ECON 3076 was my only elective class this semester, and it was one of the most interesting and thought-provoking classes that I've taken. Bitcoin and the Blockchain has always been a topic that I could spend hours immersing myself in and working to understand. I always liked reading about the proofs of how the ledger works and attempting to understand the complex math behind it. It wasn't until ECON 3076 that I understood the impact they could have. I used to hear about Bitcoin being regarded as an anonymous payment method and a highly volatile asset, but never regarded it as more than that, nor gave it any sort of classification. Then, in the first week of class, we were immediately prompted with the question "is Bitcoin a currency". I had never taken an economics class before, so this question forced me to dive deeper into something I had never thought much about: what qualifies as a currency? Bitcoin doesn't have a bank, is highly volatile, and does not have a physical form, but it meets the same qualifications that everyday currencies have. It has a value, can be exchanged for goods, and is a unit of account, just like the US dollar. It can be purchased and stored in wallets virtually, and then used to purchase a good, which has been done for years with online purchases through banks and services like PayPal. After I had accepted and understood that Bitcoin was a currency, I was more confused than I was before I had taken the class about the purpose and possibilities of Bitcoin. It requires extremely complicated math just to exist and function, yet it falls under the same spectrum as most currencies... Yes, which is what makes it so remarkable, as it is so different while still maintaining all the requirements to be a currency.
Bitcoin on the blockchain allows for immutable and secure transactions that are quicker than bank transactions. The blockchain is also accessible 24/7 365 days a year, unlike banks that have limited hours. The configuration of the blockchain allows for Bitcoin to be very secure, accessible to anyone with an internet connection and device, and have quicker transaction speeds and lower fees than many services. This combination of aspects allows for a lot of financial opportunity. The potential Bitcoin has is starting to be realized by the masses as well, as the demand for it drives the coin to a new high almost every few months. Large corporations have started purchasing billions of dollars of the currency, leading me to believe that Bitcoin will have an important role in the future. After taking this class, I became a lot more interested in Bitcoin and the Blockchain. I've started researching more about the innerworkings of cryptocurrencies, and I've even looked into a career in Blockchain. I've started investing in cryptocurrencies, and even using banks backed by cryptocurrency that manage to return higher intertest rates than fiat banks. This class taught me a lot about how blockchain works and what Bitcoin can accomplish, while also expanding my knowledge of currencies in general.
Bitcoin on the blockchain allows for immutable and secure transactions that are quicker than bank transactions. The blockchain is also accessible 24/7 365 days a year, unlike banks that have limited hours. The configuration of the blockchain allows for Bitcoin to be very secure, accessible to anyone with an internet connection and device, and have quicker transaction speeds and lower fees than many services. This combination of aspects allows for a lot of financial opportunity. The potential Bitcoin has is starting to be realized by the masses as well, as the demand for it drives the coin to a new high almost every few months. Large corporations have started purchasing billions of dollars of the currency, leading me to believe that Bitcoin will have an important role in the future. After taking this class, I became a lot more interested in Bitcoin and the Blockchain. I've started researching more about the innerworkings of cryptocurrencies, and I've even looked into a career in Blockchain. I've started investing in cryptocurrencies, and even using banks backed by cryptocurrency that manage to return higher intertest rates than fiat banks. This class taught me a lot about how blockchain works and what Bitcoin can accomplish, while also expanding my knowledge of currencies in general.