Bitcoin is the currency of the future that could literally change your life. Just as how social media has been changing the publishing industry for the last decade or so, global economy could potentially look at a total reform of how we view hard cash or in technical terms, “flat currency”. Why, with Bitcoin being […]
Bitcoin is the currency of the future that could literally change your life.
Just as how social media has been changing the publishing industry for the last decade or so, global economy could potentially look at a total reform of how we view hard cash or in technical terms, “flat currency”. Why, with Bitcoin being the hottest (crypto)currencies in the market, even China is in a crackdown mode by banning ICOs, the unregulated Bitcoin crowdfunding bodies making money under the government’s radar.
Bitcoin is a form of unregulated internet currency that operates on a global economic scale. These transactions aren’t overseen by any government body i.e the likes of banks since it is created and held electronically and anonymously. Despite the usually strong value of Bitcoin, it is also a risky investment given that it can drop low and quick because the value of bitcoin is determined by the supply and demand of the same. Due to this, the fluctuations can be polar opposites. For example, in October 2010, the value of one Bitcoin was ₹ 9167 in today’s dollar value. Today, the same Bitcoin in nearly three lakhs in Indian rupees. So you see how the game works. Still, you can choose your battles, and choose them well. People who use the cryptocurrency are affectionately and unofficially called Bitcoinians, a feature that flat money users can’t exploit the advantage of.
The blockchain is an internet ledger in which Bitcoin transactions are publicly recorded. It is said to incredibly impact the future of global economy. With the shutdown of the aforementioned Bitcoin crowdfunding bodies, it can only mean that China, among other nations around the world, is threatened by the fast-paced development of this cryptocurrency. Some of authorities’ fears are valid too, as there are several contingents that operate in the deep dark web like Silk Road, a type of an internet black market where you can buy anything that would traditionally be perceived as illegal.
In Japan, legislators have also recently passed laws to make Bitcoin as a legal currency, which has now made the traditional currency Yen’s value stronger.
At the end of the day, what makes Bitcoin important is that everyone is considering it as a serious asset due to its enormous returns on a single investment. People, even in India, are taking financial risks at the least amount of effort with the help of this and turning a pretty penny around into a massive treasure.