Bitcoin Is Still Going Strong
It's safe to say the economy is struggling, no matter where you go. Currency markets fluctuate wildly. Prices are rising. People worldwide are on edge, waiting for the dust to settle.
Enter the Bitcoin, currency not controlled or regulated by any government, and not stored in any bank. You'd be surprised at how many websites are accepting the virtual currency. What's its worth? One bitcoin is worth $124.06 USD (at the time of this writing).
Some cheap hosting providers accept this form of currency, such as Bitcoinwebhosting.net, Certifiedhosting.com, and even WordPress accepts Bitcoins for certain features. Shocked? Here's more about the new currency.
Bitcoin Is Still Going Strong: Why All The Buzz?
Bitcoins are becoming increasingly popular, with roughly 50,000 transactions conducted (since 2012) daily. Different people love Bitcoins for different reasons. Why all the love and hugs?
Here are some of those top reasons:
- The virtual currency allows you to transfer money in a simple way, to anywhere in the world.
- There is no need to convert Bitcoins to the proper currency.
- No transaction fees or monthly account charges as there are with traditional banks.
- People are able to purchase whatever they want in an anonymous fashion. This includes illegal items, such as the questionable wares sold on Silk Road.
- The USD is worth very little in comparison to the Bitcoin, so people want in before the Bitcoin market explodes (some would say it already has).
- Because anyone can make Bitcoins themselves, it's easier to acquire than traditional currency.
- The value of the Bitcoin isn't affected by events around the world, as the dollar and the price of oil is.
So basically, it's a form of currency you can make yourself and don't have to work for, and when you spend it, no one can trace the transaction back to you. Seems pretty neat!
Bitcoin Is Still Going Strong: Problems With Bitcoins
Of course, everything has a downside. There are those who have their doubts about the virtual currency.
- First, it's highly volatile right now. Many retailers are waiting for the Bitcoin market to calm down a bit before adopting it.
- The anonymous nature of Bitcoins lends itself to illegal transactions, leaving the authorities with no way to determine the buyer.
- Theft of Bitcoins can occur, just as a pickpocket can snag your wallet on the train. Even worse: when your wallet is stolen, authorities have a shot at capturing the thief, but you'll never get those Bitcoins back.
Are Bitcoins Here To Stay?
Today, the use of Bitcoins has risen since they were introduced in 2009. Back then, there were only 50 of them in circulation. Today, that number has reached a staggering 11.3 million. And where, you ask, are the most Bitcoins being used? Canada ranks number one, with 1,498 Bitcoin users.
It would appear that Bitcoins aren't going anywhere soon. However, even if it becomes so popular that everyone and their mother starts mining and unlocking Bitcoins, there can never be more than 21 million in circulation.
This is the first virtual currency that has been successful, but one has to wonder how long it will last.
Have you used this form of virtual currency? And if you are a web hosting company, have you considered accepting it as a form of payment for services?