Bitcoins were initially thought of as a marketing gimmick, but now it is a full-fledged currency, which is supported by many businesses and many people also spend their time trading in bitcoins. Many people buy and sell bitcoins to get profits and also many businesses use them as the payment option to make payments more versatile and easier for the customers. Guarded by block chain technology and the scope of being completely anonymous is one of the major reasons why bitcoin transactions have become so popular.Some of the major benefits of using bitcoins in the current market are discussed below: cryptocurrency blog
No matter how secure any system may claim to be, hackers are sure to expose the weaknesses in a hurry. The crypto-currency industry has already been besieged by hackers, who have stolen billions of dollars in Bitcoin and other crypto-coins. Losing money to hackers tends to make investors a little jittery. It also makes for plenty of litigation from those harmed by technology that may not yet be a secure as promised. The Fundamental Hurdles
There’s an old adage: When school teachers and janitors start making millions from investing, prices are going to crash because we need school teachers and janitors. The truth is governments get nervous when its residents start losing money or making lots of money without paying taxes. It’s no coincidence that India and South Korea are among the most active countries on the crypto-currency exchanges, yet both governments are considering banning the trading of all cryptos. The US, potentially the world’s biggest Bitcoin player, is working in Congress to decide how to regulate the crypto-currency market. They have already banned several exchanges for possible fraudulent activity. China is discussing an outright ban while Europe seems poised to follow America’s lead.If Bitcoin or any other crypto-currency aspires to becoming an international currency for everyday payments, success would be predicated on the world’s biggest economies joining in the parade. Unfortunately, the major players (mentioned above) seem to be moving in the other direction.The biggest concern seems to be Bitcoin’s appeal to the criminal element. Proof has been presented that shows North Korea has been stealing Bitcoin to help finance its nuclear program. ISIS routinely moves money among its affiliates via Bitcoin, doing so undetected until it’s too late. The drug trade is also enjoying the anonymity afforded them by block-chain technology. More and more Initial Coin Offerings (ICOs) are proving to be nothing more than common scams. These are all serious issues.