With the crash of the market in 2009, digital currencies started showing up as an alternative. They are meant to function without central banks or any kind of regulatory bodies backing them up. There is no money as we know it but they are stored on the computers more specific in a digital wallet or on your cloud. Of course, this means that they can be used in all kinds of transactions. Bitcoin has broken the records this year growing to more than $13.000 for one Bitcoin (December 6th, 2017). From people talking about it…To people investing in it…And ultimately, governments regulating it – Bitcoin has surged with a 1000% growth in 2017 alone.
Of course, like many currencies, bitcoin is also associated with a few disadvantages. For example, there are governments that do not accept the use of bitcoin, also a hard drive containing your digital wallet can crash, or not having enough protection.
Also, Bitcoin’s drastic growth has led to a lot of analysts and experts to give out a warning that bitcoin is approaching bubble territory. And this might be true but reaching its phenomenal rise, investors and developers are improving the technology that runs it, acquiring more people to work on this issues for its improvement and making it appealing for other institutions and governments. All of this is being made done today for a better and cheaper tomorrow where people would be granted better ways of handling their money or their transactions.
So, if you think about it, it is definitely the currency of the future. However, it is too early to say if Bitcoin payments have the potential to replace cash payments. The only reason for that is the fact that the entire network is decentralized (not controlled) and this may cause a lot of problems in the future.
The biggest reason for the growth of Bitcoin was obviously the increased popularity that the virtual currency got basically everywhere.
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