August 11, 2014 Comments Off on Is bitcoin the currency of the future?
We’ve all heard about bitcoin. If you’re a techie, you might have mined and used it. Despite being hacked and stolen many times in the past, the tech community continues to champion its use, while governments around the world struggle to control it.So what is bitcoin? Bitcoin is a virtual currency that utilizes cryptography for security. Unlike cash, bitcoins are not issued or regulated by a central bank and therefore it’s immune to manipulation. Like traditional forms of currency, bitcoins can now be used to make purchases online and in physical stores. What’s more, bitcoin is now legal in more than 20 countries including the United States, Canada, Australia, Japan and the UK. Investments in bitcoin-related businesses are likewise taking off. Last month alone, Andreessen Horowitz invested $2.8 million in Tradeblock, an online cryptocurrency data provider while Greylock Partners and Index Ventures infused $20 million in Xapo, an online bitcoin wallet service. Analysts predict that based on the amount of funding being poured into bitcoin businesses to date, total investments in bitcoin are expected to reach as much as $250 million this year.
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