CryptoCurreNCieS, Network effeCtS, aNd SwitChiNg CoStS

Cryptocurrency is something i have been involved with for the past few years.  It provides an alternative to government issued paper money, though I never looked at it like that. To me it was just free money. Around the time i got over my addiction to computer games I decided to rent out my video card to bit coin. But if this new currency is so great why has it not received global or even nation acceptance.  The author explains this phenomena with two points. Firstly it has been shown that humans refuse to switch currencies even if the ladder is more effective if there is even the smallest amount of lose in the transaction. The second point supports this argument by exposing current cryptocurrencies instability. When bit coins first came out a single bit coin sold for around six U.S. dollars. This month they have risen to up to 1400 U.S. dollars. But the question is not whether or not people have made fortunes from this new currency trade. It is either will Bit Coin be able to stabilize as is reaches adolescence or will it even matter. The whole point is that you can attach a bit coin to whatever you want.

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