{"id":6611,"date":"2018-01-24T10:35:24","date_gmt":"2018-01-24T15:35:24","guid":{"rendered":"https:\/\/armchairarcade.com\/perspectives\/?p=6611"},"modified":"2018-01-24T10:36:41","modified_gmt":"2018-01-24T15:36:41","slug":"future-bitcoin-cybercurrency","status":"publish","type":"post","link":"https:\/\/armchairarcade.com\/perspectives\/2018\/01\/24\/future-bitcoin-cybercurrency\/","title":{"rendered":"The Future of the Bitcoin Cybercurrency"},"content":{"rendered":"

Bitcoins (and other cryptocurrencies) offer investors and users a new currency option in which they can collect payments and pay for goods and services using cryptography. This advanced encryption technique first became a reality in 2009 and it’s now a major force in the global financial market.<\/p>\n

The value of bitcoins has risen and fallen over the years. At its height its market value was over 2 billion dollars and although it fell from that level, it has been creeping steadily back upward, spurring a spirited debate over its usefulness and effectiveness as a currency for consumers and investors.<\/p>\n

The question is, will cybercurrencies such as the bitcoin become widely used? Are they a passing fad? Will the value remain steady? Rise? Fall? Or, are cryptocurrencies a passing fad that can bankrupt those who rely on their use?<\/p>\n

About Bitcoins<\/strong><\/p>\n

Bitcoin<\/a> is a form of digital currency whose development is based on mathematical proof. Users access bitcoins which have been “mined” and hold the currency electronically. There are no 3-dimensional bitcoins \u2013 everything about this electronic payment system is archived in cyberspace including accessing bitcoins, using them and investing in their future.<\/p>\n

Bitcoins were developed by Satoshi Nakamoto, a software developer, who proposed the new payment system that was independent of any central authority. Nakamoto envisioned that users would be able to transfer bitcoins easily without anyone charging high transaction fees.<\/p>\n

Bitcoins are “mined” by “miners” who use software programs that crunch numbers and solve complex algorithms within a distributed network. This network also processes transactions that are made with the bitcoin currency.<\/p>\n

According to the bitcoin protocols there is a finite number of bitcoins \u2013 21 million. After those bitcoins have been mined, no new bitcoins will emerge. However, each bitcoin can be divided into smaller parts, the smallest divisible amount being one hundred millionth of a bitcoin (a \u2018Satoshi,’ named after the bitcoin inventor).<\/p>\n

Every bitcoin transaction is recorded in a public record known as the \u201cblockchain.\u201d Transactions are secured through military-grade cryptography.<\/p>\n

Who Uses Bitcoins?<\/strong><\/p>\n

To start collecting and using bitcoins, users download a bitcoin wallet on any desktop computer or mobile device. They can then start trading dollars for Bitcoins on a bitcoin exchange. Once the bitcoins are in the wallet, the individual can start spending the bitcoins at merchant sites that accept bitcoin payments. .<\/p>\n

Bitcoins are being used by increasing numbers of individuals and businesses. Some of the companies that accept bitcoin payments include web design programs such as WordPress, global charities, ecommerce sites, online casino venues<\/a>, tax preparation software services, mobile phone companies and travel companies.<\/p>\n

Users choose to make transactions with bitcoins for a variety of reasons. These include:<\/p>\n