Digital currency and software developers say “In the near future Bitcoin and it’s underlying the blockchain technology, can fundamentally change the whole business operations”. Also, Bitcoin now has more than doubled this year to record highs. However, this surge worries some people because they think it can be a possible repeat of the 2000 tech bubble.
Most of the software developers and digital currency investors say that this Bitcoin’s exponential surge this time around is different. But the enthusiasm for too many resembles the rush into the technology stocks before the dot-com bubble burst in 2000. However, Bitcoin has emerged in 2013, before that recovering and skyrocketing to the records above $2.700 this year.
Moreover, the digital currency experts believe that their technology will definitely transform the society, which means that Bitcoin has just been started and this time is probably not the same. Everybody from Minneapolis Fed President Neel Kashkari to small investors sees more potential in blockchain than bitcoin. This is based on a secure financial record keeping system.
Since, the inception of Bitcoin, hundreds of other similar sorts of products have emerged. This is also based on the same blockchain. The digital currency is still important. Making global networks as their founders believe that can change how businesses operate. The user typically needs to buy some bitcoins firstly before converting them into the digital currency in order to participate in the system.
William Mougayar the author of “The Business Blockchain,” said, “Bitcoin is becoming the currency of the choice of going in and out of the ecosystem.” Although he wasn’t too concerned about the rapid rise in the bitcoin’s price. He also said that “if anything, it makes it stronger, the higher the market cap, the stronger the ecosystem will become itself.”
As a result of a greater interest in Bitcoin and other cryptocurrencies, in less than half a year bitcoin has more doubled in price and added up to the $25 billion in the market value according to one report from coinMarketCap. Japan’s government recognized the value of the digital currency. They have allowed it as a legal form of payment in their system. Now developers see bigger potential in it.