The skyrocketing Bitcoin value has seen a ton of people buying this cryptocurrency as an investment. The demand for Bitcoin has, in turn, witnessed an upsurge of Bitcoin brokers who have made it easy for just about anyone to own Bitcoins. It is said that there are about 21 million Bitcoins in existence, but people have not been able to mine half of that figure. So if you have the right equipment and sufficient power, you can acquire Bitcoins through mining.
Bitcoin could grow to become one of the major global payment systems
The awesome thing about Bitcoin network is that it’s able to process numerous transactions in just a second. But, the network has not been able to function at the level of credit cards because of the many challenges, such as limitations and skepticism. However, the owners of Bitcoin are hard at work to ensure the limitations are lifted. Since the inauguration of Bitcoin, it has grown, matured and stabilized. This upward growth is projected to continue despite the high market volatility. The fact that it’s well known and more people are willing to buy it at any price; Bitcoin will continue to be a dominance force in the digital currency space.
What happens when you lose your Bitcoin Wallet?
In case you lose your Bitcoin wallet to hackers or scammers, the circulation of the money is halted. However, the Bitcoins remain in the network just like others. But, when the circulation is halted, the Bitcoins become dormant indefinitely, since nobody can locate the keys to enable their use again. Bitcoin also operates based on the supply and demand model, which means when the demand for the available Bitcoins is high, the Bitcoin value increases.
Can people use Bitcoins to conduct illegal transactions?
Many governments and financial institutions have raised concerns about the possibilities of the network being used for illegal transactions. But these illegal transactions occur with regulated financial transactions like wire transfer. However, most governments and agencies are working with Bitcoin to ensure that illegal transaction and activities don’t occur on the platform. But the truth is it’s hard to prevent illegal activities being conducted on the network because there is no third party third-party to regulate it.
The bottom-line is that if the robustness and stability of the blockchain technology is anything to go by, then Bitcoin is not going down anytime soon. So if you’re an aspiring Bitcoin investor, dust your fears off and trade Bitcoins. You can make good money from it.