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Bitcoin: a New Trustable and Secure Currency

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A proper support for bitcoin may be achieved as the UK bank Coinbase launched the pound sterling for San Francisco-based exchange. Previously, users trading in crypto had to convert the pounds to euros, and vice versa, to trade at exchanges and these switching from one to other currencies needed extra 10 pounds for each transaction. The introduction of the new bank will cut exchange fees and promote faster payments. The company which was earlier with Barclays got e-company license in March.

Many new users signing up for crypto trade suffered from exchange issues and customers complained that depositing was easier as compared to withdrawing. The exchange asks users to undergo the process of verification before being paid and hence, many users are unable to withdraw crypto and they left the currency into their account. In the last three years, various transaction issues and non – recognition of such currency led to reduction in bitcoin rates by over 10 per cent. The recognition of Coinbase in the UK and the process of development of regulations to identify this currency are showing positive trends for bitcoin.

Bitcoin markets

Bitcoin trade is highly unpredictable where prices fluctuate instantly. The craze for the currency simmered in 2017 – after attaining the peak. Crypto is mostly traded as a commodity in markets, and technology uses extreme mathematical calculations processing by supercomputers to produce it. It is generated through Blockchain, and the mechanism adopted by the supercomputers cannot be easily tampered. Hence, blockchain is beleived to be trustable and secure. Technology allows buyers of the currency to view details related to the transactions that makes the deal transparent.

The currency was launched in 2009 for enabling monetary transactions online and its value increased in the subsequent years from $10 to $20,000 in 2017, as many contemporary buyers bought the currencies.

Goldman Sachs backed the currency as a mechanism for diversification. In the recent years, it has been in controversy. Online frauds are increasing and now a days’ clone financial companies are trading it through websites which appears as FCA registered website but can be a scam targeting many customers. The UK government initiated GFIN to promote collaboration between organizations to reduce crypto-related frauds.

Bitcoin can be bought from Coinbase, Exodus, Blockchain and some other websites, and can be saved in account. It can be bought in fractions at smaller prices to be kept in wallets. One can set up notifications to get reminders when the value reduces below certain points during its trade. Its value has been ranging in $6000-$7000 in 2018, and experts believe the crypto currencies will be accepted worldwide by 2018 Q4, or some regulations will be set for the trade of these currencies. Some investor suspect the price will be stuck in range $6K to $7K. The investors and authorities believe these currencies are highly susceptible to risk factors such as hacking where the hackers can gain access to the coin traders and instantly create or destroy wallets across different geographical locations.

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Bitcoin: a New Trustable and Secure Currency. (2019, May 14). GradesFixer. Retrieved October 19, 2021, from https://gradesfixer.com/free-essay-examples/resolving-exchange-issues-in-cryotcurrency/
“Bitcoin: a New Trustable and Secure Currency.” GradesFixer, 14 May 2019, gradesfixer.com/free-essay-examples/resolving-exchange-issues-in-cryotcurrency/
Bitcoin: a New Trustable and Secure Currency. [online]. Available at: <https://gradesfixer.com/free-essay-examples/resolving-exchange-issues-in-cryotcurrency/> [Accessed 19 Oct. 2021].
Bitcoin: a New Trustable and Secure Currency [Internet]. GradesFixer. 2019 May 14 [cited 2021 Oct 19]. Available from: https://gradesfixer.com/free-essay-examples/resolving-exchange-issues-in-cryotcurrency/
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