There is a major debate going on about the future viability of the Bitcoin currency. Some people are speculating whether it may one day make some major changes to the way that transactions are handled. In particular, there are many people interested in whether Bitcoin may actually be threatening the business of Western Union. Though it seems farfetched, there may actually be some truth to the matter.
Dan Hassey, a well-published author with over twenty years experience in investing and trading, discusses the Bitcoin craze, the ballooning of the digital virtual currency’s value and whether it is destined to burst under the weight of non-sustainability. Hassey looks at the creators behind Bitcoin, the people most likely to use Bitcoin, and the legality of the digital currency.
Though the Bitcoin has been rising in popularity recently, there have been some sites that have been the victim of hackers. Recently, this has included the market referred to as the Sheep Marketplace. Hackers managed to steal upwards of 96,000 Bitcoins from this market, leaving many people wondering where it went. But there have been efforts made to track the direction of this currency after it has been stolen.
There are a few signs that indicate that the Bitcoin currency still has some growth left to go over the next few years. Since its inception, the currency has undergone some ups and downs. But in general, it has gone on a steady upward trajectory. This has many investors wondering just where the currency may top out next. This current estimate predicts that the currency may reach $3600 per unit in just a short amount of time.
Throughout the past few months, the Bitcoin has undergone a meteoric rise to prominence among investors. This is why the currency has spiked in value, though some are wondering if it can stay there. There is some speculation that the currency may actually be poised for a correction. This is because the unit may be overvalued, which may be contributing the its high price tag on the market.
Throughout its history, the Bitcoin has been utilized in a few different types of questionable activities. This has drawn in quite a bit of scrutiny from different officials out there. But recently, the Bitcoin is alleged to have been used in a few different types of assassination plots. There is some speculation that the currency may have been used to plan possible assassinations targeting both President Obama and Ben Bernanke.
Bitcoin, that odd and obscure form of underground internet currency, is getting a bit of spotlight in Washington. Supporters of the technology are set to address Congress and the media in an effort to highlight how Bitcoin works. Speculators are poised to make money off the currency, just as they would off of gold. However, the relative anonymity of the transactions may worry those in government that track currency exchange.
Most people have never even heard of Bitcoin, much less used one in a transaction. In fact, there are few places that accept the internet currency, with the exception of illegal distribution sites like Silk Roads and Black Market Reloaded. However, all that is poised to change, as a few banking giants in world economies are considering the merits of accepting and adopting Bitcoin as a legitimate form of currency.
Think of the growth curve of bitcoins similar to the growth curve of Facebook, Twitter and Google. It’s absolutely normal as the public is becoming more aware of the bitcoin system. The part that really seems to be the hardest to understand is that bitcoins are not a ponzi or pyramid scheme and they do have actually monetary value. They are growing at such an exponential rates due to the population putting value into them. Just think of the stock market and how quickly Facebook, Google and Twitter experience huge jumps in value.
Bit-Coins have become a very important factor in the financial world. With a huge drop in October after the closing of the online market Silk Road, they reached a low of $119. They have since rebounded and come back strong with a high of $618 and an average value where it seems to have settled on an average $560/$580.