Bitcoin explained: Crypto fad or the future of money?

Bitcoins are a type of online currency that is abled to be traded for goods through the Internet from person-to-person. These exchanges are encrypted, unable to be hacked and cannot be traced between the people two people doing the exchange. The Bitcoin market has slowly been growing at a constant rate and is international. These Bitcoins can be traded between international boarders and have little fees or taxes unlike when paying in dollars, yen, or pounds between currencies. Similar to stocks the price of Bitcoins increases and decreases based on the markets, this makes business transactions for goods hard to determine the amount to charge.


Bitcoins could potentially connect many smaller economies to each other and could even connect them to the world economy. Due to the lower fees on transactions it is appealing to many different growing economies. With encrypted exchanges bank transactions can also be done between accounts with no trace from where the Bitcoins came from or went to. Bitcoins have had some problems with growth with some government disapproval from the Russian and Chinese government. With these restrictions it closes off different part of the network closing odd that hub. With this new type of currency is something that could create a global form of commerce over time connecting smaller economies to the global economy as one massive network.