In 2009 a new form of currency paved a wide, shiny highway into a new way of interacting with one another online. Bitcoin is entirely web based and is used to eliminate the third party financial institution. Though the third party system has been and remains successful in online marketplaces, there is still room for error. Things like lost or double payments can’t happen with Bitcoin because it is person to person.
It’s like going on Craigslist and buying a car from the owner with cash. No dealer, no loan, no names. Confidential with as few people involved as need be. This concept applied as a form of cryptocurrency makes untraceable and completely private transactions effortlessly.
This marriage of technology and economy was crafted with user interface in mind. The explosion of the Bitcoin was remarkable; being easy to store, anonymous, and a hard-limit amount of 12 million. This means the currency will only inflate in value; one Bitcoin is worth $6805.43 now. Early investors are living large, while those who had the chance are thinking about what could have been. But it was such a crazy concept, who knew what would have happened.
The anonymity and ease that comes with Bitcoin can be manipulated in nefarious ways on the deep web. This payment method was a boon for drug and sex trafficking and money laundering schemes that go on in the deep web, out of sight from easy access web searches.
I can see the headline now – “Buy people…With Bitcoin!!”
What is amazing to me about this currency is the effectiveness in permeating society and reworking ways people do things. Although Bitcoin is a highly niche product, it’s easy, small, and comes with many benefits with its use which are key components in the proliferation of a product. And in true Internet Society fashion, the inflation value of Bitcoin has bloated beyond any reasonable worth.