[VIDEO] Bitcoin, Blockchains, and the Future of Money

November 3, 2017

When we took a look at Bitcoin in August, the cryptocurrency had just reached a record value of more than $4,000. Since then it has only continued to grow in worth, topping out $7,200 this week. Many experts now say that Bitcoin and other blockchain-based currencies could be the future of money, even though most consumers have no clue how they work. This longform video tries to remedy that problem by comparing Bitcoin with the stone ring currency system used by people on the Pacific island of Yap.

Questions:

  1. Besides using large stones as currency, what else is unique about the island of Yap’s traditional monetary system?
  2. Do you think Bitcoin or other blockchain-based currencies will eventually replace established monetary systems? Why or why not?

 

 

One Response to [VIDEO] Bitcoin, Blockchains, and the Future of Money

  • 1. Besides using large stones as currency, the Island of Yap’s traditional monetary system is that they would throw the rocks on the other side of the raft because storms often crossed on the voyagers. The value of the stone is based on how much work they put on to cut up the stone and sail it to their island.

    2. Bitcoin could have a chance of replacing monetary systems because we already know how much technology has evolved throughout the years, and it wouldn’t be surprising if people started using their phones to pay for stuff istead if the traditional paper dollar bill money that we use.

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