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Bitcoins | XL Financial Blog

The Rise of the Bitcoin

Posted on 12. Dec, 2013 by in Financial Planning

A rising topic among the financial sector is the Bitcoin. If you are not familiar with this phenomenon you might be surprised at how quickly it is rising in the world’s economic eye. Bitcoin is a type of electronic or virtual currency. You can purchase Bitcoin using nearly any world currency and then spend bitcoins to buy goods and services. Many online retailers and physical storefronts are now accepting Bitcoin as a form of payment. Bitcoin success is just beginning and you will probably hear much more about them in the years to come.

Switching to a New, Global Currency

 Part of the theory behind the creation of the Bitcoin was creating a currency that would be immune to inflation and that was accepted all over the world. While these particular ideas of Bitcoin success have yet to be seen, the currency has made remarkable strides in a very short amount of time.

Developing Secure Currency

No one country has been a part of the development of this new currency, rather its development has been attributed to a pseudonymous person, Satoshi Nakamoto. In addition to wanting to create a type of money that would be economically sound and global, Bitcoin are meant to be extremely secure. In order to purchase anything with Bitcoin, a signal must be sent to the recipient that is digitally signed with the private key.

Investing in Bitcoin

Many people are wondering if they should invest in Bitcoin, and it is difficult to say. It is not a get-rich-quick scheme, it is only a valuable currency if it continues to grow and be used by more people. It is estimated that relatively few consumers are using Bitcoin at this time, with most of its usage being headed by speculators. These people could ride Bitcoin success all the way to wealth, but it is still a huge risk. You should speak with a financial advisor before pursuing an investment in Bitcoin so that you can understand how the system works and where such an investment can take you.

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