Case Study: Bitcoins
Bitcoins are indeed approaching being unethical monetary instruments without technically carrying a value similar to “real” money. According to Paul Krugman, money must be both a medium of exchange and a stable store of value. Bitcoin has not shown that it can be a stable store of value since it has no real equivalent of value. The idea of using bitcoins in place of the dollar will eventually damage the ability of states to collect tax on monetary transactions and also monitor the citizens’ financial transactions. The move will destroy the central banking system and reduce income generation for the government. It rides on a libertarian political agenda and will bring adverse effects to states….
APA 472 words