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Bitcoin: Money of the Future? Bitcoin has become a buzz word in the investing community, not as an alternate currency unit replacing the fiat money, but as an asset class with a. Join the NASDAQ Community today and get free, instant access to portfolios, stock ratings, real-time alerts, and more! 600 billion for the first time on Dec. It has existed since 2009. In January 2009, a programmer implemented the bitcoin software as open source code and released it under the alias of Satoshi Nakamoto.
There have been many rumors regarding the true identity of Nakamoto, but nothing conclusive so far. Unlike fiat currency controlled by world’s central bankers and partly backed by gold reserve, Bitcoin is based on mathematics and totally decentralized. All Bitcoin transactions, including Bitcoin creations, are recorded and verified on the blockchain. Today, around the world, people and companies are using software programs and computers following a mathematical formula to produce bitcoins around the world. The logical question would be is there a limit to how many bitcoins can be mined?
Because Bitcoin was purposely designed with anonymity and lack of control in mind, it is quite attractive for criminals. Heard of Silk Road, the darknet black market, best known as a platform for selling illegal drugs? Silk Road in 2013, Bitcoin benefited from Silk Road’s headlines and front pages of the mainstream media. Bitcoin futures debuted on CME Group late on Sunday, Dec. 17, 2017, and on CBOE a week earlier. Many hailed this recognition by major exchanges as the pivotal moment of bitcoin to legitimacy. Regulations are notorious for lagging way behind technology.
Nevertheless, it is inevitable that sweeping regulations will catch on in the near future. France’s finance minister already said his country would propose that the G20 group of major economies discuss regulation of bitcoin next year. The Bitcoin program protocol caps the creation at 21 million bitcoins. 1,000 whales who know and communicate with each other regarding buying and selling of Bitcoins. Currently there are over 1,000 cryptocurrencies in circulation rival to Bitcoin with new ones frequently appearing.