Bitcoin in Emerging Markets
Bitcoin, the cryptocurrency that brought an entire new world, a new way of doing business, and a new way to invest into homes worldwide. Bitcoin is a digital currency that you hold in online and offline wallets and has taken penny investors to millionaires. It is a world of interest, intrigue, and profit. But, there is also risk.
Where is Bitcoin in emerging markets? We know that it is a peer to peer network, and that while real currencies deflate, it inflates, increasing the value of Bitcoin. It is fun, and it is accepted by even some of the most known retailers. In some countries, where the dollar is so devaluated is it the solution to keep the economy stable? It could be.
There is worldwide interest in Bitcoin. Years ago, it could have been purchased for eight cents a coin. Today, the value of that same coin is $600, and it is predicted that Bitcoin will continue to rise in value. So, why can’t real currency have the value of Bitcoin? Owning Bitcoin is said to be like owning a piece of gold, and it sure seems to be. We are hearing that countries around the world are turning to cryptocurrencies to help with their deflating currencies.
Virtual monies are taking the world by storm with many “higher ups” supporting the cryptocurrency concept. It is a financial system of its own with no regulations by the government as of yet. There is also the fact that transferring money is expensive. There is transferring fees through services like Western Union. Another plus for Bitcoin. The transaction fees are lower, and transferring money from sender to receiver takes minutes with Bitcoin.
Bitcoin is also strong in the fact that it caps off at 21 million Bitcoin, or at least that is a good thing, for now. While the prediction is that Bitcoin will continue to inflate in value, there is no telling what the market will hold in the future. There is not a central bank to expand the cryptocurrency. However, there are other cryptocurrencies like Ethereum that are working on getting into the mainstream.
As for governments, the acceptance is mixed. Some countries like China have banned the trading of cryptocurrency. South Korea has also followed in China’s footsteps. However, there are many that see cryptocurrency as the way of the future, the way for money to be valuable; and, the way for quick transactions.
There are many countries getting involved in the new wave of cryptocurrencies. Singapore and Dubai both are showing support of the currencies. Russia’s President Putin came out and said that Russia would be creating their own cryptocurrency. One that they plan to call the cryptoruble. For countries where there is a great deal of poverty like Iran, Russia, and India, a cryptocurrency could provide hope.
Emerging markets are accepting the concept of cryptocurrency. Bitcoin recently addressed the government to help devise a way for its acceptance through regulation. As for its future, only time will tell; but, it appears that it will go far just as it has shown since first being introduced to the market.