Studio 2

In studio today we brainstormed all the different facets and features of bitcoin that can relate to material we’ve studied in class. Some of the things we brainstormed were the transnationalism of bitcoin, and how it can be used in different countries around the world. An example of this is how South Africa is looking into using bitcoin to remove cash from shops in poor places, preventing robberies in townships. This contrasts sharply with China, who does not trust bitcoin and blocks people from accessing bitcoin related sites. Additionally, we were exploring topics like bitcoin’s serendipitous applications (such as Alex’s project, our group member) and how people are looking to use different features of bitcoin for uses other than a currency. An example of this is using bitcoin as a resilient record for voting for government officers. Another topic is the public’s confidence and trust in bitcoin. Since bitcoin’s value has been so volatile, and since it is completely unregulated and open source, the amount of trust people have in using crypto currencies is not that high. In order for bitcoin to grow, this confidence needs to increase. Overall, our group now has a much better understanding of the different facets of bitcoin that relate to our class, social media applications, and community.