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Is bitcoin just another type of money? A dedicated Bitcoin module at the University of Exeter sheds light on the question by delving into the history of money. The unit, called “Bitcoin, Money and Trust,” was launched in 2018 after high demand from students to learn about Bitcoin.
Dr Jack Rogers, Senior Lecturer in Economics at the University of Exeter, has launched the Bitcoin Module as an introduction to a Masters course in Fintech that he is leading. He says participation has increased tenfold in recent years — from less than 50 students when it launched to 700 this year.
Despite the impressive turnout, Jack believes that “it’s possible that the large number is partly driven by the wrong reasons – all the hype and sense that you can get rich from this.”
In this week’s episode of CoinGeek Talks, Charles Miller talks to Jack about teaching bitcoin at the University of Exeter, the evolution of money and the role bitcoin plays.
Jack points to the emergence of central banks as a stepping stone in history. Quoted by Felix Martin, author of Money: The Unauthorized BiographyAnd theHe remembers him talking about a “middle power structure” between the central bank and the government. For the first time in centuries, a separation between money and the state is occurring before our very eyes, Charles suggests. Jack agrees, saying that “new technology that allows people to pay each other without using existing securities-based systems” has already raised fundamental questions. It is about the author’s view on cryptocurrency and how it is leading to disruption in the payment system that central banks have been controlling for so long.
Jack thinks disruption to central banking was ultimately inevitable: “I think these things, the central bank, the digital currencies, the things you see now, were probably coming anyway… I think the rise of Bitcoin and all the hype and everything has kind of a forward.” .
Based on Jack’s comments, it is safe to say that the future of money will depend on the outcome of competition between blockchain-based payment systems. At the moment, he admits, no one is sure where Bitcoin is going.
“One of my students did a great dissertation on this topic, speculating that in 20 years, there will be a lot of different kinds of money? What does it look like? I mean, nobody can really say,” Jack said.
Dr. Jack Rogers co-authored a textbook along with Brendan Lee and Neil Smith. The book will be released by the end of 2023.
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