Cashless transactions are not just about credit and debit cards. And the concept of money has gone beyond coins and paper bills. Make way for Bitcoin, the leader among the many brethren is cryptocurrency.
Bitcoin has become a regular medium of online commerce. It brings the bar higher when talking about a truly international and borderless flow of money because it is not being regulated by a government or central entity. It is a peer-to-peer technology. Nobody owns it because it is open-source, which means every miner can participate in it.
It is the money of the future, many miners believe.
Many of its believers are confident that the way it is now it will stay. Bitcoin cryptocurrency won’t change. Yes, there are challengers to its status as the champ. And they are many. Bitcoin, however, has demonstrated its durability to remain as the favorite in the league of cryptocurrencies. Yes, there are challenges the Bitcoin is facing.
The following are the 5 facts about Bitcoin cryptocurrency and why they won’t change.
- Bitcoin Is the Champ
It prided itself as the pioneer in internet money and the true international when it was launched 8 years ago. Bitcoin has shown to the world the way to safe financial transactions online using cryptography.
The limited number of Bitcoins in circulation is an assurance that it is inflation-free.
But since its inception in 2009, many cryptocurrencies were born – thanks to its open-source platform – to lay siege the throne of Bitcoins.
To name a few, these cryptocurrencies are Dogecoin, Coinye, INNCoin, Peercoin, Darkcoin, Namecoin, and so on. The throne, however, belongs to Bitcoin until further notice. Its niche has remained secure and likely to be so for now.
- Name It, You Can Buy It With Bitcoin
The good things it is legal to be used worldwide except in Iceland. Some countries, China is one, are skeptical where the financial transactions involving Bitcoin are subjected to numerous limits.
But seemingly the tide of change in so far as cashless transactions are concerned is difficult to be contained with more and more areas have accepted Bitcoin as the money of the future. It is accepted in Amazon, eBay, Paypal, Gamestop, WordPress, Newegg, Apple App counter, Expedia, Subway, and CVS. By the way, OkCupid accepts Bitcoin for you to find your perfect match. Dell has joined the fray lately.
Bitcoin can follow even as you walk through the dark valley of the internet such as 4Chan and The Pirate Bay.
- Bitcoin Has Its Up And Down
The fair warning must be raised as you learn these facts about Bitcoin cryptocurrency. It is not invincible as most of you might think. Cryptocurrency miners should be aware that like everything else in this planet Bitcoin has its highs and lows. The recent crashes it suffered recently only shows that despite the well-scripted formula, Bitcoin is not forever mighty. The gold rush run has its end.
Bitcoin has its share of a slump in the market, a reminiscent of similar crashes of the traditional financial markets. Bitcoin can be as bullish as it can a bear, too. A few years ago many believers have finally realized this when the Bitcoin devalued from $1000 for each BTC to a crashing $500 prompting the establishment of a hotline to help its followers get through the hard times.
But the crashes have not dampened the mood. The losses of some Bitcoin miners have motivated the legions of Bitcoin followers worldwide to keep the faith paving the way to the arrival of new internet money to take up the cudgel.
- Unknown Bitcoin Creator
While it was known that Satoshi Nakamoto introduced the concept of cryptocurrency in 2008 but the first Bitcoin could not be traced to him. It is not even certain if Nakamoto is real. Several attempts to decipher who was or who was behind the concept of Bitcoin floated the names of Nick Szabo and even Hal Finney. It is even theorized that Japanese corporate giants are behind the creation and rise of the Bitcoin. All these at its best are just theories but there is no way to confirm their validity.
The search for its creator was thought to have been solved when Dorian Prentice Satoshi Nakamoto was found. But this man denied. The denial was followed by the official statement from the reclusive Nakamoto P2P Foundation: “I am not Dorian Nakamoto.”
In the first place, was there really a person named Satoshi Nakamoto? No one knows for sure at the moment. So, the search for the Bitcoin creator continues.
With its creator remains unknown, the Bitcoin has achieved some degree of mystery. Tales are beginning to build around the facts about Bitcoin cryptocurrency.
- Freedom Is Not Unlimited, After All
The lure of the absence of control from the government or any other central financial body is almost irresistible for many of followers and converts. Fed haters – liberty lovers and anarcho-capitalists – have finally found their weapon to end the status quo of financial transactions. The freedom, however, promised by Bitcoin and other cryptocurrencies is not invincible against the onslaught from traditional regulatory bodies.
The government of the United States raided Bitcoin after it closed down the Silk Road. No, not the ancient Silk Road, but the internet-based illegal marketplace where you can transact in utmost secrecy some items like weapon and drugs.
Undeniably, the strength of Bitcoin and other cryptocurrencies resides in its being free from government regulations, which role is in the hands of the people who supported it. This, however, is not forever. The freedom it is experiencing now, making it more attractive for those who detest the firm hand of a regulatory body like the Fed, may come to a hard wall at any time.
It is for the good of all its stakeholders to face the hard facts about Bitcoin cryptocurrency: it may stay as it is now but it will not remain that way forever. (Arthur Bridge for Mindanao Sun)