Virtual Currency And Its Popularity
The first virtual currency, Bitcoin was created and published by Satoshi Nakamoto. There is still nothing known about this person and a lot of investigation is being done to know how Bitcoin originated
The first specifications and proof of concept of Bitcoin are still unknown but all that we know is that from the time Bitcoin came into existence all it has done is to grab every traders and investors attention. The common man has also not been left behind. Bitcoin has grown leaps and bounds since then and still continues to rise.
There are many reasons why cryptocurrency became so popular. One of the main reasons is because it is anonymous. The way the system functions is totally different from how a transaction is done. The currency is totally decentralized and there is no one who has a control over it.
Cryptocurrency can be spent as you would spend any other currency. It can be taxed only when you want to withdraw it or cash it to buy something. This makes it highly beneficial to use cryptocurrency because it saves you from paying tax. Government is definitely trying to figure out how to tax the virtual currency but it is difficult to impose taxes on a currency that comes without any legal entity or tender.
The conception of the cryptocurrency also makes it highly attractive. Bitcoin is being accepted in many places now and it is used as a means of payment. Bitcoin transactions are happening in a huge number and there are thousands of businesses that are transacting in Bitcoin.
The future is still not known however the use of cryptocurrency looks promising. The cryptocurrency market is catching up in the financial services and this is because of the dynamics of the market. The price of the cryptocurrency is dependent on the supply and demand and the cryptocurrency is can be traded in various exchanges.
There is a lot of opportunity for investment, speculation, and arbitrage and this helps to utilize the Blockchain technology. The return that you see from trading in Bitcoin is phenomenal and there are more and more cryptocurrencies that are emerging.
TheBlockchain technology innovation is a major part of the industry and this lets the people store the information in a way that is totally decentralized. The revolution has pulled developers to this new system.
The process is transparent, is it a safe, and secure and it lets people gain efficiency. The Blockchain technology is an open source.