THERE IS NOTHING 'BIT' ABOUT BITCOINS

When Satoshi Nakamoto created Bitcoin, he could not have foreseen the irony his creation has turned into. It is not clear whether Nakamoto is an individual, a real or assumed name or  an entity made up of several people.  Bitcoin was ‘bit’ only in name. It has become huge indeed. Something that was considered rather a joke in 2009 when it was introduced, one bitcoin is now worth $10,000.

Many people with either remarkable foresight or sheer recklessness had invested paltry sums in Bitcoins  are now ‘Bitcoin millionaires’.

Bitcoins are not accepted by many institutions as a legitimate transactional currency but those who do will make you sit up and take notice: Microsoft, Expedia.com, Wikipedia, Subway and WordPress.com, giants all!

Nevertheless, only a few people own bitcoins and use them for transactions as a routine. There is also a downside to the whole affair. With no central authority to keep track of the crypto currency’s travel, there is no way to check if some smart people use the same coin twice for payments to two different people.

The future looks bright though. The U S SEC is, in all probability, going to approve ETFs in 2018 and that is good news for bitcoin enthusiasts. Financial institutions will have no reservations in offering bitcoins as an option for investment.

Bitcoins may be what the future is made of!