1. What is BitCoin?

Background: CNN’s attempt to understand and explain the concepts of Bitcoin displayed in a very user-friendly article. The post includes basic instructions on how and where to safely buy Bitcoins. It also gives insight as to the different reasons people would buy the coins.

How I Used It: I used this article first to try and better understand Bitcoin myself, and then to be able to easily explain it in a way that makes sense to my audience.

2. What Are Bitcoins? Virtual Currency Explained

Background: This piece from ABC News explains Bitcoins simply for those who are having a hard time imagining them. There is an example in the article comparing hard currency to records and Bitcoins to MP3s. Unlike the last source, this one starts to go into topics a bit more complicated. Such as the mining process and the relatively controlled inflation rate.

How I Used It: The more specific talking points and explanations were helpful for when I started to go a little deeper into the currency’s strong points and weaknesses. I really like the metaphor of records and MP3s because it makes it easier for people to relate to such a difficult and foreign concept.

3. Bitcoins: Benefits and Risks

Background: Just as the title suggests, this article assesses and explains Bitcoin’s strengths and weaknesses. Among the benefits are things like low inflation and collapse risks, the easy accessibility, and the fact that the coins are untraceable. Although that last one could also fit into the risks category which includes thing like the increased possibility of theft, the instability of Bitcoin, and the fact that many companies don’t accept the currency because it’s so new.

How I Used It: I think it’s a good idea to familiarize myself and the readers with the system. I wanted to make it known that while Bitcoin still has some big flaws, it still brings some great advancements to the table. Not to mention it really starts to change the way we look at currencies.

4. The Bubble Bursts On E-Currency BitCoin

Background: This post from Yahoo News is a bit dated – (posted in April of 2013) – but it focuses on the first true crash of the digital currency. The coins had been trading for a high of $266 a few days before the crash. But at the time this article was posted, they were worth a mere $54. The website that manages nearly 80 percent of Bitcoin transactions was shut down for a few days.

How I Used It: I included some information from this article into my research paper because I thought it was important to show how Bitcoin was still susceptible to a crash. While the idea looks great on paper, we still need to remember that the currency is quite unpredictable.

5. BitCoin Has No Place In Any Portfolio

Background: The information in the article is somewhat more opinion based as it’s coming from someone who is strongly against Bitcoin. The author, Jeff Reeves, suggests that Bitcoin shouldn’t even be on our radar, and that it has no place in our portfolios. He goes on to explain the currency’s shortcomings like how Bitcoin has no true value and how anonymity is a double-edged sword.

How I Used It: Up until now, I haven’t shown Bitcoin from the perspective of someone who is completely against it. One of the main points in my argument is how varying people’s opinions of the coin are. And I think this source helped me showed that Bitcoin clearly isn’t for everyone.

6. Bitcoin – New Money

Background: This article is the same as most of the others in the sense that it acknowledges the pros and cons of Bitcoin. But it’s unique because it dives into the aspect of the money supply. The creators of Bitcoin made sure that only 21 million coins will ever be in circulation in an attempt to limit inflation.

How I Used It: This is just one of the many features of Bitcoin the make it superior to the US dollar as well as other nation’s currencies. Inflation has been something that we have all had to deal with over the years. Perhaps that will end with Bitcoin.

7. Is Bitcoin the Future?

Background: This article comes from Forbes Magazine and just as most of the others, questions whether or not Bitcoin has what it takes to be a legitimate currency. It also brought one of the better quotes I’ve seen from my research: “Growth demands a temporary surrender of security.”

How I Used It: This particular piece was useful because it provided insightful predictions as to how Bitcoin can progress in the coming years. It reminds us that when we look back at Bitcoin. We’ll marvel at how much of an influence it had.

8. The Dollar Is Still Our Currency

Background: I decided to dedicate a few sources to economics as a whole instead of focusing solely on Bitcoin. One of the big topics in this article is the idea of credit. Borrowing money from others may seem like a quick solution to a personal debt, but it turns out paying back those debts can be harder than expected.

How I Used It: By talking about the economic problems we face today and then giving examples as to how Bitcoin addresses these problems. I tried to take all the issues in the article and see if any of them could be solved by using Bitcoins instead.

9. Money VS. Currency

Background: This webpage was one of the most thought-provoking out of all the sources I used. While it had nothing to do with Bitcoin directly, I found it very useful because it helped me look at money and currencies in different ways.

How I Used It: I started of my research paper by talking more about money and the way we think about it than bitcoins. And because I addressed these things first, I was able to make what I thought was a pretty smooth transition into Bitcoins and how they could be revolutionary.

10. Bitcoin Homepage

Background: This is simply Bitcoin’s website. From here you can pretty much find everything you need to know. There are links about the history and community of Bitcoin. And even links to get you started with an account and an online wallet.

How I Used It: I wouldn’t say I used very much of the text information from the website. I mainly used it as a source of some good hands on research. I wanted to actually see for myself how easy it was to purchase and manage bitcoins. I made an account and even bought some of the ‘stock’. Though I have yet to make any purchases with them yet.