Bitcoin: Millennial Currency?

The Winkelvoss brothers, who are famous from the film The Social Network based on the creation of Facebook, have made their footprint in the financial industry as leaders in the Bitcoin realm. Is Bitcoin the money of the future?

But what is a Bitcoin? A Bitcoin is a digital currency that uses person-to-person technology for instant payments. Essentially, it is an Internet cash system that does not have a central bank or government to regulate it.

Further define Bitcoin with Investopedia.com!

Now that we understand Bitcoin is digital money, what’s going on with Bitcoin today? Bitcoin value has gone through the roof the past year—so back to the Winklevosses. The brothers began purchasing Bitcoin at $9 a piece. Earlier this month, Bitcoin reached a record-trading price $1,203 (USD) according to BlockChain.info. The Winklevosses proclaimed the Bitcoin “should be worth at least 100 times more than it’s valued today,” according to CNBC in November, which means an estimate $4 billion market cap. That’s crazy! Nevertheless, anything that insane is not stable, which sums up the Bitcoin journey from day one for the virtual currency and investment product is completely volatile. No matter the ups and downs the brothers believe the Bitcoin is the new gold with more potential as “payments are increasing going to use a network like the Bitcoin network to move money around the world” (CNBC).

Watch and read CNBC’s November interview with the Winklevosses!

Just today, the Bitcoin value dropped 30 percent in China—falling below $500 today from its high of $1203 this month. So why did the value drop? Well, the China banned its exchanges from dealing with Bitcoin, making it almost impossible for anyone in China to buy or sell a Bitcoin for yuan. This simple action should humble Bitcoin investors and exchangers that the Bitcoin can actually be regulated, if an organization truly desires (Economist, China Blues).

Read the full Economist article, China Blues.

Companies are starting to accept Bitcoin as an official currency. Watch Bloomberg.com’s exclusive peek at businesses in New York that utilize the new currency, here.

Do I advise Millennials to empty their wallet to trade and invest in Bitcoin? I am not a professional advisor, but I cannot recommend the use of Bitcoin at this time. As I can tell, it is fake cash on the Internet that an individual created a few years ago. Is it an interesting subject? Yes, and the Winklevosses made an interesting point about utilizing the digital network formed by the Bitcoin community. We should research the technology behind the Bitcoin network to advance the financial industry. And who knows… maybe in a few years after more research and general understanding, the Bitcoin may be an advised alternative, digital investment product and currency.

This page does not contain any official financial advise. I am a student who is curious about Bitcoin and wrote this as a timed-assignment for journalism.

Photo credit: http://coxrare.files.wordpress.com/2013/10/bitcoin-stock.jpg?w=891

Homeschooler in the Real World

Emma Folts, a sophomore at Wheaton College, shares her experience about her transition into college and how homeschool has both helped and hindered her.
How has your homeschool experience benefitted you, especially in your transition into college?
I think the one thing that homeschooling did that was really helpful as I entered college was that it taught me time management. As a homeschooler I had the same freedom as a college student has to put things off during the day and go see a friend instead. Since I had that experience, I knew the cost of that.
Also, personal responsibility and accountability with assignments. I feel like a lot of the other students had more expectations for gentler grading and that the professor would give them retakes or extensions, but that wasn’t something that ever happened to me in school. That learning curve wasn’t added because I never had it the other way. I think another thing was that because I was homeschooled, I was familiar with the format of teaching and then studying on my own.
Did you see any issues with your transition socially?
I think that homeschooling had two ramifications for me socially. One was helpful, one was hurtful.
It was really helpful because as a homeschooler, I had spent a lot of time realizing and developing who I was as a person and learning to recognize people who were being themselves, and those were the people I sought out as friends. Friendship as a homeschooler takes a lot more investment. I knew I was choosier with my friends which made me a lot less anxious and a lot more content.
The only real negative impact of the social bit was that I was really used to getting to choose the time I got to spend with people. As a homeschooler I spent a lot of time with people, but that time was controlled by me. As a college student, I found that you can’t really control the time you spend with people and alone time is not really available. Learning to deal with that was a lot harder than anticipated.
Any last comments on homeschool and how it has affected your college experience?
I think homeschooling is really helpful, however it does take a slightly increased amount of advocacy with your peers when you’re entering into college. I think a lot of people come in with certain assumptions about homeschool, especially students. You’re going to get a lot of, ‘oh my gosh, you don’t seem like a homeschooled person!’ [You can’t] take that too personally and explain your experience so that friends can understand it’s an important piece of you, though it might not look like the homeschooling that they’ve seen.
My encouragement to anyone who is a homeschooler transitioning into college is to realize the benefit that you have having been homeschooled, and to realize that the bit of advocacy and explaining that you need to do with your peers is totally normal and that it’s not a big deal. Once they understand your experience, it’s not something I’ve experienced being looked down on for.