Spend the night knowing more about the most popular digital currency!

Owning a Bitcoin

bitcoin-wallet

There are two main acceptable reasons why a person would want to purchase bitcoin: to use it to pay goods and services or as an investment. I mentioned “acceptable” because bitcoins could also be used to buy illegal drugs online. Clearly, that’s not acceptable at all.

Bitcoins are popular, but despite their fame, their use is still limited. Not many companies and individuals accept bitcoins as a form of payment, but some still hesitate.

This cryptocurrency is still the topic of debate among investors until now. Some of them are against it, while others are excited about the new trend. Those who see bitcoins as an extremely risky investment still outnumber those who are open to its value and usage.

History of Bitcoins

bitcoin-faucetBitcoins were believed to be introduced by Satoshi Nakamoto. In truth, no one knows if this name involved a person or a group. After it launched, bitcoin was adopted by a small group of tech-savvy users. However, an Australian also declared that he founded bitcoin, saying he wasn’t courageous enough to show evidence that he was.

Whoever made it, though, one thing’s for sure: It wasn’t created for decent purposes. As a matter of fact, they were used by hackers to purchase illegal drugs and demand ransom.

Bitcoin Issues

Initially, the Bitcoin code was created to generate a predetermined amount. Bitcoin’s fame just proved that this virtual currency is reaching its limit quicker than most people anticipated.

Although a lot of groups stepped forward to suggest solutions to the problem, their recommendations still had drawbacks.

One group recommended that the size of the blocks in Bitcoin should be doubled. However, this resolution could only help for a while. Another party suggested that the protocols should be written to have more blocks. However, this would result in new Bitcoins being incompatible with the old ones.

For those businesses that are pondering whether or not to use digital currency, this issue makes it difficult for Bitcoins to be chosen.

Despite this, more and more people are becoming open to the idea of using cryptocurrencies. It’s probably because everything has upsides and downsides, and it’s normal to question a new trend. But really, we can’t give a conclusion to Bitcoin’s popularity or fate, because seriously, who knows what will happen in the future?