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Bitcoin started in 2009 and was trading at a high of $28 in 2012, today it is worth $3690. But, investors are still wary about it becoming mainstream since a majority of them do not understand it as a medium of exchange.
Since there is no active physical currency, new technologies such as blockchain – which is a protocol to trace the origin of transactions in a multi-party system – have given rise to Bitcoin as the panacea to the flaws of the central bank controlled economies. The primary difference lies here; Bitcoin is decentralised currency and is regulated by owners of the currency rather than a central bank. “The premise is that there will be transparency in transactions and no third party deciding the value. The system and user decides the value,” says Abhishek Gopal, Co-founder and CEO, ThroughBit.
When the future of cars and homes is controlled by software, then why not the way we transact with each other. The future will bring about an unprecedented change in human behaviour, which will give rise to the use of 21st century economy run by Bitcoin.
the world of cryptocurrencies is part of the fourth industrial revolution, where value must be viewed differently because this is a world where value is created differently.
First, let’s address the most important question: Why is this happening? Why is this parallel world of crypto-finance emerging so rapidly and why are so many of the brightest minds dedicating themselves to this space?
The global financial crisis caused a tsunami of liquidity.
Governments debased their currencies.
However, the side effect or perhaps the price of liquidity was the loss of faith in the currencies printed by nations around the world that depend on the full faith and credit of those governments that print foreign exchange instruments. The policies of artificially low interest rates and quantitative easing were simply central bank debasement of currency values.
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