Money has had many faces over time and it keeps changing with growing civilizations. However, the face of money will continue to change with inventions overtime having various replacements of money.
It was designed by Satoshi Nakamoto and introduced in the year 2009 after decades of thorough research by the founder. The currency is not backed by physical commodity, such as gold and silver, as bitcoins are traded online which makes them commodity by themselves. This is a complex and time-consuming process as it is only when a match can be found that a bitcoin is created. Only 21 million bitcoins will ever be mined with only 11 million currently in circulation around the world. There doesn’t exist an online bank rather, bitcoin acts as a worldwide ledger that is distributed through the Internet. Users have the power to sell this virtual ledger by trading their bitcoin with someone else who wants it.
Different views should be respected and the bartender needs to find the true reason they should invest and find it out by themselves. Bitcoin has the capacity of growing to become the future of money. This is therefore a good sign that investing in bitcoin’s now is a good idea as it will get more valuable when the demand rises in future as it should continue growing bringing great results even before the whole business world accepts it fully.
Gold is the most precious commodity in the universe at the moment but its value continues to decrease and it is difficult to how valuable it would be the future. Even though it is to finish that bitcoin will lose its value, many experts believe the crypto currency will stand the times of recession much like gold has. Bitcoin transactions are safer than credit card transactions due to the block chain technology that offers secure transactions worldwide. Bitcoin’s are not government-backed but are regulated by a number of Internet protocols and therefore what happens to the governments does not affect the bitcoin market. One of the reasons that makes bitcoins to be a safe and secure way of transacting is that they are not tangible.
Even when this happens, there are many chances of bitcoin regaining its value in future. More awareness of bitcoin in schools and other institutions can facilitate the growth of investment in the crypto currency. This therefore makes bitcoin to be a lucrative investment for the future as it has the capacity of growing to be our worldwide currency.