ForexMinute.com – Christening the Bitcoin seems to be the latest trend for the world finance authorities. The Fed called them a surrogate for money, viz. property rather than cash and now the Chinese have compared it to stamps. In the light of the recent curves to this roller coaster journey, we through this article try to gauge the fate this outcast would have in the near future.
With the blows to the cryptocurrency coming in the form of Amazon relinquishing any possible inculcation of Bitcoin into its system. “Though our competitors are doing it, we in near future, do not have any plans to endorse the volatile payment option” is what they affirm.
Moving onto the accolades, there are better prospects for the cryptocurrency clan in sight. The very essence that was plunging the value of Bitcoin recently, the fact that the Chinese government had asked the banks to withdraw any relations with this transaction alternative, has been termed baseless by the chief of the Chinese Central bank (PBOC). As a result, we saw a hefty 40% growth in the value taking it over $500 for the first time in this month.
The ‘Coin of Sale’ application from the Singaporean Thomas Forgac is believed to facilitate and ease out the transaction channel for the merchants in day to day business. The success story of many Bitcoin firms around the world with the latest being the ‘Coindesk’ from the states has revived the dying faith in the business and established a certain level of profitability.
More stringent measures by the proctors found the Silk Road Guru ‘Charlie Shrem’ behind the bars. This could only mean further debugging of the crypto currency business with decreased vulnerability to threats and misuse.
With the Silk Road almost defunct, the web based vulnerability taken care of, and the regulators slowly endorsing the clan, it seems well in reach, the fully functional baptism of the alternate currency channel. Although decreasing, there still are many glitches hampering the smooth sail for the Bitcoin. The most important being the ‘lack of confidence’. Even though one wishes to switch to this alternative, with the benefits related to lower transaction costs and better security in mind, the possibility of the others not accepting it mars the Bitcoin.
What remains to be done is the declaration of an official mandate for the nations to accept and promote the Bitcoin simultaneously so that no one backs out. Easier said than done, this would require a lot of brainstorming by the world authorities, to figure out a way to go about and probably this is what they are up to.
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