Project #3

Deciding what to write about is always the hardest part of my writing process. Where do I start? What would make a good argument? To be honest, writing this entry, I really have no idea what I want to study for Project 3. Considering this, my road-map has encountered an obstacle almost immediately. Generally, I try to write on the top of my head to get my “creative juices” flowing (something I unfortunately tend to lack). I am currently studying economics and spanish. The subject matter of a world language is rather limited, so lets stick to economics. With a quick search on economist.com, I notice that a trending topic currently is bitcoins, a new unregulated currency that has transformed the online marketplace and has generated quite a bit of popularity on the world’s political and economic platforms. And now, we have topic. A BitCoin is the same as a dollar, a pound, a euro, a krona, etc...  except one keeps them in an electronic wallet on a computer program. Currently it is estimated that the value bitcoins in circulation is around $1.5 billion dollars with millions of dollars worth of bitcoins traded every day. Over the last 5 years, people have acquired them by “mining”. Bitcoin miners are simply workers, backing up centralized hardware by proofing equations. The currencies demand has spiked in recent years, indicating a great increase in demand. Soon, this currency will dominate international trade. Our society is continually advancing and networking through the power of the internet. Soon we will break the shackles of domestic monetary policy and paper transactions in favor of international, one-touch payments. Now, my search begins for support to my argument.