Bitcoin has become an undoubted success since its launch in 2008. The exact identity of its creators and the process behind its inception is still shrouded in mystery, and it is by far the most famous and prominent cryptocurrency the world has ever seen. We do need to address the issue of whether it has topped out in terms of success or not? Has it seen its peak? Where now for Bitcoin.
Where did it Come From?
Bitcoin emerged way back in 2008, the first cryptocurrency paving the way for countless imitators. It’s an inventive technology making use of a peer to peer network asking users who ‘mine’ for coins to solve mathematical equations which provide the basis of the security for all Bitcoin transactions. All of this makes it a completely decentralized platform, increasing security, as there is no single place that the system could be hacked.
What is Bitcoin Used For?
You could probably answer this question with another question, “what is it not used for”? It’s amazing how many different types of businesses accept Bitcoin these days. In the early days, it would be almost exclusively online and specifically, tech-related websites that would accept them as these days various businesses accept Bitcoin such as cafes, shops, and more. Using the cryptocurrency is as easy as going online to open a Bitcoin account and getting going.
Bitcoin & the Law
Often concerns are voiced about how legal Bitcoin or other cryptocurrencies are? But in the vast majority of places, it is perfectly legal to use as there are a few overseas countries that have banned it, so be careful if traveling to check. The real question of legality comes with what the Bitcoin is being used for? There have been some links with criminal activity, such as use on the dark web since transactions are difficult to trace. One thing to be aware of is that Bitcoin is not considered a currency but is a possession in the eyes of the law. This means disputes over purchases cannot be challenged in the same way as it is an exchange of goods rather than a sale.
Issues with Bitcoin &
The biggest challenge facing Bitcoin is that it is becoming increasingly less fruitful to mine due to the higher number of users. The same effort is yielding fewer returns as time goes on. We may eventually see that this makes the use of Bitcoin more to be an alternative currency rather than a money-making venture. We have even seen some banks start to embrace the opportunities of cryptocurrencies rather than see them as a threat. The massive amount of press that Bitcoin still generates and the huge user-base means it is going nowhere fast, and we fully expect it to be with us for many years to come.
This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.
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