The world has been evolving rapidly in the domain of financial institutions. And with this a new dimension has been added to it, i.e., cryptocurrency. Cryptocurrency is a relatively new concept in this world. For many years, cryptocurrencies, particularly free btc has attracted investors from far and near.
Historical Relevance of Bitcoin
After the world was shaken by the global economic crisis in 2008-09, the currencies started tumbling around the world. Investor wealth worth billions got eroded in a flash. It is said that every crisis gives birth to new opportunities. Likewise this too gave birth to a novel concept of cryptocurrency and free btc, known as Bitcoin.
Although it is said that bitcoin was invented by Satoshi Nakamoto, a resident in Japan yet it is believed just to be a fictitious name and no person named as above has ever been residing in Japan. In October 2008, a person named Nakamoto published an article in a daily bearing the title name “Bitcoin: A peer to peer electronic cash system”
Implications of Bitcoin
Although bitcoin is nothing short of a gold miracle yet it also is susceptible to fraud. Bitcoin is nothing but a market bubble. No market agency regulates it. The mining of bitcoins requires a large amount of electricity and energy resources leading to environmental pollution. Additionally, many countries have shown their reluctance to legalize bitcoin transactions in their homeland. Their reservations are justified by the fact that due to its secure network, there could be seen a rise in illicit activities like money laundering, terrorism, etc.
Bitcoin has its foredeals in this dynamic world. This can be a great source of income. But reservations of many countries regarding its malicious use should not be neglected. Regulation of bitcoin transactions is the need of the hour.