CLMN | Bits of Bitcoin


Have you ever thought of buying a pizza without paying actual money for it? Well, if your friend is making the pizza and you are buying her dessert in return, that’s a different story. In fact, that’s what economists call a ‘barter system’. However, if you’re ordering a pizza online and pay with virtual currency, things become quite fascinating, because you’re dealing with the greatest technological innovation for this age.

We call this virtual currency Bitcoins. The term refers to the currency itself as well as the platform in which you can buy, store and spend this ‘cryptocurrency’ through your electronic devices using the internet. It revolves around a decentralized network, has no regulatory authority and is an open source monetary system. You can virtually ‘mine’ the coins, or buy them with real money, keep it in your virtual wallet or sell it across your virtual network. What’s interesting is that although every transaction takes place in a virtual environment, the value of the currency is calculated in terms of real money, just as the products you buy online will be physically delivered to you. Yes, the pizza you just bought with Bitcoins will really fill your stomach!

Last Monday our Department’s study association hosted a very interesting seminar and debate on Bitcoins. Students of the Department of Innovation Sciences are always enthusiastic about new, trendy technologies that we think might take us to a new future.

However, being too optimistic has its downside: the value of the Bitcoin is highly volatile, making it unreliable and untrustworthy to many people. Still, we must not lose hope. After all, you can’t expect a new form of currency to replace the conventional currency system overnight.

Whether you’re in favor of Bitcoins or not, all you can hope for is a peaceful transition or co-existence of both currency systems. So grab your pizza and stay tuned with what’s already been called ‘the greatest revolution of the era’!

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