Bitcoin is one of those great technological advancements that gained a lot of traction since its launch in 2014. However, over the years, its value is hitting rock bottom which is a sharp contrast of almost double digit rise in its value during its inception. The industry experts speculate that its value is expected to fall farther down in the coming months.
When it came into being, Bitcoin was the game of nerds. However, as the time progressed, it has gained much greater popularity outside of its esoteric group and trickled into the developed world. Its popularity has been attributed to the fact that the users are able to make anonymous transactions, more so when they are making purchase of goods online. This is also the very reason why this famous crypto currency is under the scanner of regulatory bodies for encouraging illegal activities.
Despite its use for all the wrong reasons, the users continue to use it for making payments on the poker sites like Winning Poker Network which is a US based site. Many other poker sites are following suit that are launching poker rooms that only allow bitcoin payments.
Will the Bitcoin Legacy continue?
USA Today recently published a report that revealed how Bitcoin’s value has declined by at least in the last 6 months. To add to its downfall, there are still no legitimate financial authorities that are willing to lend its support and help it get back on its feet. Strong financial systems like Central Bank all refuse to acknowledge virtual currency which has led to its further decline. This is the reason, it is said to slide further down in value in the coming time.
Warren Buffet, who is a reputed and one of the most trusted investment bankers in the world, has warned against the use of Bitcoins as a reliable method of investment or transaction. However, the proponents of Bitcoin quash his claim by calling him an old man who is unacquainted with the change in technology.
Even though the world is still apprehensive about the practicality of Bitcoins as a trustworthy mechanism, many big companies like Dell, Expedia and Microsoft have embraced this new trend. They allow payment of their products online through Bitcoin, however, they are not directly accepting this virtual currency as a payment. They have involved Coinbase for conversion of Bitcoins into hard cash before the transactions are approved. Coinbase is acting as a mediator in the cryptocurrency business for now.
Its Fate in a Nutshell
As has been said before, the future of Bitcoin is still uncertain and wrought with risks. It may remain limited within a small group of people or even thrive to become a strong virtual financial instrument, online and offline. Some financial experts even go so far to say that by 2015, Bitcoin’s status as a mainstream currency will cease to exist.