The potential problems about bitcoin

Main topic: Introduce the concept of bitcoin: What is bitcoin? How are bitcoins created? What can people use it for? What are the potential problems about bitcoin?

Thesis statement: This research will introduce basic information about bitcoin to audiences. After reading this research paper, readers will be able to know the definition, the production process, the function and the possible future development about bitcoin. This research will also provide readers with useful information and facts about the bitcoin to help them make their own understanding and judgments.

I. Introduction:

a. Different opinions about bitcoins:

Some people think that the bitcoin is new currency while bitcoin miners believe that bitcoin is a profitable investment.

b. People need accurate information about bitcoins:

Due to the lack of the information about bitcoins, people may have misconceptions about them and cause possible false use of bitcoins in the future, so it is worthwhile to educate people about bitcoins

II. Definition:

What is bitcoin?

Bitcoin is an untraceable digital currency, and it charges relatively low transaction fees while trading with others.

III. How are bitcoins created?

The way to create bitcoin is to program the complex algorithm, and the will receive bitcoins as the reward. ( sources)

IV. What can people use it for?

People are able to use bitcoins as a digital currency to make payments online. In addition, bitcoin has become a new investment because its over time.

V. Current issues about bitcoin

a. Does the process of producing bitcoins consume significant energy?

Producing bitcoins will and require many . (examples)

b. Is the usage of bitcoins legal?

Since everyone has the ability to create bitcoins, bitcoin is hard to trace. Some people are using bitcoins in black market for illegal proposes.(examples)

c. What is the value of bitcoin?

Bitcoin is a digital currency which people have not set up a standard measurement of its value. Therefore, it keeps changing over time.

VI. Future concerned about bitcoin

a. Will bitcoins be regulated by the government in the future?

Currently, there are no international laws or regulations about bitcoins. However, Some counties, China, for example, already revoked the transactions of bitcoins.

b. Will bitcoin develop in the future?

Bitcoin, as a new digital currency, has potential ability for better use in the future.

VII. Conclusion.

Bitcoin is a type of new digital currency that draws peoples attention, so that people should have basic knowledge about bitcoins. In addition, bitcoin is on the developing stage which may cause some negative effects such as the instability of the market. Regulations or rules should be applied so that people can get benefits from bitcoins.