Bitcoin is the most well-known digital currency
When it comes to digital currencies
, chances are you’ve heard about Bitcoin. It came onto the scene six-years ago and has encountered its problems.
Regardless of your view of Bitcoin, it has made the whole finance industry sit up and take notice.
What makes Bitcoin different from other currencies is that it’s not tangible. You can’t hold it. It exists on a public ledger called “blockchain”.
Bitcoin is a disruptive technology, Alexander Green in Investment U
explains. It goes against the grain of our current monetary system.
Digital currencies like Bitcoin could take banks and financial institutions out of the equation. Using Bitcoin now means complete privacy and miniscule fees. Large corporations like Microsoft now accept Bitcoin as a form of payment.
The disadvantages of digital currencies
Some people think it’s an issue that they’re not backed by anything tangible. Decades ago many currencies were backed by gold and aren’t any more, yet people still trust using them.
There’s the whole cybercrime issue to consider too. Bitcoin wallets have had to endure their fair share of attacks. So security of digital currencies is paramount.
Looking at Bitcoin specifically, its price has been on a rollercoaster ride over the past year or so. This isn’t good news for a currency.
But these problems could be resolved.
The basis of Bitcoin, blockchain, is also leading to the innovation of so many systems and technologies, like digital currency tools for those without bank accounts and electronic voting systems that can’t be rigged.
And already there’s a widespread understanding by many that the technology with digital currencies means the financial system will become more private, more secure and more efficient. And that means digital currencies are here to stay in some form.
So there you have it. Why digital currencies, like Bitcoin, are here to stay.
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