Imagine a world where there are no banks or even the need for wallets. This may seem like a great freedom at first, until illegal activities skyrocket; including the drug and sex trade. The economy will collapse and millions of people will be left worthless with worthless currency. This type of chaos will not only devastate the United States, but will also spread throughout the world. With technology evolving, this could be a very plausible future, thanks to Bitcoins. Bitcoins are a new form of digital currency in which the consumer uses and stores all of their money on a computer. This allows for rapid trade, not only within your own country but also in others (Ethley par. 2-4). Although Bitcoins may seem to have great benefits, they are actually more harmful than beneficial. The use of Bitcoins will have a huge negative effect on the economy, they are filled with security issues and support criminal activities due to their anonymous nature. Bitcoins operate as a completely anonymous form of digital currency. They allow people to conduct peer-to-peer transactions without ever coming into contact with the individual or exchanging any type of personal information (Zetter par. 6). This allows for fast transactions worldwide, but also allows more criminals to gain access to an account. Since Bitcoins are a digital currency, they are stored and traded entirely online. This digital currency mainly operates on the “Deep Web”, which is a part of the Internet where many hidden illegal activities take place. To access the Deep Web, all you need is software (Grossman par. 1-5). This is the area where Bitcoin thrives because it is difficult to regulate what happens on the Deep Web. A Bitcoin account is also very easy to create but difficult to...... middle of paper ......Evans, Pierre. “Bitcoin Bank Flexcoin closes after $600,000 theft.” CBC News. March 4, 2014. The web. April 2, 2014. Grossman, Lev et al. “The Deep Web.” Time 182.20 (2013): 26. Academic research completed. Internet. April 2, 2014. Lee, Timothy. “Four reasons why you shouldn’t buy Bitcoin.” Forbes. April 3, 2013. The web. May 10, 2014. Matthews, Christopher. “Why Economists Are Right to Hate Bitcoin.” Time.Com (2014): 1. Academic research completed. Internet. April 2, 2014. Pagliery, José. “Bitcoin is under attack.” Money CNN. February 12, 2014. The web. April 2, 2014. Pagliery, José. “Silk Road Pharma Site Brought Down by Bitcoin Glitch.” CNN. February 14, 2014. The web. April 2, 2014. Yermack, David. “Bitcoin Economics”. Technology Review 117.2 (2014): 12. Academic research completed. Internet. April 2, 2014. Zetter, Kim. “FBI Fears Bitcoin’s Popularity With Criminals.” Wired. Condé Nast, May 9, 2012. Web. April 2. 2014.