The history and evolution of digital currencies
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
The history and evolution of digital currencies
Digital currencies, also known as cryptocurrencies, have been around for over a decade now and have come a long way since their inception. The idea of digital currencies can be traced back to the late 1980s when computer scientists started exploring the possibility of a decentralized, digital form of money. However, it wasn’t until the launch of Bitcoin in 2009 that the concept of digital currencies became a reality.
Bitcoin was created by an unknown person or group of people using the pseudonym Satoshi Nakamoto. The currency operates on a decentralized platform, meaning that there is no central authority controlling it. Transactions are verified and processed by a network of computers instead of a single entity, making it secure and transparent.
After the success of Bitcoin, several other cryptocurrencies were created, each with its unique features and advantages. For example, Litecoin was created in 2011 as a faster and cheaper alternative to Bitcoin. Ethereum, launched in 2015, was designed to enable developers to create decentralized applications (dapps) on its blockchain platform.
The growing popularity of cryptocurrencies led to the establishment of cryptocurrency exchanges, which allow users to buy, sell, and trade digital currencies. The first decentralized cryptocurrency exchange, Bitsquare, was launched in 2014. Since then, several centralized exchanges such as Coinbase, Binance, and Kraken have emerged and are now some of the largest platforms for buying and selling digital currencies.
In the early days of cryptocurrencies, the main use cases were for illegal activities such as money laundering and the purchase of illegal goods on the dark web. However, as the technology has matured and become more widely accepted, the use cases for cryptocurrencies have expanded significantly. Today, cryptocurrencies are used for a variety of purposes, including as a store of value, as a means of payment for goods and services, and as a hedge against inflation.
In recent years, cryptocurrencies have received increased attention from both private individuals and institutions. The surge in interest has led to a significant increase in their prices, with Bitcoin reaching an all-time high of over $64,000 in April 2021. The increasing adoption of cryptocurrencies has also led to the development of new infrastructure, such as payment processors, debit cards, and wallets, making it easier for people to use digital currencies in their daily lives.
Despite the growing popularity of cryptocurrencies, there are still many challenges that need to be addressed. One of the biggest challenges is the lack of regulation. While some countries have taken steps to regulate cryptocurrencies, others have banned them outright. This lack of uniformity creates confusion and makes it difficult for the industry to grow.
Another challenge is the volatility of digital currencies. The prices of cryptocurrencies can be highly unpredictable and can fluctuate rapidly, making them a risky investment. Additionally, the security of cryptocurrencies is also a concern, as there have been several high-profile hacks of exchanges and wallets, resulting in the loss of millions of dollars’ worth of digital currencies.
In conclusion, the history and evolution of digital currencies has been rapid and exciting. Despite the challenges, the future of digital currencies looks promising, and as the technology continues to mature,
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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The history and evolution of digital currencies
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