Cryptocurrency Bitcoins Up and Down Ride Continues
The cryptocurrency that is Bitcoin has literally been on an up and down rollercoaster ride. Some of its drastic movements are understandable since it is a new currency, and it is yet to find its level due to increasing interest which could easily inflate its value.
The funny thing is that most normal people have not given Bitcoin any thought, since they believe its nothing but a waste of time. Which might be so, but then most revolutionary ideas didn’t start with everyone showing them any love.
There must be room for a digital currency in this world
In reality the concept of Bitcoin and even cryptocurrency has interested computer scientists and hackers, who feel that it is one of the most exciting ideas in recent times. One of the reasons why normal people have not taken to the idea is because they are of the belief and understanding that currency should be controlled by central banks. For the purposes of safety this is a valid statement, but in a digitally developing world where everything is slowly becoming increasingly reliant on the internet why can’t there be a currency not controlled by an official institution? Or why can’t another currency develop alongside the ones already in circulation?
Since the currency is in its early stages, it may or may not stand the test of time. For all we know another rival cryptocurrency will come by attracting more interest. But one of the features which will have to be looked at is safety, people with Bitcoins will always be susceptible to hackers, since the money they have purchased is not insured. Which means a hacker would be able to steal Bitcoins, all because something like a deposit insurance does not exist for the new digital currency.