Almost a decade ago, something struck the market and the future of currencies and transactions was given a new path forever. Bitcoin with its inception stirred the market and brains of economists all across the globe to analyse the impact this new online virtual currency was going to have on the lives of individuals and economies alike. It is its multifaceted existence and exponential growth that makes it pertinent for any person to understand what it is exactly and the consequences thereof.
The Concerns around Bitcoin
The btc also has various disadvantages to it which have compelled the government agencies to declare it illegal in most parts of the world. It is argued that the bitcoin is highly volatile and this can become the breeding ground for all illicit and illegal activities including money laundering, human trafficking, terror funding, smuggling and procurement of weapons and drug peddling. It is also said that the idea of bitcoin may look good theoretically but its practical implementation has more flaws than pros. The absence of a trusted central authority makes it more risky and less trustworthy.
With such a wide opinion on the usability of these btc, one can simply conclude that it has to satisfy various divergent criteria in order to become part of the mainstream financial market. With the possibility of looking promising, it can be said that the future of cryptocurrencies like bitcoin is bright.