Unit 6 Discussion

Abstract

Unit 6 Discussion - Fiat Money vs Bitcoin   Context Information: Money is anything that is accepted in exchange for goods and services or for the payment of debts. Our current form of money, the dollar, is considered Fiat Money, because it does not have any intrinsic value but is accepted as money because the US government has made it legal tender. The Fiat Monetary system is regulated by the Federal Reserve (The Fed) which is the United States Central Bank. The Fed regulates financial institutions such as banks, and issues the currency. In other words, the Fed controls the amount of money in circulation. It can increase it, or decrease it. This feature makes the Fiat Monetary system a centralized system. In contrast, Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. Instructions and Steps: 1. Review the Ongoing Discussion Topic General Instructions > Select this link to Open 2. Access this introductory video on blockchain and cryptocurrencies. TEDInstitute. (2017, September 22). Blockchain and the Middleman | TED Institute. [Video]. YouTube. 3. View the following TED Talk (video presentations). As you watch the video, take notes of any relevant information. TEDx. (2020, January 10). What is Money? And Could Bitcoin Be the Best One? | Jad Mubaslat. [Video]. YouTube. 4. In 500 words or more produce an original post that answers the following questions:  According to Jad Mubaslat what are the benefits of a decentralized currency...