, Tunmise Olayinka. (2011). Bitcoin Decentralized, Peer-to peer, Cryptocurrency. Retrieved from standford :
http://cs.stanford.edu/people/eroberts/cs181/projects/201011/DigitalCurrencies/technology/index.html
Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system.
Grinberg, R. (2012). Bitcoin: An innovative alternative digital currency. Hastings Sci. & Tech. LJ, 4, 159.
https://www.cnbc.com/2017/09/29/bitcoin-exchanges-officially-recognized-by-japan.html
https://coinranking.com/coin/bitcoin-btc
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