This article is about the growing prominence of cryptocurrencies like Bitcoin. Currently the world has found a new speculative tool which has not yet come into limelight of the regulator acts.
Fast emergence of Cryptocurrencies has bedazzled market players. World regulators still seem to be understanding as to what is going on. I feel big bodies need to get their act together to avoid these being used as a de facto standard. I have been very skeptic about the entire concept where you deal with a currency other than the currency authorised by the law of land. The fact that you can deal, transact & speculate in a currency that is virtual is beyond imagination.
So Why do I say that?
Each of these currencies like Bitcoin, Dash, Ithereum, Ripple etc. are based on a software algorithm that is proprietary to the creator of the cryptocurrency.
If you are not buying over the exchange then you can still mine these currencies. Mining is analogous to finding the next available block in a block chain. In layman terms, imagine the difficulty level if you need to find the next prime number in the sequence when already the first 75000 prime numbers are found. This activity of finding the next in sequence is called mining. This example is to just understand the concept of mining. In reality, the algorithm is extremely complex one needing huge computer processing & computing power. In case of bitcoin, we already have close to 16 million out of 21 million coins mined. The discovery of fresher coins will happen in the next hundred years till the 21 million threshold is reached.
The ability to only mine a finite number of these crypto coins means their supply is limited. This is not like any country’s currency wherein the government can decide to print more currency which would lead to increasing inflation levels. The avenues to use cryptocurrencies like bitcoin are increasing every day. The primary proponents are using it as a medium to bypass regulators. It means a lot of this currency is getting used in illegal activities like unlawful arm purchases, child pornography, purchase of banned drugs etc.
Dark net resembles a lot of illegal activities. The buyers and sellers in this market are primarily twisting the law of land and engaging into activities that are prohibited in their country. By promoting cryptocurrencies, in a way a lot of such nasty activities are getting promoted. Since a lot of businesses have accepted bitcoin as a legal tender the valuation has reached sky-limits. In the last 3 months bitcoin value has increased close to 5 times. It can be traded on a cryptocurrency exchange like cex.io.
There is high demand for cryptocurrencies and the supply is limited. Many businesses have started accepting bitcoin for various transactions.The upward movement of these currencies have popped out investor eyes. Over last few months cryptocurrencies like bitcoin and dash have outpowered any other form of investment by miles. It is difficult to speculate what the next level for these cryptocurrencies would be. However, looking at the current trend it seems that the valuation will be spiked up in 2018 as well.
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From what I have been hearing Bitcoin in moving up in the world. I feel cryptocurrencies should be regulated and limited as to how many there are, we have one established system of money and it has its value. Taking into account all the cryptocurrencies it it hard to know their value against one another or our monetary system. I am not that familiar with Bitcoin and I know nothing about the others, I have read a few articles about Bitcoin and from what I understand there are mixed feelings about Bitcoin.reply 0