The Danger to you of Bitcoin
One of the great mysteries of the 21st century is the identity of Satoshi Nakamoto, the creator of Bitcoin. While his creation of the blockchain and a new cryptocurrency was an immense achievement, Bitcoin itself is only one of a diverse array of emerging currencies. Still, when I taught my Digital Globalization course last winter, I learned from my students that in my city (Portland, Oregon) there was an ATM at the local mall (Pioneer Place) where you could convert Bitcoins to cash, bars where you could buy your drinks in Bitcoin, and even apartments were you could use it to pay your rent. The reason for this rapid adoption has been the many promises that Bitcoin makes. Need to send money? There is no need for Western Union. Are you concerned about the security of banks? Bitcoin and other cryptocurrencies are not a fiat currency (created by a sovereign government) and hence beyond the reach of the Federal Reserve or the banks. …