What is Bitcoin and Where is it Headed?

  • Phone Verification

bitcoinjune

The ultimate goal of Bitcoin is to allow the exchange of payment for goods and services while eliminating the middleman. This means that no banks and third-party networks are involved in the payment process and the transaction is anonymous. This is especially beneficial for emerging markets where banks, ATMs and credit card machines are rare. The online currency can be set up, accessed and used anywhere with no prerequisites. No country or company can own or regulate the peer-to-peer Bitcoin use.

Usability

There are no banks or companies involved, which means Bitcoin transactions are processed without fees. However, they are not accepted in many places and there is no real measure of trustworthiness or accountability. Credit cards are faster, free for consumers and more available in developed countries.

Security

Without countries and banks, Bitcoin security is the responsibility of the individual. There is no insurance to replace your money if a thief or a hacker accesses your wallet. Bitcoins anonymity has attracted criminals from near and far.

The Current State of Bitcoin

The current state of Bitcoin is comparable to where the Internet was in the mid 90s; and the technology is still growing. For most, Bitcoin has a poor reputation in the mainstream media during the past six months, but its hard to find an industry executive not talking about the cryptocurrency. And of course, contemporary investors are jumping on the bandwagon to get some for themselves. Moving forward, virtual currency exchanges will benefit from implementing KYC controls because they offer a safe and trust-driven environment. Even with this buzz, there are still many who dont know much about Bitcoin or the potential impacts it holds. If you decide to accept Bitcoins at your establishment be aware of the security risks and have a fraud prevention plan in place.


[Contributed by EVS Marketing]