The world is becoming more and more accessible thanks to the Internet; specifically for monetary transactions such as shopping and banking. In 2009, a group of people under the name “Satoshi Nakamoto” created Bitcoin, a form of digital currency that can be used to make transactions over the Internet. Over the past six months, there has been a sudden surge in popularity for Bitcoin, which has increased the net value of the currency, as well as stock prices for investors. Its shares began attracting investors in September 2013, at around $130 per share. Now, in 2014, a share of Bitcoin is about $600. On a purely economic level, Bitcoin may seem like a promising investment both in terms of money and hope for the future economy, as technological advances bring improvements in our daily lives. However, the very thing that attracts investors is also sending red signals to government officials: uncertainty. A virtual currency is innovative and represents a very new concept for the society we have today, which is trapped in a limbo between maintaining the old and transitioning to the new. Bitcoin generates an interesting perspective on global politics and economics in the 21st century. Virtual Currency analyzes the threat of a foreign currency within a state, the possibility of a potential global currency and the technological economy of the future. Bitcoin represents a game changer for the global economy because it has the “…ability to move large sums of money across borders instantly, cheaply, and potentially anonymously” (Foley, Noble, Chilkoti, & Jones, 2014). While some countries have established strict controls on Bitcoin, others count…half of paper…in their economies. However, not only will the Global South benefit, but states in the Global North will also be able to benefit. Now states in the Global North will be able to help developing states by incorporating them into the global market. Since the economies of all states will be tied together by the same currency, it is evident that not only the richest states will have to monitor their own well-being, but also that of developing states. Together, they can build a stronger trading market, free from restrictions and inequality. Bitcoin is an economic revolution that is impacting our daily lives and changing the way we connect with each other through the exchange of money. We've seen the internet change the way we communicate, we've seen Google change the way we find information, and now we'll see Bitcoin change the way we trade.
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