The mainstream acceptance of Bitcoin and other cryptocurrencies has been a trending topic recently. However, it is still something that stands up on the precipice of the economic independence of the currencies and their acceptance from legal institutions and banks.
Originally, the idea behind Bitcoin was to create a currency that is decentralized which means without any authority. Which also means that only you get to see who you send money to – and only the receiver knows that he is got money from you. These encrypted peer-to-peer transactions are recorded on the public ledger known as the Blockchain.
What was small a couple of years ago is now a leading technology that has completely changed in less than a decade. Bitcoin has been hitting the $11,000 mark this week and its increasing value has not gone unnoticed from these financial institutions. Even though some people claim that the entire thing is a bubble, the Bitcoin futures are being considered by the Chicago Mercantile Exchange and even the NASDAQ proves that big things are about to come in the next few years.
While no one knows whether financial institutions are about to enter the market, people on the
streets are still seeing cryptocurrencies as something revolutionary. Even though there are many
people who don’t actually understand their main aim, they keep on investing in Bitcoin, Ethereum and other virtual currencies with hopes that their prices will rise more and more in the future.
According to many experts, the mainstream interest in cryptocurrencies shows that they will be
likely adopted by big institutions as the years go by. After all, when things come from people
themselves – it is very hard to go over them.
Bitcoin has shown that it has a potential to even challenge the dollar in the years to come. What do you think about it?
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