Not a lot of people are familiar with the concept of Bitcoin. In fact, it can get to be a tedious task even for professionals like cryptographers to be able to wrap their heads around this term. For those who are wondering what it really means, Bitcoin is the first decentralized digital currency that was invented by Satoshi Nakamoto back in 2008; to enable direct transaction without an intermediary. It is a simple, peer – to – peer system wherein the transactions are verified through the network nodes. It is often regarded as the first cryptocurrency of the world. It is the largest of its kind in terms of total market value.
Like mentioned previously, the majority of us are either unaware or choose not to accept the existence of such a decentralized system. The subsequent unpopularity of Bitcoin is partially due to the fact that you won’t find the establishment of cryptocurrency at many places. For an ordinary citizen like you, it may get slightly tedious to actually search for a restaurant of a cabbie who accepts Bitcoin as payment because there are literally none, and if there exist any one, it is not considered reliable.
Just a few highly-ranked professionals such as entrepreneurs, crypto-geeks and to a certain extent, economists are truly a part of the Bitcoin community. The possibility of the U.S. government banning this form of currency is haunting the minds of this little community.
A gradual change can be observed over a span of last two years. After the venture capitalists revealed their interest of making use of Bitcoin into their startups; there has been a noteworthy rise, but that’s quite slow. Moreover, China’s undivided interest further added Bitcoin’s value to over $1,000. This was great news for the small community that was already engaged in the systematic use of Bitcoin. Crypto-geeks turned multimillionaires overnight and Bitcoin began to be used even by a number of well – established businesses.
The situation is not as bad as what it used to be. On today’s date and time, you won’t have to face an intense struggle while venturing out in search of a food place that accepts Bitcoin. Yes, now the days are passe when you had to look to and fro for the one that accepts.
However, the main cause of concern is the shifting focus, that is; how Bitcoin can be used as a tool to free ourselves from the government monetary control to make it profitable in some way or the other. Firms like Andreessen Horowitz are reported to be secretly fueling a mining company through the use of Bitcoin. While talks about how the system can be designed better in order to regulate the robot transaction more feasible prevail, what the future holds for Bitcoin and for us still remains uncertain.
It will take its own sweet time to cause a great impact on the economy. But when it eventually will, Bitcoin is firmly one of the major hopes that lead to an incredible growth of the finance and the economic sector. Either that or it will probably end up being a great failure, too.