Top bankers running central banks across the globe have all raised serious concern about the new sensation investment that is bitcoin. We can see endless interviews on leading magazines and news outlets that predict doomsday endings for the cryptocurrency. Leading economic trends show that the world is gradually moving from a centralized to a loose policy. This policy was put in place right after the aftermath of the global financial crisis. The next generation of bankers and industry regulators will be forced to deal with the regulation of cryptocurrencies.
What is bitcoin all about?
Just like the advent of the internet in 1994, bitcoin cannot be understood or explained. It mainly changes the way people use the money. The purpose of bitcoin was to create alternatives to banking. Blockchains maintain records of all your bitcoin transactions ever since they were launched. Physical currencies are issued through central banking agencies while bitcoins are peer to peer. The people who produce the bitcoins are referred to as miners. They use specialized computers to process and verify this transaction. This is how bitcoins get into circulation in the first place. When the online platform WikiLeaks was outlawed and blocked from the financial space, they opted for bitcoins to finance their investment portfolio.
As of now the price of bitcoin has surged past 15000 dollars and seemed to keep up the momentum. What is surprising about modern-day cryptocurrencies is their blockchain platform. This borderless and completely anonymous way of using and generating online currency …
