Bitcoin has revolutionized the currency system. It is instantaneous and with no regulations. Easy transactions with no minimal fees have definitely caught the attention of the masses. Even though the concept is innovative and quick, users are still in dilemma as there are certain risks associated with it too. With a simple Bitcoin wallet, money can be stored both online and offline.
Bitcoin has been capped on a limit of 21 million by its inventor, supposedly Satoshi Nakamoto. Currently, 15.2 million bitcoins are already in circulation, which accounts almost 72% of the total. People are investing in bitcoins with a hope that they would it be able to sell it on a higher price. There were a series of ups and downs in 2011 & 2013 in the Bitcoin market. Thus, users are making careful choices due to market fluctuations.
Value of Bitcoin
Bitcoin has impressed some while others are still looking for more clarity regarding the return on investment. The value of Bitcoin has seen a series of ups and downs in the last five years. The market recently saw a rise in the currency value when ransomware authors carried out a cyber crime. They hacked several computers and scrambled the data. In return, they demanded a ransom in the form of Bitcoin. This particular incident made a negative portrait for the bitcoins but somehow the demand increased for this currency.
Many countries are still exploring Bitcoin as a payment option. Americans have taken a back seat for implementing this mode as their mainstream payment method. Lately, great response has come from Asian countries. Ever since Japan has shown interests in Bitcoin service, the market has definitely boomed internationally.
Services by western Union and money gram for money transfer are time intensive and expensive. Thus, Bitcoin has wide application and if explored positively, this currency would have much greater significance than traditional currency.