Since the late 2000's, Bitcoin has been growing exponentially at a very fast rate, making some very rich, and some very regretful for not buying in sooner. In the later weeks of 2024, Bitcoin exploded past its previous peak price setting a new record of around 103,000$ per Bitcoin. Many believe that Bitcoin and crypto currencies similar to it will eventually replace the dollar as we know it, but many are still asking, what is Bitcoin? Bitcoin is defined as "A type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank." To make it simpler, Bitcoin represents transactions between people which add blocks to the "block-chain", it's in this process which new units of currency are generated and rewarded by solving complex math problems, this value of this currency is enforced by the hard cap of 21 million Bitcoin, 1 million of which has yet to be mined.
What is Bitcoin mining? Bitcoin can be "mined" by using a machine known as a miner, these miners will often have 3 circuit boards called "hash boards", that decrypt complex equations and codes and translate them into Bitcoin, the rate at which this is accomplished is called the "hash-rate". Various companies will gather thousands of miners into large facilities, mining 1-2 Bitcoins per day. One company for example is Simple Mining, headquartered in Cedar Falls with smaller sites in Harlan, Shelby, lake Mills, and Algona.
How Bitcoin benefits energy. Bitcoin mining is powered almost entirely by clean, natural energy. Mining Bitcoin has a massive energy cost and the use of clean energy benefits it greatly, Bitcoin mining also uses its waste heat for other purposes, lessening its impact on global warming, Bitcoin mining also uses methane emissions from landfills to help power the miners, keeping it out of the environment.
How could Bitcoin replace the dollar? Many believe the modern dollar as we know it could be soon replaced by cryptocurrencies like Bitcoin, the argument for this switch includes the clear security of Bitcoin, being nearly impossible to breach. The easily transferable nature of Bitcoin makes transactions much simpler than cash. Another argument for Bitcoin is its detachment from a central bank, giving users complete freedom over their money. Finally, the hard limit of 21 million Bitcoin makes inflation much less likely than with cash, which can be printed and inflated at whichever rate the government would like.
In conclusion, I believe Bitcoin and cryptocurrency are the future, and it's getting hard to deny, the easy-to-use system, security, and eliminated risk of inflation, Bitcoin is a clear benefit to society and it's not going away anytime soon. Do you think Bitcoin can replace the dollar? Do you think Bitcoin is good or bad, why?
Replies
Good topic choice and summary Kayden!Be sure to include your souirces next time. The issue is you didn't reply to any student comments which is worth 30 points.
I think Bitcoin is a great way to start out investing even though it may cost a lot in the future it will eventually pay off but if it downfalls and you lost all of that money put into it there will be a chance of someone having their life savings gone and they have no money but usually that will rarely happen because a lot of bitcoin users are rich people with lots of money so if you dont have a lot of money I wouldnt do it.
I would believe that it would have a chance to replace the dollar but to me that would just seem to be a little much we have had the dollar since the late 1800's and as known that the thing known as "bitcoin", I personally think that it wouldnt replace the dollar because the dollar helps people spend small amounts of money at a single time and to me to pull out a phone or card would be a little much but also signing up for bitcoin would be a big pain when you can just whip out a bill and say "I want to buy this scratch off ticket", so I think it wont to put up the hassle.
I personally do not like Bitcoin because I know how many skilled hackers there are aout there, and I just think that they could easily take all of your Bitcoin and possibly get away with it. I also don't know all of the details about bitcoin so as I learn more I might come to like it, but as of right now I just don't trust it.
I do not think Bitcoin could fully replace the dollar. If Bitcoin did end up replacing the dollar it would create a much easier way for skilled hackers to get money. I think the dollar will be around for awhile because a lot of people like having physical bills on them and they feel much more secure with their money that way too. Bitcoin is also like a stock that you invest in and you just never know if that market will crash or not
Even though bitcoin is growing larger everyday, I do not belive it can fully replace the dollar. The dollar is a staple and is easily printed out giving it theoretically no "hardcap" like you said with bitcoins 21 million. I do think bitcoin is good but I do not think it has reached a point of development to be considered a normilized currency.
I agree with you i dont think bitcoin can fully replace a dollar. Also I aslo agree that bitcoin is not good.
I do not think bitcoin could replace money. Many use cash today still, and don't know what bitcoin is. As we all grow and develop more we will learn about bitcoin and maybe we will all turn to it as it grows more and more everyday. I believe bitcoin is bad because you could get scammed or hacked, and I don't think its very trustable yet in this time. As it grows it may change my opinion.
I belive that bitcon could not replace the dollar. In todays world many people still use cash but, as we go one maybe it could replace it. As of right now though bitcoin could not replace the dollar. I think bitcoin is a bad thing because scammers are getting more and more advnaced and they could easily hack into your account and take everything you have.
I agree with you whe you say "they could easily hack into your account". I don't think that it is very trustable to put everything into bitcoin, and I think it will go downhill. I also believe that is why it won't replace the dollar. I strongly believe Bitcoin is a very scary investment.
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