Have you been paying attention to the economic news? There’s been a huge influx of people interested in Bitcoin since its growth was announced. Not sure what we’re talking about? Continue reading!
Bitcoin, created in 2009 by an alias named Satoshi Nakamoto, is a global payment system which can be utilized WITHOUT going through a financial middleman. This permits Bitcoin users to skip all the fuss and difficulty involved in going through banks such as using Social Security numbers or leaving most traceable information during a transaction. The ability to retain anonymity through transactions is a highly valuable commodity internationally.
Bitcoin has seen unprecedented growth for an imaginary unit of currency. Bitcoins are just pieces of computer code representing money and have a finite number (11 million, currently) which is why their value is increasing at a rapid rate. Starting the year worth only $1,000, it has increased and soared to ABOVE $17,000! With the news about its success going viral, it’s become mainstream now, and that’s a huge deal!
Although many financiers and economists have accused bitcoin to be a fraud (because it has no official economic backing capacity, like the United States has the Federal Reserve), it just keeps getting bigger as more people accept it. Whether you are exchanging money throughout the world or using it to pay for everyday things like groceries and train tickets, bitcoin is kind of a big deal.
With continued Bitcoin growth, more national governments are trying to keep up and beat them. Because the fear of not only being segregated, but missing out, is coming into play, investors have been buying into it, causing the massive increase that occurred this year.
So where does that leave us now? With a value of around $270 billion currently worldwide, many are still wary of giving Bitcoin a chance. But the success of a purely digital universal currency is something all international companies are going to have to start paying attention to.
Tell us, are you team Bitcoin or not?