Bitcoin Virtual Currency is Open-Source P2P Money Managed by Users
Katie Cordrey — May 22, 2011 — Unique
References: bitcoin.org & utopianist
Bitcoin virtual currency is peer-to-peer tender without government backing or the baggage that comes with it. Tracking and the issuance of new money are collectively managed by the Bitcoin community, and that's ruffling some feathers.
According to Launch.is, "Bitcoin is a P2P currency that could topple governments, destabilize economies and create uncontrollable global bazaars for contraband."
The decentralization of the money supply challenges the ability of governments to establish relative monetary values and monopolize the terms of trade. Since Bitcoin is immune to government manipulation, values are set by the traders who use it. Because Bitcoins have no serial numbers, they cannot be tracked, which means transactions remain private. Barter, mutual credit and local currencies are all part of the alternative currency stream, but Bitcoin is different in part because it is designed to be a world currency with the potential to pull the rug out from under the government-backed currencies currently in place.
According to Launch.is, "Bitcoin is a P2P currency that could topple governments, destabilize economies and create uncontrollable global bazaars for contraband."
The decentralization of the money supply challenges the ability of governments to establish relative monetary values and monopolize the terms of trade. Since Bitcoin is immune to government manipulation, values are set by the traders who use it. Because Bitcoins have no serial numbers, they cannot be tracked, which means transactions remain private. Barter, mutual credit and local currencies are all part of the alternative currency stream, but Bitcoin is different in part because it is designed to be a world currency with the potential to pull the rug out from under the government-backed currencies currently in place.
Trend Themes
1. Decentralization of Money Supply - The decentralization of the money supply challenges the ability of governments to establish relative monetary values and monopolize the terms of trade, creating opportunities for disruptive innovation in decentralized finance.
2. Alternative Currency Stream - Bitcoin is part of the alternative currency stream, offering opportunities for disruptive innovation in digital currencies and alternative payment methods.
3. Privacy in Transactions - Bitcoin's ability to allow private transactions without tracking or serial numbers creates opportunities for disruptive innovation in privacy-focused financial technologies.
Industry Implications
1. Finance - The decentralization of money supply and the rise of alternative currencies present disruptive innovation opportunities in the finance industry, such as decentralized finance platforms and digital asset management.
2. Technology - The development and adoption of digital currencies like Bitcoin drive disruptive innovation opportunities in the technology industry, including blockchain technology, cryptocurrency exchanges, and digital wallets.
3. Legal - The emergence of Bitcoin and other alternative currencies presents disruptive innovation opportunities in the legal industry, particularly in areas related to regulation, compliance, and the legal implications of decentralized finance.
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