The price of Bitcoin is rising recently.
Some people indicated the influence of hyperinflation in Ukraine.
(This chart was generated via Kraken.)
Bitcoin is a crypt currency which has no central administrator. It was introduced several years ago. Nowadays,
there are many exchanges all over the world. Its price is still volatile. Some
months ago, it fell down by 50% from $400 to $200 per 1BTC, following the
cracking case of BitStamp, a major exchange.
Notwithstanding the frequent scandals
about it, Bitcoin is a revolutionary technology. It has no particular
organization. It means that no one can damage the value of Bitcoin with a certain policy. Therefore, it becomes
trustworthy at the financial crisis in a country. On the other hand, nobody can
ensure the value of Bitcoin on their own. Such a contradictory character is one
of the reasons Bitcoin is difficult to be
understood.
The scheme of Bitcoin is not limited to digital currency. You can
create your own currency with the architecture of Bitcoin, at least theoretically.
Indeed, there are some internet services of
issuing digital currency. GetGems, a new
company developed a messenger application, issued a digital currency
"Gems," as a token used in the application. You can transfer Gems to
another person via the application. GetGems sold some amount of Gems in advance
it released the application to gain a budget to develop the product. It this
application becomes popular, the price of
Gems will be raised.
Thus, anyone will be able to have their own currency. I heard that a blogger issued his
token to deliver it to readers. The more
his blog becomes popular, the more his
token become valuable. As you know, this token
is quite similar to the stockpile.
In the near future, everyone will issue
their own stockpile. It means that the
reputation of each person become visible. Stockpile is a symbol of trust and
reputation. So is the money.
Toshio Okada, a Japanese commentator,
prospected an era of "reputation economy." In his words, people in
this era will exchange their reputation
for something, instead of currency. For example, you cannot buy 100,000 active
followers in Twitter for $100,000. In contrast, you will earn $100,000 with
ease if you have 100,000 active followers.
Thus, reputation will be more powerful than money, according to Okada.
Okada's opinion is noteworthy.
Indeed, in ancient China, people needed good reputation to get a higher status.
Mark Zuckerberg, the founder of Facebook also aims at the visualization of
personality of each person. However,
reputation itself is hardly to be measured. It is a disadvantage compared to
the money.
Digital currency will overcome this
problem. Bitcoin and relevant technology will open the door to the era of the reputation economy.
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