Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by lots of people running computers all around the world, using software that solves mathematical problems.
The Guardian criticizes the Bitcoin by
underlining that the electronic currency has some threatening aspects.
Indeed, the
Bitcoin is describe as the Mortgage system which made Lehman Brothers
collapsed and led to the international financial crisis. Moreover it
could be a threat for the employment as the Bitcoin Removes liquid assets from
traditional trading resources used to employ populations.
Therefore,
speculators find an easy way to launder illicit funds which cannot be under the
control of the government.
Finally,
Paul Krugman states that even if Bitcoin can make people rich, it has a real
negative cost for the economy and declares that it is not why a legitimate
monetary system is made for.
The point
of view of Ben Bernanke, president of the FED, who addressed a letter to
American Congress contains more positive points of view that
Bitcoin and other virtual currencies may hold long-term promise.
Indeed,
FED’s president highlights the fact that Bitcoin is faster, more secure and
more efficient than other payment’s system. Moreover, he thinks people can get
rich quick with little input or effort which is very important for most of them. It could also reduce administration costs
(it’s a very strong argument because it permit to economize money and time,
both on the side of customers and banks), and permits the Federal Reserve to
plan to work with other financial agencies for banking organisations.
Both articles are engaged concerning Bitcoin and
digital currency. First we can remark that the Guardian’s article has a
negative view, with many arguments like the lack of regulation or the
increasing facility for laundering illicit funds. Ben Bernanke and his letter
to Congress (which contain positives arguments) seems more optimistic for the
development of Bitcoin and digital currency.
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