History of currency has been changed a lot. However, only one thing which has never been changed is that currency has always been tangible. People ask "Is that possible to have intangible currency?" and bit coin answers "Yes, it is."
Bit coin was invented in January,2009 by a programmer whose pen name was Satoshi Nagatomo. Actually, there are many virtual money in Korea. For example, "도토리" in Cyworld and people spends real money on cyber money. However, those things can not be used in Real market. It is just for online activities. But Bit coin is gradually using in real life. By Aug, 2013, one BTC is 120$. * 1 BTC = 1 bitcoin = 1 비트코인 * 0.01 BTC = 1 cBTC = 1 centi bitcoin (bitcent) = 1 센티비트코인 * 0.001 BTC = 1 mBTC = 1 milli bitcoin (mbit 또는 milli bit) = 1 밀리비트코인 * 0.000001 BTC = 1 μBTC = 1 micro bitcoin (ubit 또는 micro bit) = 1 마이크로비트코 * 0.00000001 BTC = 1 satoshi = 1 사토시
There is central institution for each currency. For example, Won is managed by 한국은행. But, there is no central institution for Bit coin. It means there is no organization which produces Bit Coin. However, everyone can receive Bit coin by solving a math question by computer. People call the process as "Mining", and people who do Mining are Miners. The total amount of Bit coin is twenty one millions. Miners mined twelve millions of Bit coin by the Aug,2013 since 2009. Eight millions of bit coin are left.
My thought
I think it is highly suitable for the future. Nowadays, people do everything on internet. So it is the most rational choice to use such online currency, Bit coin. Moreover, I think it can be world's common currency. Now, Key currency is dollar, but every country has its own. Using common currency has several benefits. First,common currency, so no tax. For example, EU integration made Euro, Euro has promoted trades between EU countries. Exchanging rate fluctuates everyday, and the most of countries are concerning about it everyday, and Exchanging rate is highly effective to Exports and imports. But by having one currency, World can have fair competition. Furthermore Variability will be decreased, so world's economy will be stable and safe. Since Bit Coin has specific program and process of its amount, It can lead less inflation.
