Less than a century ago the first ever bitcoin was created. Since then they have gained widespread influence, and over the years they have developed to be a dire currency. Initially, people thought it as just but a bubble that would soon swell and pop. However, it has remained a force to be reckoned with that has gained strength to put up a fight against other mainstream currencies. This does not, however, mean that all is well for the cryptocurrency as other major currencies have risen and fallen too in the past. This article weighs the relevance of bitcoin today and in the near future.
It is believed that whoever created the bitcoin system made it such that there can only be 21 million bitcoins in the world. Up to now, already 16.7 bitcoins have been minted and are in circulation. Every 10 minutes, approximately 12.5 bitcoins are generated. Even with the possibility of the process being slowed down in the near future, there is uncertainty. However, its inflation is near to impossible due to the limited supply set as common with other traditional currency systems.
The duplication of any digital system was easy before the invention of blockchain technology. This technology has a way of keeping track of all transactions hence eliminating the need for a centralized intermediary or authority. Thus the safety and integrity are always secured therefore putting confidence into more and more investors. This has, in turn, led to increased popularity of this crypto-currency in modern times.
This is associated with the uncertainty of bitcoin collapsing just like the bubble many believe it to be. There, however, has not been any evidence to suggest what the cause of this type of popping will be or even when it will happen. The other uncertainty is with governments around the world regulating or putting restrictions on it. Since they cannot easily control its spread, many governments opt to monitor or sanction it in their nations. The fact that it is the fastest climbing form of the stock index also makes it many times more volatile. The other rampant concern is the other digital currencies like ethereum and litecoin whose fame is gaining momentum too.
Despite many companies establishing crypto payment methods, there are still many aspects where it is inconvenient to use bitcoins. You can use them to purchase goods in the stores.