Halp (Cryptocurrency related)

[_ASSASSIN_]

So I was dumb enough to pick Bitcoin as a topic for my english essay. I have absolutely no clue where to start.

First off, I don't have my topics narrowed down. I'm deciding between "should bitcoins be legal" and "can bitcoin a legitimate investment/currency" (I'm personally leaning more towards the latter).

Second, I have no clue which side to take. Both sides are both pretty well supported and have good reasons as to why their point is legit. 

If you guys could give me pros and cons here of bitcoin that would be amazing. 

Thanks.

[Oshino Shinobu]

I'd go for the latter, there's much more solid evidence and numbers to back up your argument. 

 

You can say that cryptocurrency as a whole can be a legitimate currency, but Bitcoin is too volatile to be a currency. Use numbers and graphs to show the large drops and rises in a day to support it. 

 

You could point out that Bitcoin could/have been a good investment, but only as a sort of trading commodity, like gold. A currency needs to be stable and have a consistent value to it, so Bitcoin can't work as a currency. Then go into the security sides of things. You could argue that it's good as an international currency to basically spend anywhere in the world, but you'd still have the issue of buying them with other currency, so the value would change from country to country if not managed right. 

 

EDIT: There's also the matter of micro transactions, which can be much easier to do when you can send a percentage of a coin, rather than being limited to 1 Pence/Cent or W/e

[_ASSASSIN_]

I'd go for the latter, there's much more solid evidence and numbers to back up your argument. 

 

You can say that cryptocurrency as a whole can be a legitimate currency, but Bitcoin is too volatile to be a currency. Use numbers and graphs to show the large drops and rises in a day to support it. 

 

You could point out that Bitcoin could/have been a good investment, but only as a sort of trading commodity, like gold. A currency needs to be stable and have a consistent value to it, so Bitcoin can't work as a currency. Then go into the security sides of things. You could argue that it's good as an international currency to basically spend anywhere in the world, but you'd still have the issue of buying them with other currency, so the value would change from country to country if not managed right. 

 

EDIT: There's also the matter of micro transactions, which can be much easier to do when you can send a percentage of a coin, rather than being limited to 1 Pence/Cent or W/e

Well probably the biggest evidence I have going at all for this argument is the fact that cryptocurrencies are extremely volatile to support me. So I'll probably be going against it. But I don't know where to go beyond that. I'd also do that it creates a large gap between users, seperating those that are technologically inclined to those who aren't, but I can't find an article to back me up on this point .

[Fred Castellum]

You might have more luck if you get a mod to move this to the folding and cryptocurrency section of the forums.

 

I'm sorry but I'm really lazy right now, but I've got prior experience with bitcoins. I don't think a currency such as bitcoins needs to be stable in order to be considered a currency. I hold my position that cryptocurrencies are worth investing in if you play it smart, I've made a decent sum before the bitcoin crash last year.

[_ASSASSIN_]

You might have more luck if you get a mod to move this to the folding and cryptocurrency section of the forums.

 

I'm sorry but I'm really lazy right now, but I've got prior experience with bitcoins. I don't think a currency such as bitcoins needs to be stable in order to be considered a currency. I hold my position that cryptocurrencies are worth investing in if you play it smart, I've made a decent sum before the bitcoin crash last year.

I prefer solid evidence (AKA opinion piece articles apparently...) over anecdotal evidence. I need something that I can actually get a grade on

[Fred Castellum]

I prefer solid evidence (AKA opinion piece articles apparently...) over anecdotal evidence. I need something that I can actually get a grade on

I did say I was lazy right now lol....

 

Now if we were talking about the lvl 2 data of other stuff then I'd probably type a whole essay in the thread. Sorry mate. 

[_ASSASSIN_]

I would lean more to the "can Bitcoin be a legit currency" becasuse on some level, its like spending USD on TF2 or CS:GO items, and trading between players.

hah.. Like I can use that as an argument...

[NumLock21]

Take the side you believe you have the strongest points to argue on why you think about cryptocurrency. Then use examples to back it up.

[_ASSASSIN_]

Take the side you believe you have the strongest points to argue on why you think about cryptocurrency. Then use examples to back it up.

yeah I think I have it down that I'm going with cryptocurrencies being a legit currency. It has the most evidence for it. However I cannot find any articles that SUPPORT bitcoin's deflation algorithm..