Cryptocurrency is the new wave in the financial markets globally. It has shaken up, shaped up, transformed and re-invented the money markets, revolutionizing how we perceive and do business. The emergence of Cryptocurrency has been aided by the widespread use and penetration of the internet, with the latest statistics as of 2016 indicating that about 3.5 billion people, that is about 45% of the entire global population having access to the internet.
One of the most efficient, reliant and popular Cryptocurrency that is shaking up the global financial markets is Bitcoin.
Goal Of Bitcoin
Bitcoin was conceptualized as a result of the need to have an online digital currency that would be stable despite the irregular and unstable global financial markets. Its goal was to have an acceptable, accessible, and ultimately unregulated currency that could be used anywhere in the world. With the aim of spurring growth in the global financial markets, bitcoin has established its stake as one of the most reliable Cryptocurrencies in the world. Bitcoin has been accepted and is being used globally.
History-Origin Of Bitcoin
The real designer(s) or person(s) who came up with the idea of Bitcoin is shrouded in mystery, with a number of speculations alive. Satoshi Nakamoto is widely believed to be the pseudonym of person(s) who conceptualized the idea of Bitcoin. It is believed that the bitcoin protocol and encryption as first put forth in 2008 before the launch of Bitcoin in 2009. The creators and designers of Bitcoin, up to date, remains anonymous. Speculations are rife, indicating that the designers might be, among others, Dai, Szabo, and Finney. Other speculations have it that Michael Clear and Vili Lehdonvirta to be the designers of Bitcoin.
Neal King and Vladimir Oksman are also linked to having come up with the Bitcoin protocol as they applied for patent encryption barely 72 hours before Bitcoin came into fruition. All these speculations have not, up to date been able to decipher the real creators of Bitcoin protocol.
Value Of Bitcoin
Though there has been an unsteady and instability in terms of the value of Bitcoin since its conception to date, it remains a valuable asset in this digital currency era.
The value of one Bitcoin is equated to the Us dollar. The earliest valuation of Bitcoin was in March 2010 when 1 Bitcoin was equivalent to $ 0.003. The value has grown steadily, with the highest value recorded on 19th December 2017 at $19,783.06. The current stake value of 1 Bitcoin is above $3800.
Challenges
The only concern faced by Bitcoin globally has been the legality of Cryptocurrency by some states and countries. With no legal framework to regulate the digital market, it is quite challenging for Bitcoin to penetrate into some countries as a result of this hitch.
Trends
The global market is shifting towards digital currency, with countries setting up laws and regulations to govern Cryptocurrency, it is an accepted fact that the financial market has to embrace and use digital currency.