Why is Bitcoin Gaining so Much limelight: Discover in detail
The reason behind the aforesaid is keep transactions secure and eliminate the fees of middlemen.
Now when central bank decides print more paper money then chances are obvious that value of currencies might fluctuate. It can either rise or fall. You never know. As bitcoin has digital existence, it cannot suffer the consequences as a result of such fluctuation in the value of currencies.
It will remain unaffected and won’t be prone to such devaluation or monetary loss. What more one could ask for? Merchandise can be bought anonymously by using bitcoins, worldwide payments or say international payments are cheap and easy as these are not tied to or under any regulation or regulators.
No credit card fees, so small businesses can find them as savor. Other than all these, people could merry use them as an investment in the hope that the value might increase or so.
Are Bitcoins Safe?
The bitcoin users suffer the disturbance when due to any reason like bitcoin hoarding by speculators or so, the government deliberately shuns down the currency and its value fall suddenly.
Taking the case where if your bitcoin gets stolen then forget that you could ever recover it. No clearing house that could take guarantee against fraudulent charges or take responsibility of your loss and get it refunded. But there is nothing in the world that comes with full solutions.
If you want to secure your bitcoin, it is strongly recommended to enable two-factor authentication, phone number verification being one of the ideal form of two-factor authentication. Safety lies in your own hands.
Controversies Shrouding Bitcoins
Later in the year 2016, Craig Wright an Australian Entrepreneur claimed and confirmed that he was the founder of the virtual currency. This ended up a big mystery that was hanged up for the past years since the digital currency’s inception.
Another controversy that came up was because of the very nature of this digital currency that it does not require any central authority or banks or government regulators as mentioned previously also.
Due to this factor, the virtual currency became attractive to illegal activities like tax evading authorities and criminals and the Government as well as central banks spoke about the risks involved therein as a result of dealing with virtual currencies. These were the heated discussions that surrounded bitcoins.