* Acceptance
-Bitcoin was created to remove fiscal responsibility and trust from centralized figures such as central banks, governments and other third parties
-It’s often criticized for its bubble like behavior as demonstrated during June to October of the year 2011 where negative publicity mainly due to security issues and hacking incidents, saw the value of the Bitcoin plummet 90% of its current value.
-Its second bubble burst in April 2013 where its value dropped from then $260USD to $130USD in a matter of only 6 hours.
-Bitcoins history is shrouded in uncertainty from its founder Satoshi Nakamoto’s disappearance, to its ability to keep users anonymous which in turn influences illicit conduct
-However, supporters of the crypto-currency argue that Bitcoin’s decentralized figure is what allows it to be more secure than other modern-day currency such as credit cards and it allows for easier transactions. In contrast, it is debatable whether it can be stable in comparison to other traditionally used currencies.
-Acceptance of the Bitcoin being a legitimate form of currency has been acknowledged by various entrepreneurs as well as the fact that it is labeled as legal tender in Germany. Although with this fact, the cryptocurrency is slowly becoming more centralized as regulations are put on it in the countries of practice * Knowledge
-The mining of bitcoin follows standard supply and demand economics which closely relates to that of a gold standard in terms of value
-Cryptography is used as a basis for Bitcoin’s security, as well as its creation and transactions negating the need to be controlled by centralized figures
-Although the rate of the Bitcoin is still volatile, causing rates to rise and drop dramatically in a short time span, Bitcoin was able to recover from every one of its crashes * Information Transparency
-Although it is quite anonymous, Bitcoin is arguably the most transparent payment network in the world
-All transactions are displayed publicly and they are all traceable.
-In summary, everyone can see everyone’s balances and transactions * Q1
-The benefits include Peer-to-peer which almost entirely negates fraud
-All transactions are documented, further negating fraud
-Countries faced with corruption have an option to keep their money safe by converting their money into bitcoins
-Completely decentralized as is, meaning you have complete control of your currency
-The costs include the fact that users are completely anonymous, which can influence illicit acts such as purchasing of illegal drugs
-It’s value is still quite unstable making it volatile
-It’s recognition as a currency, although growing, is still very minimal

* Q3
-Inflation, depending on the various countries and their economic stability, bitcoins currency grew on large scales with their value skyrocketing.
-Based on a countries economic standing, individuals choose to invest in bitcoin to hopefully hold value in their investments.
-While investing abroad, increasing inflation in foreign countries.
-Bitcoins impact over time can lead to deflation in an economy, due to the fact that there is only a limited number of bitcoins. therefore supply does not meet demand.
-There is also the danger of Bitcoins being lost over time since system malfunctions or hard drive crashes can lead to the permanent loss of Bitcoins, further deflating its value in the future