ECON 103: Bitcoin Case Study
Purpose:
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Write My Essay For MeThe purpose of the assignment is to analyze and report on the economics of bitcoin to better understand the relationship between conventional and digital currencies and the implications of the broader adoption of digital currency. This assignment focuses on bitcoin as a possible replacement for the dollar and other currencies.
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Description:
During Week 5, we studied concepts related to money, and the role and objectives of the Federal Reserve in managing the U.S. money supply. The macro paper for this course will address the economics of bitcoin, a technology-based alternative to a currency that is managed by a country’s monetary authorities. First, read these articles and listen to this podcast:
http://krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/?_r=0
http://www.npr.org/blogs/money/2011/08/24/138673630/what-is-bitcoin
You may read other articles as well and include them in your bibliography.
Using these resources:
- Explain the functions of money.
- Explain the two objectives of the Federal Reserve in managing the U.S. money supply, and how it adjusts the money supply to meet them.
- What functions of money are served by bitcoin?
- For you as an individual, what are the drawbacks or risks of bitcoin, as compared to using the U.S. dollar?
- Do you think that bitcoin can be useful for an economy, such as the U.S. economy?
- Finally, at the conclusion of your paper please include a brief statement reflecting on what you feel you have learned from the assignment and how that learning may be applied to your life or work going forward.
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Project Specifications:
- Must be a total of 800 to 1200 words
- Your article is due at the end of Week 6
- Include a bibliography with at least two references, presented in APA format
- Please note that starting from the Fall 2020 semester the UMGC moved to the 7th Edition of the APA Style. The links to the 7th Edition of the APA Style methodology are posted in Content – Course Resources – Writing Resources.
- Check your paper for spelling and grammar prior to submission
- This paper must be written in your own words
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Grading Rubric for Article Analysis
| Item | Percent of total |
| Accuracy of summary (Quest. 1 above) | 20% |
| Critical thinking using economic principles (Quests. 2, 3, 5) | 40% |
| Applications to your life (Quests. 4 & 6) | 20% |
| Effective writing | 10% |
| Use of APA style in bibliography | 10% |
SAMPLE SOLUTION
Functions of Money Money plays essential functions in the economy. According to Krugman, money is a medium of exchange and must be a good store of | PLACE YOUR ORDER NOW AT writtask.com | is a medium of exchange since it facilitates transactions. Therefore, it implies that the transactions or exchanges will have to be conducted through barter trade in the absence of money. As a medium of exchange, money must | PLACE YOUR ORDER NOW AT writtask.com | that money must hold its value over a given period; this helps it to remain valuable in the exchange (Klugman, 2013). Moreover, money is a unit of account; this implies that money provides a….
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