Living in the modern digital world, it’s only fitting that the everyday things we have been using adapt accordingly. Money, for instance, is something that has generally stayed the same over the years in its physical form. We are now welcoming a new age of currency, and it’s set to take off. The cryptocurrency phenomenon known as Bitcoin is skyrocketing, with the creator set to become the world’s first trillionaire ever.
First introduced to the world in 2009, there was no telling exactly how this could end up, and how fast it would grow. The world’s first decentralized digital currency works without a central repository or single administrator, and transactions take place between users directly through cryptography. Today, over 100,000 merchants and vendors accept bitcoin as a method of payment.
Last month, the worth of a single bitcoin hit a milestone of $10,000, which had people scrambling to quickly invest. Today, it has already reached a remarkable $17,688.99 in US dollars. Valued at more than $297 billion on the market currently, the stock has risen an extraordinary 1,800 percent in this calendar year already. Having said that, the creator of this financial innovation is set to become the world’s first trillionaire, though their identity is still considered to be a mystery.
Satoshi Nakamoto, the supposed inventor of Bitcoin, is the masked man whose identity has yet to be revealed publicly. This is the name that first appeared on the original document proposal of the peer-to-peer electronic cash system, though the man himself has yet to be seen or identified physically. Projected to slide past the richest people on the planet, namely Bill Gates and Jeff Bezos, the cryptocurrency creator is believed to already own one million bitcoins currently, which equates to $17 billion, and is only continuing to rise.
According to Bitcoin.com, there are several advantages to this choice of currency. Transferred from person to person via the internet, there is no bank involvement, which eliminates the high fees you’d regularly be paying. This method of payment is universal, allowing you to use it in any country worldwide. You’ll avoid any chance of your account being frozen, and there are “no prerequisites or arbitrary limits.” When it comes to businesses, it’s a great way to minimize fees, and it costs you nothing to accept it as a currency. Better yet, there are no chargebacks, and you get additional business from the Bitcoin economy.
You may be thinking this is too good to be true, and wondering how it all works. It’s simple. Bitcoins are kept in your digital wallet, either on your mobile device or computer. When looking at sending money, it’s as easy as sending an e-mail. You can choose your own fees, which are unrelated to the amount being transferred. The network is secured by individuals called ‘miners’, who are rewarded newly generated Bitcoins by verifying your transactions, which is then recorded in a transparent public ledger. Even more convenient, it protects your identity, with no credit card required.
The cyber coin’s value is projected to continue to climb the ranks, already sitting at number one in the cryptocurrency market, far ahead of its closest competitors, Ethereum and Ripple. With many people investing worldwide, it is an intriguing market that is being closely and carefully watched, as it prepares to take over the new age of digital currency and change the way we utilize money in several aspects. People worldwide are rapidly catching on to the movement, which looks to be a groundbreaking trend that is on the uprise. Despite the identity of Nakamoto, the fortune that could lie ahead for the given founder is surely exponential.
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