Bitcoin is the latest form of digital currency which is a modern substitute for traditional currency. Initiated from the world of Internet, Bitcoin is regarded as the future of currency. It has introduced a new way to evaluate assets which no one could have imagined years ago. The openness of the sources, noninvolvement of a third party and individual control has made bitcoin an emerging tool to control monetary flow.
— The Dollar Vigilante (@DollarVigilante) December 28, 2016
The most appealing factor regarding this cryptocurrency system is that it is the faster and inexpensive way of money transfer which promises anonymity. It offers the users to buy services and any goods for credits worth currency. Unlike other systems, it has no center to control it but is governed by the miners who directly deal with bitcoin and track them online. The US Senator Rand Paul, a candidate for presidential elections 2016 announced to accept bitcoin donations to support his election campaign which is the very first time that a public figure has embraced bitcoin. Many of the social networking websites are also considering to convert their transactions to bitcoin since not all members use bank services. For now, only 13.5 out of 21 million bitcoins are involved into the circulation whereas the new fixed supply is directed to be issued by the end of the year 2045.
Bitcoin has given very appealing incentives to the users who were never expected by the people. The protection of person’s privacy is one of the principal attractions of bitcoin system. It is merely a person to person interaction which regards the consumer rights and is effective for identity theft frauds which are common in online trading and banking systems. All the other money transfer methods including online transfer shares the information of a user’s bank details, personal information, and security codes but bitcoin transactions doesn’t disclose this information. An additional benefit is that there are no charges to send or receive money, neither it has any hidden charges for the maintenance of account or transaction process. There are many companies which deal with bitcoin exchange and services. The successful acceptation of the bitcoin currency by the general public has changed the distribution patterns of digital currency’s circulation. Contractors, freelancers, online traders and social websites have started shifting their payment methods to bitcoin, many big brand names such as Dell and Expedia has begun the bitcoin-accepting and circulatory system. More and more people are attracting towards it for the safety, ease, and user-friendly attributes of bitcoin.
— Blockchain (@blockchain) December 26, 2016
— Sam Wouters (@SDWouters) December 26, 2016
Despite all the benefits, many people talk about the risks associated with bitcoin system. The value changes at once which may make you lucky or unlucky in no time. The transactions made are irreversible which leaves no space for an error while sending money. As a trending source, it is at high risk of hacking as well which makes people question about it. The good thing is that the technology of the internet is not limited, so the developers are making continuous efforts to make the bitcoin system risk free for every user. In upcoming years, there would be no threat left to the system, and shortly, bitcoin would be the only trusted setup for trade and exchange online.