Bitcoin is a new way of paying for things that has been gaining in popularity over the years. This post explains what is is and the future.
An article shared by Richtopia on ‘Why the next 10 years of Bitcoin growth will smash the last 10’.
What is Bitcoin?
Bitcoin is a new type of money known as cryptocurrency – virtual money.
It is digital currency with no central authority or banks to control it. Bitcoin is created by people and used electronically with very low transaction fees. The primary reason for
Bitcoin was to produce a currency independent of any central authority, it is decentralised. It appears to be created by someone called Satoshi Nakamoto.
Companies taking an interest?
Here is a list of 7 senior managers attending Bitcoin related Consensus 2015 organised by CoinDesk:
- Vice President of American Express
- Director of Citi
- Head of Design of IBM
- Vice President of MasterCard
- Executive Director of Morgan Stanley
- Vice President of PayPal
- Project Manager of the World Economic Forum
All these companies attending, must mean that Bitcoin as some growth for the future. Not to mention entrepreneurs such as Richard Branson and Li Ka Shing own large amounts of Bitcoin., to add to this companies such Microsoft and Amazon also accept Bitcoin payments.
The future of Bitcoin
It seems as Bitcoin has started the trend for cryptocurrency. It’s safe to assume their will be at least one global cryptocurrency and a good chance that it will be Bitcoin.
So even if Bitcoin currency is not the new way of accepting electronic payments it has begun a trend, and someone will be create a global cryptocurrency. But why would we switch real money to cryptocurrency? Well, this whole system works because people are willing to exchange them for real goods, services or even cash.
Using Bitcoins is safer, it is very difficult to copy them or even make fake ones. So it seems like it’s better than using real money, plus there’s no banks or government that control cryptocurrency.
Overall is seems Bitcoin, is here to stay if not become the global cryptocurrency. Whether it will replace real money is to be seen but it is definitely here to stay and maybe become the next popular type of currency.
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What are your thoughts on Bitcoin and would you invest into it, share your thoughts in the comments below!