Regarding the Bitcoin Explosion

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Regarding the Bitcoin Explosion

Luke Tyler, Co-Editor

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The popularity of Bitcoin has spiked over the past 12 months and it has become one of the highest searched topics on Google for 2017. The media is catching up with the trend, publishing articles regarding the “Bitcoin Craze.” But, the popularity leaves many Americans and others worldwide asking if they really know and understand the technology behind this popular cryptocurrency.

Bitcoin is a form of digital currency that works without a central bank. During the Great Recession, Bitcoin started emerging as a promising solution to bank failure. However, Bitcoin was not the first cryptocurrency. Since 1998, multiple types of cryptocurrencies were created but most died off several years later. What makes Bitcoin the most popular is the utilization of the blockchain technology and as a result, multiple other coins have started.

Intrigued by the cryptocurrency, I asked around the school to gather opinions from the students and staff on the topic of Bitcoin. Occasionally, I will hear conversations discussing the price and the exciting factor of the currency. “Bitcoin is tubular,” says Isabella Lopez (‘18). However, senior Katy Zitt (’18) gave me her two “cents” about Bitcoin: “I feel like there is not enough information out there for people to be invested or involved. Soon people will realize that there is so much sensationalism out there to invest.”

Her opinion echoes that of Mr. King, who also expressed his concerns, saying that “there is no way to monitor it due to its speculative nature.” The stance of Bitcoin has been pretty split nowadays, some saying its a scam and others who say it’s the new wave of finance. It leaves the public to now answer if they are willing to risk investing or call out Bitcoin’s bluff.

Personally, I’ve spared a couple ducats to experiment with this new market of currency. Yet, I still do have my own concerns regarding the stability of Bitcoin so that is why I have dabbled in a few other types of cryptocurrency. Promising or not, the longevity of the currency is unknown.

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