Bitcoin phenomenon
By Adina Moloman
Sources: www.bitcointalk.org, www.bnamericas.com, www.forbes.com
The bitcoin online phenomenon is wide spreading around the world, reaching different kind of transactions. Every day many countries around the world are more interested in installing Bitcoin ATM’s. France and US are placing large orders of Bitcoin ATM’s. The phenomenon is reaching Latin American countries also. Mexico and Brazil are showing interest in installing Bitcoin ATMs locally. Maybe many of those Manufacturing in Mexico will soon be utilizing transactions will soon be in bitcoins.
Bitcoin known also as a ‘crypto currency’ is a payment system that offers security and anonymity of the transactions worldwide.
Is working as an agreement amongst a community of people (created by the free market) to use 21 million secures mathematical tokens “bitcoins”. So far there are around 18 million Bitcoins currently in existence, and the software is designed to reach the maximum of 21 million secures mathematical tokens so that the maximum amount, which can be created, is around 21 million as money. This means that there will never be more bitcoins, but the advantage is that they can be divided into as small of pieces as necessary.
So far it was proved to be impossible to counterfeit, because it is using a powerful cryptography much stronger than that used by banks.
The transfer between users is instantly without a fee to anywhere in the world without any restrictions whatsoever.
There are 3 million bitcoins left to be created and after that the production of new Bitcoins will stop, and by that their value will probably continue to rise, taking in consideration the actual trend. In the last two and a half months this currency went from $13 to $90. Annalists are impressed with such a raise in its value, but the most skeptics are suggesting that the new users are buying Bitcoin as an investment, not as a means of exchange, creating a speculation market.
It’s a currency that never inflates and it doesn’t have to be backed by any authority.
The governments concerns is due to its anonymity and difficulties to intervene, the transactions cannot be tracked, regulated or taxed, making it a good instrument for illegal transactions.
