The cryptocurrency is the only option for the promotion of decentralised digital currency which can replace the centralised formal system of the traditional banking system which promotes government ownership with fraud vulnerabilities. The traditional central bank does not permit power to people. In order to transfer complete autonomy, ownership and power to people, the only alternative is cryptocurrency pioneered by bitcoin and followed by other contemporary digital currencies. Over the period, bitcoin has come across numerous challenges including government restrictions and ban in many countries. The financial institutions across the world have also challenged bitcoin in many ways. The bitcoin since its inception has met with abundant ups and downs particularly in terms of value fluctuations often drastically down with the lowest value. In spite of this, the overall estimation of the market cap of bitcoin is 14,035,745,412 USD across the world. If you have an intention to get into the dealings of bitcoin, join Paychain for assistance.
Besides the enormous growth of bitcoin, there are tremendous security issues persist in the bitcoin cryptocurrency transactions often with hacking and theft of money. A Japanese exchange named Mt. Gox. handled 70% transaction of bitcoin in 2013 but lost 750000 bitcoins in 2014 and filed bankruptcy. Similarly, everybody knows about the incident of Silk Road and the action taken by the FBI on the bitcoin cryptocurrency transaction. Since the identity and the ownership of the bitcoin are secured through the cryptography, no government or the investigating agencies could prove the crime by bringing the culprits to custody. On the other hand, despite numerous threats in bitcoin transactions, more and more companies and business houses are adopting bitcoin transaction in growing their businesses.
Many experts speculate that bitcoin, as well as other cryptocurrencies, will grow in the upcoming years with new regulations across different countries especially in the developing countries in the world. It is true that many non-government and government agencies are still reluctant about putting trust in cryptocurrencies, but the role and functions of cryptocurrency are day by day felt massive in growing the business by the investors and traders. By this time, the intentions of the business community are already clear that they are looking for the momentum to grow in relation to bitcoin and other cryptocurrencies. However, this may take a little time for the cryptocurrency particularly the already established bitcoin to stabilise the situations in view of the governments along with the international communities and the innumerable users of the internet decides upon the future of cryptocurrency.