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The Pros And Cons Of The Decentralized Cryptocurrency

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Money has changed form and shape over time to enable trade to happen. Currency evolved from tangible objects such as cattle, to precious metals, to paper bills that were backed up by precious metals, all the way to today 's paper bills that aren 't backed up by precious metals. However brand new online cryptocurrencies have recently gotten a surge in demand and could become the currency of the future.
Bartering is when people exchanged goods that they had a surplus of for ones that they lacked. The two main drawbacks with bartering is that you may only trade with some that has something you need and wants something you have, and that the goods traded would not have the same bartering value everywhere (BBC , n.d). In 9000 BC ― 6000 BC after …show more content…

Bitcoin was the first cryptocurrency, invented in 2009, and it remains the largest, reaching a market capitalization of 197 billion US dollars at the time of writing (Worldcoinindex, 2018). This popular cryptocurrency is worth only what people are willing to pay for. Bitcoin works by using a decentralized ledger; a blockchain which contains all the transactions that have taken place, which can be viewed by anyone. Each Bitcoin account has public key (username) and private key (password). Bitcoin works by using complex mathematical equations to confirm that a transaction has taken place. These mathematical equations are done by miners; people that use special hardware called ASICs to confirm transactions. Some estimates put the total electricity use of Bitcoin mining equivalent to that of a small country like Denmark (Ars Technica, 2017). Bitcoin has 16.8 million coins in circulation right now with miners being paid in transactions fees and new coins which they mine with a max amount of 21 million, the last of which will be mined in the year 2140 (after which miners will be paid solely in transaction fees). Bitcoin isn 't a fiat currency, instead it behaves more like Gold as there is a set amount of it and some of it is mined every day. The biggest benefit of Bitcoin is that it is decentralized; meaning it isn 't controlled by any one person or any government. This is a huge upside because a government can 't just print more Bitcoin if it feels like it, nor can a easily government manipulate supply by increasing and decreasing interest rates like it can do with fiat money. Seeing the big success that Bitcoin had, people decided to invent new cryptocurrencies, known as altcoins which are meant to address some of the shortcoming of Bitcoins, such as high transaction fees (the minimum transaction fee is around $25). One of the most popular of these altcoins is

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Based on the given documents 1-8, reasons for exchanges among major societies in the period 600-1450 were mainly focused on places of religious importance, the demand for sweet tasting foods, and the abundance of necessary materials, and with this the results of exchanges among major societies in the period 600-1450 were mainly the diffusion of culture through trade, the growth of population where there was a growth of trade, and the spread of ideas or traditions through trade, while the scope and pace of exchange among major societies in the period 600-1450 were mainly increased by the development of major trade routes. Based on the given documents, reasons for exchanges among major societies in the period 600-1450 were mainly focused on

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The silk road was helpful to the people in china, central asia, Africa, and India/all the way to Rome and beyond because of the trade routes the silk road was able to have the right resources to make it successful and helpful to others who trade. Transition + Your own original Reason, Detail, or Fact For example, where the trade routes went across most of the whole entire world. For, trading horses, orange seeds, grape seeds, or anything popular or needed during their time made the trade routes easier so they wouldn’t have to travel all the way to go trade and get what they had needed. One supporting Example or Evidence from text or source document To explain, in the article “The Silk Road” it says, the silk road has been an important part of success domestication of the camel which was an animal that could carry heavy loads over

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It all started when the fur trade began, in the late 17th century and in the early 18th century. When the fur trade began clothing also started. Animals would be hunted for there food, and also for there fur. There furs would be traded for tools such as axes, and weapons such as muskets. The First Nations would barter to find the best deals since they didn 't know each other 's languages.

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There was a high demand for luxurious goods that were special to each region which caused a great increase in trade. This also occurred on the Trans-Saharan trade routes with gold. Religion also played a big factor in why trade was increasing in these two trade routes. Increases in technology helped trade become more efficient and faster. For example, the compass helped people trade along the Indian Ocean sea lanes.

