Bitcoin Currency Part 4

What is a bitcoin really? The discussion goes. Is it a currency? A commodity? An asset? A digital asset for value storage? What bitcoin really is supposed to be a relevant issue for everyone who puts their sparrows in the wet. We know that it has no direct underlying value - but it has the money we are using today nor for that matter, many mean it.


Although bitcoin is called digital currency, its characteristics, according to many experts, have more similarities to gold than crowns and dollars. It's just because it's hard to accept bitcoin as a means of payment. Morgan Stanley recently wrote in an analysis that the true value of bitcoin "may well be zero" just because. However, the bank acknowledged that bitcoin may become a digital asset for value-added.


Many industry insiders, including Christoffer de Geer, founder of the Swedish bitcoin broker BTCX - recently in Di Digital, responded to speech to Nordea chief von Koskull - as many of his colleagues in the industry argue that crypto currencies is first and foremost a protocol in line with the internet.


Among the Swedish bitcoin community, where a front figure is YouTube star Ivan Liljeqvist, the bitcoin speculation eliminates attention from its greater potential. According to Liljeqvist, currencies such as bitcoins, which are not controlled by states and apply everywhere on earth, can be what gives the poor of the world a voice in the financial markets.


Transaction costs. As trade in bitcoin has increased, it has become slower and more expensive to buy and sell the coins. According to Business Insider, it takes an average of 4.5 hours to register a bitcoin transaction on the block chain, while it may cost up to $ 250 to make a transaction.


Both the block chain expert Magnus Kempe, as well as founder Emil Oldenburg have emphasized. Similar problems, of course, affect other crypto currencies. Early bitcoin developer Jeff Garzik recently told Di that bitcoins "childhood diseases" should be remedied, and in December, he launched a new altcoin with shorter transaction times: united bitcoin.