Reply to this article with good examples, thoughtful analysis, and at least 2 scholarly resources.
There must also be an appropriate incorporation of Judeo-Christian worldview/analysis and biblical principles.
All sources must be cited in current APA format.
Article - Crypto currency has no doubt taken the investment market by storm. To date, there are roughly 1600 different types of cryptocurrencies in circulation. Several of the more commonly know crypto currencies are, Bitcoin, Ethereum, Litecoin and Ripple. These decentralized currencies are based on the foundation of blockchain technology. As its name suggests, blockchain is a chain of blocks of information, usually called digital ledgers. (McPhee, & Ljutic., 2017). Information to these blocks are added in linked chronological order and each block is protected by cryptography so that only those authorized have access to that digital ledger.
In general terms, these blockchains are considered public thus having no central governing authority and it is in this regards these cryptocurrencies are classified as decentralized. One of the social impacts this decentralization could have is moving from a singular reliably stable centralized system to a system which is highly volatile and more user-governed for transactions of value.
This user-controlled encrypted system provides anonymity as well as confidentiality and ensures the integrity of records against tampering. With these considerations in mind, the dollar, Yen, Euro and other centralized monetary units are all in danger of being replaced. Ed (2015) states the bitcoin protocol allows for users to conduct transactions directly between other system's participants at almost zero cost.
He goes on to say the lack of third-party intervention prevents the reversal of transactions; rather, a bitcoin transaction acts as an electronic cash transaction For those merchants that enjoy privacy of their purchases, many are carrying out their transaction legally. Conversely, criminals are also using the cloak of encryption and anonymity to carry out and establish illegal business operations. Organized drug rings, human trafficking, hitman for hire are some of the evil and deprived operations on the darkweb that are funded by the exchange of bitcoin or other cryptocurrency.
Originally, I invested in several cryptocurrencies some years ago because it was a new form of diversification. Also, one of the earlier VPN services only accepted bitcoin as payment. Today, I view my investment as a legacy for generational family care and growth as well as in the respect that Christ wants us to be good stewards of what he has entrusted to us. The Holy Bible has recorded the parable which Jesus told of the talents (Matthew 25:14-30, ESV).
My wife and I use these currencies and other financial resource as aides to prepare ourselves, our children and anyone else we have conversation with so we can hear the words "...Well done, good and faithful servant.
You have been faithful over a little; I will set you over much. Enter into the joy of your master." (Matthew 25:23, ESV) Reference ED, H. (2015).
The Crypto-Currency Conundrum: Regulating an Uncertain Future. Emory International Law Review, 29(5), 741-798 McPhee, C., & Ljutic, A. (2017). Editorial: Blockchain. Technology Innovation Management Review, 7(10), 3-5.