Bitcoins the Future of the theory of Demand and Supply: Any hidden agenda?

  • Jonathan Ekambi
Keywords: Bitcoins, digital, currency, economic theory, BTC

Abstract

Bitcoins has emerged as a priceless must own asset today. It is often referred to as a decentralized digital currency, though it fits to be called; an electronic asset (Lewis, n.d). Lewis continues to argue that, if the internet were a country,bitcoin would be its currency. The economic theory, whose main elements include; nature space that houses, diversity; human space that holds satisfaction of basic needs; social space that holds plan and market; and world space holding world systems all summed up into the reaction of supply and demand. The activity follows the three economical natural laws; self-interest, competition and supply and demand.
There are two parts to bitcoin pay which includes; (1) payments of bitcoins from one person to another, irrespective of geographical location or jurisdiction, and potential users who can be, banks, due to the cost/benefit of the brick & mortar banking model, and regulatory cost.To make this bitcoin payment, one requires aprivate key of the address you want tospend from. Need to make it hard for people to steal privatekeys, and having backups in case they arelost is a critical balance. (2) Block control, from thousands of independent blockvalidators keeping the system true (just like a team of accountants and auditors, who are working together to audit the same ledger).Thisindependence and mutual validation oftransaction and blocks is supposed toprevent any one person or entity fromadding rogue blocks and dominating thenetwork with their influence.

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Published
2019-04-30
How to Cite
Ekambi, J. (2019). Bitcoins the Future of the theory of Demand and Supply: Any hidden agenda?. GPH-International Journal of Business Management, 2(04), 22-39. Retrieved from https://gphjournal.org/index.php/bm/article/view/174