It is problematic to get a grip on what bitcoin is actually all about. On the surface level, it is a digital currency. It can be transferred to anyone through the Internet to their special e-wallet that is stored on their phone. There are no fees for transferring any bitcoin, and people can use them to buy items online.
So what is so special controversial about this very basic and rudimentary idea?
Bitcoin is certainly not the first digital currency that has ever been out. But it is most certainly the most popular. It is hard to grasp why Bitcoin has managed to rise to such a high level in popularity. There are about 200 total digital currencies out there now as well as a couple hundred that have faded away. Bitcoin is both polarizing and potentially groundbreaking if it can manage to reach that next peak.
What is Bitcoin at now?
The biggest problem with bitcoin is that everyone sees it as a value in relation to another currency. For example, a single bitcoin is worth about $150-$200 right now. But this is not the purpose of bitcoin in the long term. The purpose is to gain its own intrinsic value that goes above being attached to an established currency.
Where can it go?
Bitcoin has the potential to be a global powerhouse. Now, it may only disrupt and mildly tease the dollar’s value and long-term use right now, but it’s global prowess and ease of transfer could make it a real legitimate source. There are people now hoarding bitcoins in the hundreds of thousands in hopes that they get a lot of value. But there may be a lot of people that are expecting to sell it when it increases in value, but they may actually use it. This will give it an economic value that will in turn grow this cryptocurrency into legitimate long-term option for buying and selling.
How does one use it?
There are a handful of major outlets accepting bids coin payment online. Satoshi Slot is one way to use the coins through its intuitive slot machine system. Others are making big purchases using bitcoin through special shops. It is estimated that all the bitcoins will be allocated by late 2017.