This conversation is closed.
BITCOIN : Basis/Model For a New Global Currency?
I wanted to bring this question to TED because I have been trying to get my head around whether the pros of a non government managed "currency" outweigh the "cons" ( vulnerability to use for illicit and illegal activities). Bitcoin in some ways is not so different from the Federal Reserve Bank which can "print" whatever money it wants in whatever volumes it deems necessary. It is "digital currency". Seller accepts bitcoin in lieu of some other currency to settle a trade, buyer pays some other seller in bitcoin and so on. It has a determinate value and its value has fluctuated over time. The largest trade to date in bitcoin was $500k for a piece of property so it is not a threat or competition to any existing currency. In an international trade in lieu of paying fees to convert currency a to currency b , a fee s paid to "miners" who have the technological capacity to settle the trades very quickly and accurately and immediately reflect who holds what amounts of bitcoin. I like that it bypasses national currency allowing international trades for goods and services on a strictly buyer & seller basis and see something like this on a large scale as taking the "noise " and "politics" out of national currencies and the price of goods in the marketplace. There is no question that it is most useful for illicit activity but with further development and more prevalent use perhaps bitcoin could develop controls for that. There were many prior conversations here at TED Conversations on paperless currency which might be interesting to refer to in joining this conversation. I am interested in your thoughts on the possibility of a global paperless currency that is outside the control f governments and nations, a user defined , user governed method of making payments .
Closing Statement from Lindsay Newland Bowker
Thank you TED Community for allowing met to bring this question here and for all who helped me take a closer look at bitcoin. certainly I think there was consensus that much is wrong with our national currency system . we agreed that bitcoin is not so much an alternate currency as an alternate lower cost system of settling transactions..alternate to paypal, credit cards, international money orders etc. with limited use for most at the moment. .
Perhaps there will be more to discuss and consider as Bitcoin "matures"
Again, many thanks to TED and all who joined.r