It’s a fact you never knew about Bitcoin: it is a unit of digital currency, and not an investment vehicle like the stock market. It is a widely used internet payment system, it is set to take off as a global currency, and is currently in the top-five currencies by volume traded on the Asia market.
And now the old world records are being broken and the world in which Bitcoin thrives is filled with lots of facts you never knew about Bitcoin. A currency, money changer, or everything all at once, this thing was created out of thin air and is now trading on top of the market.
Before the next logical step in the evolution of Bitcoin’s success, it is useful to refresh ourselves on our previous knowledge of the concept. Fact you never knew about Bitcoin is that it is a digital currency that can be manipulated into paper-money or can be placed directly in your bank account, as a reliable means of payment, and not backed by any government or central bank.
A currency can be managed like the Forex market, the Japanese Yen, or any other country’s currency. This is accomplished through a web service that acts as a bridge between the seller and the buyer. With Bitcoin, it is much more difficult to manage, because the money is handled directly from the “miners” or users of the virtual money, through a public ledger that is shared among all users.
There is a great deal of skepticism about Bitcoin, even though the media and mainstream consumer response has been largely positive. Many financial analysts and economists believe that it will be the currency of the future, but only a few others are enthusiastic enough to say they personally will be buying and selling bitcoins in the near future.
Bitcoin will be the future because it is the only alternative available for people who have lost faith in traditional banks and financial institutions. When the economy is facing crisis and the very survival of the world’s population hangs in the balance, the best way for a few people to get richer is by controlling the money supply of their countries and benefiting personally, and that is exactly what Bitcoin is doing.
The good news is that there is no limit to the amount of Bitcoins, nor does the total number of old world records being broken make the media headlines anymore. If anything, this is a sign of this amazing phenomenon increasing in popularity because Bitcoin is becoming accepted by a larger number of people who are already using it as a form of payment for goods and services and the infrastructure is already in place for it to become the currency of the future.
It may be a fact you never knew about Bitcoin, but it isn’t a fact you should dismiss just yet. Like most innovations, Bitcoin is gaining momentum as the next big thing.