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Published Tuesday 10 November 2020, 5:45 pm
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Bitcoin is one of the most renowned and commonly used types of cryptocurrency. As the name portrays, Bitcoins are not actually coins but are a type of virtual currency for trade and transaction. The Bitcoin concept was first presented in 2008 by a pseudo-anonymous person who presented the Bitcoin concept in his article.
The domain of Bitcoin cryptocurrency is very vast and dynamic and is based on mathematics, technology, economics and computer algorithms. The use of cryptocurrency has been seen to increase in recent years. A number of online investors and traders have shifted their relationships to the Bitcoin cryptocurrency platform.
The journey of Bitcoin
Bitcoin’s journey can be compared to the Internet’s journey. Back in the days when the internet was first invented, people didn’t show much interest in it. Many people said they don’t think they will ever use email in life. At that time a very small number of the population was interested in the concept of the Internet and its uses, but only in a couple of years the Internet took over the world, and is now one of the basic needs of man life. Nothing in the world is possible without an adequate provision of the Internet. It is one of the most powerful and powerful modes of communication and coordination in the world.
The same goes for the Bitcoin cryptocurrency. At first, a very small number of people paid attention to the concept of Bitcoin cryptocurrency, but as time goes on, this trend is changing and a huge number of the population, especially merchants, buy and store their money with the Bitcoin cryptocurrency platform. Anyone familiar with online and digital marketing has heard the name of the cryptocurrency Bitcoin.
Bitcoin and the world economy
Out of all cryptocurrencies, Bitcoin has been ranked as one of the best performing cryptocurrencies. Over the past 2 years, cryptocurrency trading rates and values have increased by 70-75%. This is just the beginning of Bitcoin’s incredible journey towards the currency. Bitcoin has a long way to go. To find out more about this check out this Bitcoin Prime site.
Influence of Bitcoin on the banking sector
Initially, the Bank Of the International Settlement was supporting the global economy. Bitcoin being a decentralized organization had a negative impact on the BRI and were thought to feel the risk of losing control over the global economy. The development and growth of the Bitcoin cryptocurrency has changed the concept of traders towards the banking system. Several banks around the world are considering launching their digital version of the fiat currency so that they can compete with Bitcoin and play their role in the growing cryptocurrency economy.
Political controversy and Bitcoin
Different types of currency are giving rise to a series of political controversies. As already stated, Bitcoin is not controlled by any bank or government, so this has increased the national government’s insecurity. Other than that, Bitcoin is a type of private and individual wealth that only belongs to a specific person and no one can question it for ownership of the money. However, this is only the beginning of the digital currency and no one can say anything about Bitcoin’s future and its approach to the political and social aspects of the family.
Impact of Bitcoin on the industrial economy
Bitcoin has brought about a revolution in the industry. Many industries have started accepting Bitcoin as payment for their online transactions. There is a long list of companies like WordPress that have started accepting Bitcoin as a source of payments. PayPal has also announced it will work in partnership with Bitcoin, which has raised the rates of it and the Bitcoin cryptocurrency to around $ 1,000 USD.
Verdict
Bitcoin cryptocurrency has come a huge path in a time of around 11 years. This can be said to be the tip of the iceberg and the rest is yet to come. Bitcoin and many other cryptocurrencies are growing and evolving with time and it can be seen that the world has begun to accept and trust the digital currency. The future of bitcoin cryptocurrency appears to be glorified. But nothing can be said because everything is possible in the world of digital trading and cryptocurrencies. Summarizing the whole discussion, we can say that Bitcoin has had a huge impact on society and the global economy and its power cannot be underestimated.
Scott Mccall story
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