Earlier this week Bitcoin soared to an all time high value, with 1 Bitcoin being worth £2,651, putting the total market value of all Bitcoins over £43billion. I think the growth of Bitcoin over the past few years shows that there is a demand for tech innovation of all aspects of the economy, including finance. With challenging currencies such as Ethreum, Dash, Litecoin and Ripple doing well I think a few of them are destined for success off the back of the rocket of Bitcoin. With so many ICO’s now, I think the only way is ‘up’ for digital Currency.
What is interesting about Digital Currency is that the market place is constantly changing, with new technologies such as IOTA. Instead of using the traditional Blockchain ledger system, IOTA uses a Tangle network which in theory eradicates the need for Miners, creating a more efficient, much faster and sleeker verification process, meaning faster and more reliable coins, and it’s been endorsed by Elon Musk.
The question is will Digital Currencies ever be regulated? And when will they achieve widespread, mainstream use? To date, CryptoCurrencies have been amazing investments for early adopters and retail traders who are taking advantage of their high volatility temperament, and of course for those who seek anonymity whilst buying and selling online. However, we are already seeing an increase in large companies allowing payments in Bitcoin and there are now 79 Bitcoin ATMs in the UK, suggests this type of currency is not going to slow down, and will soon become a part of everyday life
With such rapid and aggressive growth any economy would sensibly aim to regulate and profit from them, but, because CryptoCurrencies are completely decentralised, it makes it incredibly difficult to control them and it’s very unclear who has overall ownership or responsibility. It’s possible we won’t ever see cryptocurrency reach the level of regulation that other forms of banking have, making it a risky investment, but right now, a potentially highly profitable one.
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