Bitcoin Value Put To The Test

Posted: Jan 1 2014, 12:51am CST | by , in News | Technology News

 
Bitcoin Value put to the Test
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The value of the famous digital currency, Bitcoin has been put to the test. Evaluating its basic worth is a task alright. Yet is is not exactly what many negative personalities would term as “evil”. That would be too simplistic a judgment to make about Bitcoin.

The real value of Bitcoin may be inferred from some of the effects its presence has in an online and offline environment. There are certain quarters that have labeled it as an evil phenomenon. However, like there is something good in even the most evil entity, the verdict on Bitcoin is not an easy one to deliver. Bitcoin is not only a digital currency but a form of equity and a social hub like Facebook.

You may employ Bitcoin as legal tender in place of dollars and other currencies of the globe. As a source of equity it generates its rates via the input of all those dealing in Bitcoins to reach higher levels. As for its network benefits, they are legendary.

The actual value of Bitcoin depends upon its usage by the people who come in contact with it each and every day. Were they to abandon its pursuit, the value would go down to nil. The network acts as a bulwark against any breakdown in the criteria by which the crypto-currency is gauged. And while generally its value rises with time, there are price swings from time to time.

A good example is the sudden skyrocketing of Bitcoin from $208 to $1049 between the months of November and December. There are challenges Bitcoin faces as it grows with the passage of time. But it is not like everyone owning the cyberspace medium of exchange is about to lose everything in a gamble of capitalism. That would be an unrealistic and pessimistic prognosis.

Source: Techcrunch

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<a href="/latest_stories/all/all/20" rel="author">Sumayah Aamir</a>
Sumayah Aamir (Google+) has deep experience in analyzing the latest trends.

 

 

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