Among other hundreds of active cryptocurrencies today, Bitcoin is by far the most seductive one. The allure of bitcoins is undeniable. The latest news about bitcoin has named it as the most accepted and extensively used cryptocurrency. Being independent of any middle-man, Bitcoins do not have to stick to central banks’ whims and fancies. Bitcoin is not tied to any regulations. Thus, it gives its users the upper hand in cheap and easy international transactions. There will be no credit card fees involved here even.
Little Bit About Bitcoins:
The most appealing feature of bitcoin is that you can trade it to become rich. As per the latest news about bitcoin, more and more people are investing in it with the hopes of its price raising more.
- The hype about bitcoins jumped up when in 2017, its price rose. Bitcoins give you the advantage of buying things anonymously.
- Each bitcoin transaction is kept in a public record, but users’ names are never exposed. Only the wallet IDs are revealed.
- This decentralized digital currency came into being in 2009.
- Even though its founder’s actual identity remains unknown, Satoshi Nakamoto is credited for bitcoins. Nakamoto could be a strange group of people or an individual.
Risks Are Involved:
Bitcoins come with the advantage of political independence and user anonymity. However, it is evident from the latest news about bitcoin that it is not without its limitations. Even though the transactions are private, bitcoins can be risky and vulnerable.
- Bitcoin can easily indulge in illicit activities online, like buying and selling drugs or stolen goods.
- Even though bitcoins cannot be replicated, they have the most significant disadvantage: security and theft.
- Because of the user’s anonymity, it becomes impossible to track down the accused.
- High price volatility
- Wallet vulnerability
- Fraud exchanges and investments
- Attach on authentic exchanges
- Stealing of private keys
- Attack on Dark Web Marketplaces
- No refunds or chargebacks
Bitcoin In The News:
Bitcoin has always been in the news- both for good and bad reasons. The latest news about bitcoin is all about why its price is on the rise.
- Inflammation is one of the reasons for pushing the price of bitcoin higher each day. With an average of 2% inflammation and a decrease in the dollar’s purchasing power, bitcoin is becoming a costly asset.
- Moreover, owing to its adaptability as a paying method, the price of bitcoins is mounting. A famous payment gateway provider has recently confirmed that it would allow its users to sell, buy, accept, and hold bitcoin as a method of payment. This latest news about bitcoin has nudged up its price.
- Over the last few years, quite a few Wall Street financial institutions and investment firms have shown immense interest in Cryptocurrencies like bitcoin.
- As recently as in November of 2020, bitcoin reached its ultimate high of $18,600 till now.
- The current COVID situation has also helped escalate the bitcoin price, as investors have altered their investments.
What The Future Holds?
No one knows what the future holds. Often dubbed as digital gold, Bitcoin is handy, but there is no guarantee that it will be a mainstream exchange form.
- The latest news about bitcoin suggests that as the national governments are concerned about taxation and lack of control, a few countries have started to put in their thoughts about regulating bitcoins. No one can deny the impressive pull of bitcoins. Thus, it can be said that the future might see our governments weighing out the possibilities for bitcoins. Future currencies might be reworked with state-sanctioned means of exchange with bitcoin-like features.
- Unfortunately, bitcoin cannot be created abruptly. As per reports, there are only 21 million bitcoins ever produced. But what will happen after all the bitcoins are collected? The bitcoin miners will be directly affected by this limitation. Some theories speculate that the miners will be pushed away from the block rewards once the limit is reached. It can be vouched that even after the last bitcoin is mined, miners will continue to participate and validate new transactions, as a minimal transaction fee is required.
The minor news about bitcoin also points towards a concern- will bitcoins abolish the dollar’s use? While the possibilities cannot be ruled out, bitcoin has to fulfill a lot of criteria first. As currencies play vital roles in the financial hierarchy, there remains doubt about bitcoins being able to securely meet those roles.