Bitcoins were created by an unknown person in 2009. It is the virtual currency commonly defined as a cryptocurrency, created by very complex mathematical computations and regulated by millions of computer users.
There are many reasons why bitcoins are controversial, but the primary reason being that the currency is not controlled by any bank, however, being in possession of bitcoins allows the owner to use the currency for the purchase of many different goods and services from a variety of department stores or service providers that accept the currency.
Latest info on bitcoins
Bitcoins are traded in the currency market. The current Bitcoin (BTC) rate is $17,295 and most recently, currency markets have introduced futures contracts for the currency. The belief by experts is that bitcoins future, which has been launched on December 20th, 2017 would open the door for the cryptocurrency to be legitimised as an asset class.
It is estimated that the total value of bitcoins on the internet amounts to $150 billion. Bitcoin users can set up a virtual wallet website allowing them to perform transactions with bitcoins or to acquire the cryptocurrency.
What are the expectations of bitcoins
Bitcoin, like all other goods, requires the principle of demand and offer, people willing to purchase and sell. The value of the cryptocurrency has greatly fluctuated since it was introduced.
Unlike fiat money, bitcoins are not regulated by any central bank and is created through a computer mining process. This characteristic of digital currency offers the person transacting with bitcoins complete anonymity which makes virtual currency highly favoured for illicit activities.
With the increasing use of the currency and the acceptance of some businesses transactions made through virtual currency, It should be expected that regulatory bodies may seek increasing scrutiny of the currency in the future.
Cashless transactions are already being introduced in different aspects of peoples daily life. Although it is not expected for virtual currency to replace fiat money, however, there is very high interest in blockchain technology by banks such as to provide a variety of high-tech cashless services to clients.