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This gives government the ability to keep a steady balance in the economy. Another way the federal government can regulate money is by the monetary policy, which gives the government the ability to manipulate the money supply. As long as this power isn 't abused it can help restore order in the economy. Use what you’ve learned about the structure of Russia’s government and the power of its branches to describe how public

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The Silk Road began in the 2nd century BCE with the diplomatic missions of Zhang Qian sent by the Han Emperor. The Silk Road was largely fragmented, commodities carried by merchants of many countries on the Silk Road from present day China to present day Turkey. The interaction of these different cultures created a cultural diffusion that can be seen in the resulting names, tools, jewelry, luxuries and house wares that these different societies adopted. Silk was one of the most important items traded along the Silk Road. Once the Silk Road was open techniques of weaving the silken thread did not begin to spread because this material was similar to that used by cloth weavers.

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The Silk Road was a complex network of trading routes that spanned from eastern Europe to China, that allowed many goods to travel from city to city. During the Silk Road’s main prominence from around 200 B.C.E. to 1450 C.E., many changes took place - including ones that have drastically altered societies with change in both social hierarchies and major religions. However, even with the plethora of cultural changes that took place, a few aspects of the societies of the time stayed consistent, most noticeably the desire for luxury goods by the upper class. The Silk Road resulted in many changes to the social hierarchies of the time, especially in the treatment of women and merchants. In the second-wave civilizations prior to the road’s prominence, women and merchant were viewed as much lower members of society.

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The Columbian Exchange, also known as The Great Exchange, is one of the most significant events in the history of world. The term is used to describe the widespread exchange of foods, animals, human populations (including slaves),plants, diseases, and ideas from the New world and the old. this occurred after 1492. Many goods were exchanged between and it started a revolution in the Americas, Africa and in Europe. The exchange got its name when Christopher Columbus voyage started an era of a tremendous amount of exchange between the New and Old World that resulted in this revolution.

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Before a single form of currency was established, local banks were allowed to make loans that were issued by their own bank notes. The local banks did not have to use gold and

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The Silk Road was a network of trading routes that spread across most of Asia and connected areas of eastern Europe back to China in 200 BCE to 1450 CE. Although many changes happened throughout this time, such as changes in religions in the area and social hierarchies, many things stayed constant, such as the desire for luxury goods and the trade of new technologies, religions, and products. The rise and fall of certain empires were a major change during this time. Starting around 200 BCE, the Silk Road was used by the Roman empire and Han dynasty to trade luxury goods such as silk. Later on, as western Rome fell, eastern Rome rose as the Byzantine empire, and used the Silk Road also.

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Bitcoin is a virtual currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Bitcoin works with no middle men, which implies that bitcoin works no banks to run and no security to check the system to see fraud and broken laws. Bitcoin should not be allowed to be a future currency. Bitcoin can make money laundering worse, it can make counterfeiting worse and it can make more private money companies that could surpass the law.

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Economic Effects of the Columbian Exchange  Inflation of cash-crops, slavery and silver resulting from the Columbian Exchange caused a drastic effect on the global economy.   Cash-crops forged new trade routes across continents, slavery supported New World exports, and silver caused power shifts in the world 's distribution of wealth.   As Spanish expeditions to the New World increased in size and purpose, the economic effects on the rest of the world spread with equal vigor.   The triangular trade circulated commodities between Europe, Africa, and the Americas.   From Europe some commodities were distributed throughout Asia.

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Before I read Atlas Shrugged by Ayn Rand, I associated a love for money as greediness and materialism. “The words ‘to make money’ hold the essence of human morality.” This statement has changed my view of money and it’s impact on society. In Rand’s book, a character by the name of Francisco d’Anconia gives a speech on the virtue of wealth after being called out for being a depraved product of money. He is scorned for his profits through the downfall of his competitors, but then ultimately talks about the problems his own company faces.

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Bitcoins was founded in 2009, by an anonymous programmer, who used a fictitious name called Satoshi Nakamoto. Bitcoins is a crypt-currency which uses cryptography to secure transactions between peers. Merchants such

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