We see a good buzz around digital currency and particularly Bitcoin. We see how Bitcoin has been making new records every following month. It is among the top digital currencies so far, which has a 100 USD billion market cap. In 2017, it recorded a 450 percent surge, while it witnessed a 50 percent growth in the next few months. Thus it is so evident for the investors to the bank of Bitcoin at the moment.
However, the detractors and people from the central banks and other financial institutions keep on ignoring it. They go to an extent to call it fraud, and some term it as tulip bulbs. However, many experts call it an excellent option to earn when others term it as a bubble. People supporting Bitcoin call it a simple investment option. They defy all the speculations and stand firm with this digital coin. There is much more to hear and check on sites like Bitcoin Trader App.
Bitcoin matters; that’s the reality. You love or hate it, your choice, but for most investors in digital coins, Bitcoin remains their favorite. It is in vogue, and people also voice their emotions in excitement around it and the technology blockchain.
It acts like a distributed ledger technology, which deals with bitcoin originating in 2009. Even the haters and critics have claimed that they see lots of potential in blockchain chain based currency. They intend to launch some blockchain-based projects to take benefit out of bitcoin and other digital currencies.
The reality is that the technology blockchain has its fever, and it has dominated Wall Street. Some of the companies that are now thinking about bitcoin and blockchain include JP Morgan, BoA, Visa, and Citi, to name a few. They are now developing their products based on blockchain.
Even startup companies like itBit and others like Digital Asset are also toying around blockchain-based products for their companies. In other words, bitcoin and blockchain have become the best-funded option for many FinTech based companies all across the west. Many feel that there is a fallacy that exists in the statement of blockchain without bitcoin. It seems to be a paradox that moves around the two.
Many in the Bitcoin world would suggest that traditional banks experimenting with blockchain will soon give up. The reasons are simple since traditional financial products and transactions involve the presence of central banks and governments. They feel that some digital token should come like a ledger that works as per the system. Miners get reward-seeking some amount of BTC in their day-to-day transactions. Once they upload records for transactions known as blocks, they get something from the blockchain-based system.
We see banks are employing blockchain to fuel productivity and improve upon their backend accounts and record-keeping system. It may not be a revolutionary thing, but just like a slight improvement to boost productivity. Thus, in the end, it does not prove to be an exciting innovation. The real innovation is open and digital ledgers at the global level operate without any permission.
With the help of closed and permission-based ledger as managed by banks, all you get is a good auditing option. However, it does not promise any innovation. Regardless of the buzz around blockchain, if anyone rejects bitcoin calling it fraud, this is just the lack of understanding. Remember, bitcoin is a technology, and it is neutral. Some cybercrooks can use it against anyone.
At the same time, people who reject bitcoin just because they cannot use it like fiat currencies in any marketplace are also missing something big. Thus bitcoin should not be called a currency, and it has better terms like a token or digital asset.
However, we see people talking about the need to have any killer kind of application for using bitcoin that carries the value of the mainstream economy. It can act as a bitcoin or killer app. After all, bitcoin can create around 100 Billion USD value money.
It has come up with a good rise in terms of value. In the last five years, there have been around 3K percent of the growth of Bitcoin, which is a good indicator for its lovers. It is the reason why more and more people say that bitcoin matters a lot.