The most significant Attribute of Bitcoin is that unlike traditional and currency that is printed, it is an electronic payment system that is based on evidence. Banking systems that control them have been centralized by monies and in it being controlled by the absence of any institution, the US Treasury has termed the Bitcoin a virtual money. The idea behind Bitcoin was immediately with nil transaction fees and to generate a currency independent of any central authority and one which may be transferred.
By the end of 2015, 100,000 were surpassed by The amount of merchant traders accepting payments for goods and services. Banking and regulatory authorities like the European Banking Authority for example have warned that refund or chargeback rights not protect users of Bitcoin, although specialists in major centers accept that valid and legitimate services can be provided by Bitcoin. On the other hand, the use of Bitcoin by offenders has been cited regulators, law enforcement agencies and by authorities as a cause of concern.
Bitcoin’s owner Voucher service Azteco, Akin Fernandez remarks that there will soon be an in the way bitcoin is generated. Generation every day’s speed will be literally halved though it is going to be impossible to predict how the people at large and the retailers will respond to a move and this will alter the perception of Bitcoin entirely. Against the backdrop Of this type of move, the predictions are that Bitcoin’s trade volume is set to triple this year riding on the back of a Donald Trump presidency that is likely. Some market commentators are of the opinion that the currency’s purchase price could spike in the event of a possibility resulting in market turmoil.
The Panama Papers Has spurred the European Union to fight by bringing in new rules that the use to stash wealth. The rules attempt to close the loopholes and proposed are attempts to end trading on money platforms such as Bitcoin. As there is no EU legislation regulating 36, research must be achieved by the European Banking Authority and the European Central Bank on the best approaches to deal with currencies.