Bitcoin though in its starting years was unable to gain importance but it has gradually grown over the years. The price has lurched from $1,000 to above $10,000 this year. It has faced a lot of rejection and skepticism. It was declared fraud earlier and is still banned in some countries. Its use has increased over the last one month. Now, it is used to buy a few things.
It cannot be completely used as a currency, as it is highly volatile in nature. The value keeps on fluctuating daily. The currency has 3 basic functions i.e. store of value, means of exchange and unit of account. It is difficult to maintain records in cryptocurrency as the value fluctuates every hour. A currency has one more feature that is it is a unit account of debt. Fluctuating market is a major reason why debt cannot be calculated in bitcoins.
Blockchain a new technology in cryptocurrency has gained significant rise as a means to invest and is a new method of startup for many people.
ICO or initial coin offering is a business that is flourishing daily and is making people richer day by day. This basically works in making the cryptocurrency an acceptable method of payment or an acceptable currency.
As we have seen that making cryptocurrency a currency is risky but there are people accept and promote this idea.
What are your views on the same?
Follos Us- @eroiy
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