Tyron Jewell
Management of Technology
Module 3
Search the internet about “bitcoins.”
In 600 words, answer the following question:
Explain why bitcoins may or may not be a useful product? Consider who uses bitcoins and
whether they can be manipulated too much. How would they fit in with a country’s
economic policy?
Bitcoins are an innovative payment network and a new form of currency. Bitcoins can be
used worldwide and are easily traded from person to person. Bitcoins have many different
reasons for why they are considered helpful. Bitcoin exchanges are by and large far quicker than
bank exchanges. Exchanges can be quick in the event that they are “zero-affirmation” exchanges,
implying that the shipper assumes the danger of tolerating an exchange that hasn’t yet been
affirmed by the bitcoin blockchain, or, they can take around 10 minutes if a trader requires the
exchange to be affirmed. That is far quicker than any between bank exchanges. Bitcoin
transaction fees are minimal, or in some cases free.
The Central governments can’t take away Bitcoins. In Cyprus in March 2013, the Central
Bank wanted to take back uninsured deposits larger than $100,000 to help recapitalize it, causing
huge unrest in the local population. It originally wanted to take a percentage of deposits below
that figure, eating directly into family savings. That can’t happen with bitcoin. Because the
