Whether you see Bitcoin as a passing fad or something that will eventually take over financial transactions on the Internet is irrelevant: this virtual currency has just passed the $1-billion mark.
A couple of years ago, specifically in 2009 when the currency was introduced by a mathematician/economist Satoshi Nakamoto, people basically turned their backs on the promises that this currency can do. But now, this open source P2P currency is thriving in the toughest of times.
The value of this currency has also fluctuated since it was announced that its monetary value is pegged at $1 billion. There was a time when its value in dollar was $78, then about $92 until it finally settled at $90 on the evening of March 28.
This milestone happened as the currency’s total number reached almost 11 million. The move to a value of $90 is a big step from the $32 it posted as a record last month.
The Black Side of Bitcoin
If you have not heard of this virtual currency before, don’t fret. You’re not exactly out of the loop. You see, although the currency has been steadily growing stronger in the past years, the mainstream media did not mind it until a couple of months ago when it poised to become a contender in financial transactions done on the Internet.
Also, not having any idea about the existence of the currency might actually be relegated to the fact that Bitcoin has been associated with nefarious activities and transaction on the world wide web. In fact, this is the currency of choice on Silk Road, an online black market that assured anonymity in transactions.
Since the Silk Road mainly sells contraband items such as heroin, LSD and cannabis, buyers prefer using Bitcoins because it provides the anonymity they need. Transacting with Bitcoins means buyers and sellers won’t need to provide their personal information for financial processes. Don’t get this website wrong though, Silk Road is not just for contraband materials. The merchants there also sell art, apparel, books, jewelry and writing services. It also prohibits items that can harm others such as stolen credit card information, firearms, weapons of mass destruction and child pornography.
Bitcoins are Inevitable
Sure, there are some skepticisms about Bitcoins and where they will find themselves exactly in the future. But tech experts have always had a point about the benefits of this virtual currency. Almost every aspect of our lives now are being governed by computer systems and the world wide web. It is only a matter of time before someone develops an online currency that will push governments to the corner.
Although Bitcoins are unorthodox compared with the usual online transactions we have been used to that require our credit card information, it does have its perks and viabilities. The crossing of the $1-billion mark may be a small feat for financial experts, but it may finally send the right message across that Bitcoin is here to stay and that the future of online financial transactions may actually depend on the currency’s stability.