Ever since Bitcoin and other digital currencies came to existence, they have made it to the mainstream financial technology. The way the exchange rate of Bitcoin is going up, it appears, some day it may reach to $ 20,000. Though the value of Bitcoin has fluctuated drastically throughout the years; for instance, it reached to $ 1200 in October 2013.
According to some experts and observers if you have Bitcoin and see what happens in the coming months and years, you will be able to see that the price has appreciated to great extent as there are limited Bitcoin. Additionally, as there are no central banks that circulate Bitcoin, these cannot be manipulated, there is no inflation.
Needless to say with businesses jumping on the bandwagon and investors becoming interested in the digital currency, it appears the momentum is going to up and up. In fact, Bitcoin as a digital currency has injected itself into a lot of conversations about the future of technology, economics, and the internet.
Future for Digital Currency
From the grand design for digital currencies, it appears they have a bright future. However, a lot of experts say that the future of digital currencies remains a controversial topic as they will always be challenged by the fiat issued by the governments around the world. The governments don’t want to recognize digital currency that can challenge their sovereignty.
The digital currencies like Bitcoin, dogecoin, litecoin, etc. were developed because of trust issues with financial institutions and digital transactions. Not to say that even when digital currency Bitcoin is not considered to be money by everyone, it is independent of traditional banks and could eventually pose competition for them.
Which Digital Currency Will be the Most Popular One?
There are several digital currencies that include Bitcoin, dogecoin, litecoin, etc. These are the top three major names that come to mind when speaking of digital currency. These are a form of virtual currency that is electronically created and stored. Some types of digital currencies are cryptocurrencies, but not all of them are.
Needless to say Bitcoin is expected to lead the group. Bitcoin was created to take power out of the hands of the government and central bankers, and put it back into the hands of the people. According to various estimates there are currently about 12 million Bitcoins in circulation. Interestingly, litecoin is catching Bitcoin in terms of popularity.
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Disclaimer: I’m not a financial advisor, and nothing I say is meant to be a recommendation to buy or sell any financial instrument. Don’t invest money you can’t afford to lose. My videos may contain affiliate links to products I believe will add value to your life.
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