Rise of Bitcoin

In our virtual world, it makes sense to make digital payments as we have progressed with our technologies to utilize and also to extort maximum benefits out of the digital spectrum, and it is making sense for some to make money in the digital world especially with virtual offices being set up and operated.

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Well, digital and electronic experiences are becoming the norm and when looked at the current global internet using population, and when that number getting bigger in coming years, you have to comprehend the idea and possibility of where the digital world is going to go. Think about it, as history speaks for itself, we have come a long way from VHS and DVDs to storing our data on a virtual platform and retrieving it any time using cloud computing and accessing any information and data via on-demand streaming. The meetings have become more virtual that have replaced face-to-face meetings for Skype and Google Hangouts, our own money in the form of hard cash for credit and electronic, for instance- the hard cash being circulated across the entire globe accounts for only 8% of the entire money which is present in various forms such as deposits and bonds. For convenience, our shopping centers are slowly replaced by online shopping websites in which the global e-commerce industry is thriving and in terms of communication, the traditional phone calls are replaced by instant chat applications and instant messengers. We have come far when it comes to living in an entirely electronic and digital centric world, and it is the time when our currencies are replaced for something as innovative as a digital currency exchange and transfer solution as Bitcoin is exploited.

Bitcoin's inception, its innovation, and its workability are still being measured and understood. The notion of Bitcoin after nearly four years of its existence is still being figured out, mainly at the time of economic uncertainties and stock market fluctuations, major economies and governments are skeptical but open to debate and bring a regulation for transaction between users. But, the whole hoopla and conundrum surrounding Bitcoin has slowed down the majority of industries to eventually try their hand once, mainly for the fear of backfire. Well, obtaining a Bitcoin is a process that is not fully understood yet; therefore the lack of knowledge and especially practical knowledge has kept many Technolibertarians, or any financial and technological experts at bay. But there is a sign of keen interest developing among many techies and market enthusiasts to grab the opportunities at the earliest. Of course, there are many individual investors, day-to-day regular techies and technology enthusiasts have become well aware of Bitcoin's usability and they have also documented and instructed on what Bitcoins are, how to obtain them, what Bitcoin Mining is or who Bitcoin miners are, what organizations issue Bitcoins and what the procedures are, how Bitcoins are mined and using what software, the complex algorithm, the simple analogy to understand Bitcoin and many more thousands of Bitcoin related information has been written and uploaded, yet the skepticism still remains. In order to simplify, one can compare this innovation as the beginning days of using internet or explaining what internet is to a layman.

Below listed are few Good and Skeptical (Not Bad) points to understand where Bitcoin stands today in the market.

Bitcoin is a cryptocurrency; the currency which is used for transactions in monetary format but in the format which is heavily cryptic using a software which issues the user a number and letter address which needs to be used in order to make the transaction, and is done from peer to peer without any governance or any regulatory body able to track the source or the recipient. In short, bitcoin transfers are completely untraceable and they allow complete cover over the identity of the parties involved in this transaction.

Opportun​ities

Bitcoin is a cryptocurrency and it was created in 2009, and has been gathering a strong thriving pace ever since. Although slow but in today’s digital world, it has become the next step in money transfer, online bookings and payments, and exchange by using the digitally signed messages that transfer ownership of Bitcoins. Those digitally signed messages are in the sense addresses that authenticate the payee's identity for the recipient. Bitcoin transfer allows payments to digitally exchange or transfer without exchange rate fees, which for many a perfect solution for users that are growing by the day. It is a matter of non allowance of exorbitant amount as fees to the third party. The appeal of Bitcoin is slowly revealing to Bitcoin opportunists and technolibertarians around the world. The reason being, it allows you to make digital purchases in stores without revealing your identity, for instance, similar protection by using a credit card with your name and number on it, Bitcoin transfer would let you do the same thing online. With Bitcoin, one can avoid paying high transaction fees and they don’t have to worry about accounts getting compromised due to hacking or fraudulent results of charge-backs. Additionally, the users are offered discounts to Bitcoin shoppers and with that would make the currency more appealing. Along with such benefits, Bitcoin opportunists are utilizing this digital currency for spending internationally or on foreign and abroad tours where worries about converting the hard or electronic money to the local currency is avoided, and mainly all the conversion fees that go along with the conversion.

Threats

It is quite common for every nearly perfect innovation to go through a hurdle of rejection, speculation, skepticism and finally acceptance. Bitcoin industry ever since its inception has been going through a phase of uncertainty, and it is expected to remain that way for some more time and for only short period of time since the news of its new wave has reached almost all techies, finance enthusiasts and governments. The popularity of the digital currency Bitcoin is exploding. Ever since its boom, the price of Bitcoin is spiking at a rate which some consider a good boost while some think it is a major disaster waiting to happen. But, unfortunately, for its completely lack of authenticated approval or the regulated terms and conditions being absent, the threats of misuse and exploitation are severe. Even though most agencies acknowledged its legitimate uses for its decentralized status, but the Department of Homeland Security (USA) referred to Bitcoin as an emerging threat and an imminent dangerous tool for many criminals that might use this money exchange tool for payment for assassinations for which the trace of money is literally zero. The Department of Homeland Security also blamed Bitcoin's ability to provide complete anonymity in cyberspace and it called for an aggressive posture to deal with Bitcoin and other cryptocurrencies.

Some of the other cryptocurrencies in the market today that are currently showing steady performance in the market are listed in the box below

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