Bitcoin and the competition

Photo: Thomas Trutschel/Photothek via Getty Images

Bitcoin is the digital currency exchanged online that has taken a bad rap. News abound of the currency being used for nefarious ends, such as drug running, illegal gun sales, human smuggling and terrorist activities. In the past couple of years, the value of the currency has been on a roller coaster ride, making millionaires of some and paupers of many investing in the currency. Now Bitcoin is undergoing a bit of a renaissance, with its values seemingly stabilized but still retaining the notoriety for its use online.

British financial authorities, in a recent Reuters report, have announced its open support for the digital currency. It is now opening its doors for the open trade and use of Bitcoin, albeit under a slew of regulatory edicts to protect users of Bitcoin. With Bitcoin gaining legitimacy in some financial areas, some others have chosen to tread a path to improve on what bitcoin had started.

Bitcoin uses software linked together via the Internet. This network determines the rules and principles that verify the transactions, thus there is no single controller of value or volume, unlike what central financial authorities have in countries and nations.  Now, with the cryptocurrency rules, which Maziers instituted, the use of computer generated financial services would become more widespread and more secure.

(Via The Big Bag)

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