Future of Bitcoins

The main appeal of Bitcoins and other cryptocurrency is that these digital currencies are commonly perceived as “democratic”, in the sense that they are not controlled by any one central bank and therefore are not subject to the politics and influence of any one government or economic trend (e.g, price of oil or inflation). They are generated by the users or ‘miners’ as they are called, using complex mathematical formulas. In today’s fast digitizing world, they are attractive because these currencies can be transferred electronically, almost instantaneously and with very low transaction fees.

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