by Bitcoin was introduced in 2009 by an unknown person/people in Sweden who prefers to go by the name of “Satoshi Nakamoto”. Bitcoin is the first ever digital currency, and is represented by virtual coins. It has many useful benefits that millions of people across the globe are beginning to recognize. It can be used in every country and transferred directly from person to person, it can be used to buy whatever you want, there are low fees included and, quite frankly, Bitcoin is limitless.
Due to the vast amount of attention that the breakthrough online currency has been receiving, the value of Bitcoin has skyrocketed. Coinbase is a start-up that allows people to trade Bitcoins online, and it has raised $25 million in venture capital funding. Not only this, but Bitcoin’s value has recently surpassed $1,000. The quick rise in its value just goes to show how many people are recognizing the benefits of Bitcoin. The virtual currency also has a low collapse risk due to its lack of dependence on governments, a low inflation risk, and is genuinely safe, cheap and simple. Once you have your Bitcoins, that’s that.
Although Bitcoin is attracting the attention of new people across the globe each day, the online currency still carries setbacks just like everything else. When paying with Bitcoins, users are not protected by any regulation, and the digital currency is said to be vulnerable to hackers. Although the US Senate Committee described Bitcoin as a “legitimate financial service” at an October meeting, the currency has generally received a mixed response. There are no regulations for Bitcoin in the European Union, and the European Banking Authority (EBA) has warned people of the risks involved. To put it simply, America are starting to accept it, whereas Europe remains cautious.
Despite the mixed views, Bitcoin has rapidly risen in popularity and is expected to keep on doing so. However, the more people who use Bitcoin, the more difficult it will be for others to obtain. The price of Bitcoins are going up every single day, and it’s predicted that the “bubble will burst” eventually. Although this may be the case (nobody knows!), Bitcoin is certainly a revolution and could quite easily become the world currency of the future. Only time will tell.
