Any expert asked will say that bitcoin is the hottest technology development of 2013. As a digital currency, bitcoin is the most used currency in the whole world. The fact that it is controlled and stored by servers from an unknown location makes the entire idea more captivating. Apart from being a product, it can also be used as a currency to purchase goods and services. It can be used and carried electronically unlike the standard fiat currency. Moreover, they do not leave a paper trail after you have sent it or purchased with it. It makes you anonymous. The question answered by this artifact is whether bitcoins make a good sense.
Anybody who is registered in a bitcoin company leaves their transaction info on that platform. It is evident that the trail of such leaves the users with enough doubt of security of their money. It this trail that led to the closure of platforms such as the dark web. However, this porthole was sealed recently, and bitcoin users have fewer trust issues with these sites. Moreover, there is a new feature that has been installed to boost security during transactions.
More than a currency
In many ways, bitcoins are considered to be more than just a currency owing to how it has re-engineered the financial platform worldwide. This currency can solve barriers besides freeing currency control from the government. However, bitcoin still relies on US dollars for its value. This crypto-currency is controlled by open source software which runs on thousands of computers globally. Changes to this software can barely be made unless the majority of individuals foreseeing it agrees. This software was created almost nine years ago and designed to run across all the computers of bitcoin miners.
During the early days when bitcoin was introduced, one could mine them with the help of a basic PC. However, as the years progressed, the process became more difficult, and it started involving more sophisticated machines. It transformed from an easy process to a space race. In this current age, you can only mine a bitcoin if you have a computer with enhanced processor speed. One that is dedicated to only mining bitcoins.
Despite the high value of bitcoin, speculations suggest otherwise. Expert sees this opportunity as a bubble which will eventually burst and lead to a financial crash. Its high rate of fluctuation makes bitcoins a huge investment risk.