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The Bitcoin: the First Step Towards Developing

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Submitted By swtex71
Words 1742
Pages 7
ABSTRACT
The Bitcoin, which was created by programmers, is a virtual, is a virtual currency whose value is derived from the trust of those that choose to use it. Since 2009 the big coin has grown substantially and now is seeing in active use worldwide. While the Bitcoin has seen some complications due to the ease of use and illegal enterprises however still provides a substantial upside over traditional currency. As the Bitcoin is consistent across borders worldwide it provides a significant opportunity to tear down barriers seen in international trade today. The Bitcoin can easily be seen as the first steppingstone towards the development of a universal currency. TABLE OF CONTENTS

INTRODUCTION
Globalization
The Bitcoin
Bitcoin and its Impact on Economic Globalization
Is the Bitcoin the Beginnings of a Universal Currency?

The Future of the Bitcoin
Pro: No Specific Monetary Authority

Pro: Gaining Acceptance Across the Globe

Con: Lack of Regulation

Con: The Bitcoin is Innovative Start but Not the Final Answer

SUMMARY AND CONCLUSIONS I. INTRODUCTION
1. Globalization
Globalization is expansion of economies, culture, and cooperation beyond geographical borders in which countries can grow beyond their personal limitations by engaging the world market. This cooperation can lead to technological advances, increased manufacturing capabilities, economy stability, and encourage innovation. The three major types of globalization are economic, cultural, and political. Economic globalization has reached the point where no country can claim to have an economy that does not have, at least at some level, that is not connected to at least one other country. In today’s world understanding economic globalization is essential to the success of the country’s economy and local enterprises. Cultural globalization is more noticeable to the average

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