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Ethical Policy of Pediatric Anesthesia History of. Successful miners get paid for their work in either bitcoins or transaction fees. Users can also acquire bitcoins by earning them through real-world business transactions, or by buying them with cash in an ever-increasing number of Bitcoin exchanges and ATMs. Evangelists The most passionate advocates portray Bitcoin as a disruptive technology that has already begun and will continue to disrupt the global financial framework.
Theoretically, the new system empowers anyone with an internet connection to set up a business, earn, spend, borrow, transfer, or save money without regard for national boundaries and without the intermediary of banks or profit-seeking middlemen who take a cut of every financial transaction. Critics Skeptics and naysayers call the claims magical thinking , and suggest that Bitcoin favors speculation and hoarding over real-world financial transactions.
They suggest that Bitcoin is doomed to chronic deflation. Jerry Buchko, a personal-finance counselor, coach, and tutor, and a member of the eXtension Network Literacy community of practice, weighs in with the skeptics. Ultimately, the naysayers say the system is unsustainable and eventually will need robust regulation and law enforcement to prevent fraud. Outgoing Federal Reserve chairman Ben Bernanke falls into this group, noting that Bitcoin, "may hold long-term promise, particularly if the innovations promote a faster, more secure, and more efficient payment system.
While I wouldn't wager that Bitcoin will become a dominant or even mainstream form of currency, it will impact how we think of currency and force the current financial players to guard their flanks. Bitcoin may be like the Newton --ahead of its time, but influential for the ideas it spawns.
Jerry Buchko , jerry. Peg Boyles, eXtension, writangl gmail. Try asking one of our Experts. This is where you can find research-based information from America's land-grant universities enabled by eXtension.