Even after so many hurdles the Bitcoin is facing it is estimated that it will become the new and emerging face of the economy. Yes, you have read the right thing financial experts believe that the technology bitcoin is using will live on and ultimately it will change how the financial services work.
What Is Bitcoin and Its Related Terms
Bitcoin is a type of digital currency not of a kind like the dollars and pounds. In Bitcoin encryption techniques are used to regulate the currency and transfer the funds. It technically uses the block chain which is a distributed database and mainly consists of the blocks which holds all your transactions, debits and credits. The technique was developed by Satoshi Nakamoto in 2008.
World Economic Forum Bitcoin Report and Insight
According to the world economic forum, which is the non-profitable economic ledger, the bitcoin is like a decentralized organization in which decision making authority does not sit with the central figure and no one has above it so it can govern the bitcoin unlike in banks. It is also estimated that it does have the potential to “reshape the financial services” which ultimately makes the business and the financial experts to come closer.
Researchers conducted by the world economic forum suggests that banks have started to move in an extremely and innovating direction so one can transfer the funds with maximum safety. Today central banks are making their services top-notch and started looking to find the techniques which will secure and make the transactions faster with a low cost criterion. That is why they have started looking towards the block chain which can transfer the more money especially between the countries.
Recently depth studies are conducted and surprisingly it was found that around 80 percent of banks might launch projects which will use the innovative public ledger techniques next year. But it does not specifically mentioned Bitcoin.
Risks Involved Using Bitcoins
These days crime is up to date and committing frauds and illegal online transactions crime rates are increasing day by day, so this is one of the reasons why financial institutions are reluctant in endorsing the cryptocurrency which are frequently used for purchasing drugs and firearms.
To Sum it Up
Bitcoin is a faster and innovative technique to transfer your funds across the world, so you might not realize how faster and low cost affair bitcoin is until you will start using the technology. Still there is lot to improve in this technology as far as the security is concerned suggested by the World Economic Forum.