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Bitcoin and the future of virtual currency

Written by  Jul 11, 2020

Bitcoin is stateless, so the value will not plummet due to the deterioration of the economic situation in a particular country.

Therefore, people in countries where the economy is not stable can avoid a decline in asset value by storing their assets in Bitcoin instead of their own fiat currency. However, Bitcoin is still being bought and sold for investment purposes, and its value has risen and fallen violently. Therefore, Bitcoin is still unsuitable for long-term stable storage of own assets.

Bitcoin will be distributed all over the world in the future, and as the number of speculative transactions decreases, it will have great value as a storage medium for assets that are not affected by the economic situation of the country.

Not country dependent

Bitcoin and other virtual currencies are not guaranteed by the country. Therefore, even if the exchange that handles Bitcoin goes bankrupt, you cannot receive any compensation from the government. For example, in the case of stocks, even if the securities company that manages them goes bankrupt, your stocks will not disappear. In the case of virtual currency such as Bitcoin, there is no shackle when using it, but on the other hand, there is no guarantee by the country and we cannot receive support.

Risks that depend on the internet environment

Transactions of virtual currencies are conducted via the internet. Using the Internet is smooth and convenient, but it also has vulnerabilities. If there is a problem with the internet environment during the transaction, there is a risk that the transaction will be interrupted on the spot. Relying on the Internet environment has both advantages and disadvantages. Prime XBT is one of the secure and trusted platforms for bitcoin trading.

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The future of virtual currency

Bitcoin is a virtual currency from the United States, a virtual currency called monacoin has also appeared.

In this way, it can be said that even in Japan, the understanding of virtual currencies is gradually spreading. However, cryptocurrencies still have a section that is understood as a target for speculation, so it will be long before they become stable as a transnational currency.

In the future, as the laws of each country advance, and more and more companies adopt the payment by virtual currency, virtual currency will gain global citizenship as one currency. Although it is a virtual currency that has just been born, it has the potential to become a currency that removes the concept of borders.

Creating an open network that can be relocated, which is one of the main reasons the world is inequality. There is a lot to achieve in the next few years, but since RSK was officially introduced last year, The growth and development we’ve seen is a positive message for Bitcoin, RSK and the entire ecosystem, regardless of market conditions,” said Diego, current CEO of RIF Labs, who was CEO of RSK Labs before the acquisition.

The organisation has a growing team of enthusiastic, mission-focused collaborators around the world, led by the RSK Labs founding team and other management teams, including the founders of Bitcoin and cryptocurrencies. Widely recognised at the forefront of the field, it has been active in major innovation and community building since 2011.

It is our mission to build a credit and lending market in the virtual currency ecosystem. Currently, you offer loans secured by virtual currency. BlockFi can provide loans when individuals or corporations that own assets such as Bitcoin want to secure liquidity but do not want to sell the assets themselves.

He has worked for two start-ups so far. You have a personal interest in bitcoins and virtual currencies, and when you applied for a loan at a bank, they listed up virtual currencies as an asset. The bank then began refusing to do business with them, with a response such as Your compliance team thinks he may be involved in some illegal activity.

At that time, he came up with the idea that there should always be demand for virtual currency-based credit markets. The bank felt that it wouldn’t start soon and decided to set up the company on its own with the co-founder.

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

Do you find this article useful? Comment below or follow us on Facebook or Twitter.

Simon Billings

Simon has worked for many years in crypto markets for the likes of BT and Cisco, developing his skills and experience along the way. He still works on projects and happily for us finds time to sharing his knowledge on Cyber Savvy UK.

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