It is not often that we hear about an actual currency being created and actually becoming popular, but that is exactly what has happened with Bitcoin (BTC), a type of crypto-currency that is beginning to take the world by storm. Originally created in 2009, the currency has blown up over the last year and it is beginning to gain ground as a legitimate way to pay for goods and services.
I wish that I would have found out about Bitcoin earlier because those that invested in the currency in its beginning can turn a huge profit due to the high exchange rate between BTC and U.S. Dollars. Right now, one BTC is equal to somewhere around $680. Earlier this month, I saw the exchange rate as high as $1,200. It is unbelievable how much this currency, which was created by an unknown person, has taken off.
One of the reasons for Bitcoin’s sharp decline in price in the past few days is the fact that the government of China banned the clearing of BTC by payment companies. This has caused the price of Bitcoin to drop at an alarming rate due to the high volume of BTC holders in China, but the prices have slowly started to rise again.
Bitcoin has also become so popular that there have been other types of crypto-currencies created in an attempt to parody BTC, but they have actually become semi-noteworthy. The most well-known new currency is Dogecoin, which was created as a joke based off of the Doge meme. Dogecoin has actually skyrocketed in popularity, but it is being forecasted as mostly a joke and many are expecting a collapse of the Dogecoin market.
I definitely think that crypto-currencies must be looked at as a fixture of the future because of how easy they are to use and how they are not controlled by one central bank. Bitcoin is here for now, but will it be here to stay?