For those that haven’t been following the saga of Crypto Currency, Litecoin and Bitcoin, it might come as a surprise that currencies with no intrinsic value remain a volatile commodity for investors. For those that have been keeping up with conversion rates for digital currency it is clear that the very volatility that has defined pseudo-currency is what is keeping investors interested in this line of business. The latest changes in the benefit of such currency and also the bankruptcy of one of the biggest platforms in the world exchanging Bitcoins has called into question the future of this electronic money. Nevertheless, experts reassure those who would like to use Crypto Currency, Bitcoin and Litecoin that the “fad” that led to digital money may well be here to stay.
A Short History of Bitcoin, Crypto and Litecoin Currency
bitcoin and Other forms of pseudo currency are used as payments for transaction fees, services and products. bitcoins or Litecoins can be exchanged for “real” currency at a given rate. Authorities were concerned that Bitcoins along with other digital currency may be used for activity which is illegal as they’re a lot easier to exchange and “launder” than other methods of extra cash. Bitcoin use was implicated in an illegal drug site, for instance, and there may also be different examples of illegal use which haven’t yet been reported.
The value of these currencies has also been the subject of debate. Hardware rose 90-fold in 2013, creating a “Bitcoin bubble” that deflated quickly in 2014. The sudden drop in value by about fifty percent has contributed to speculation that the pseudo currency field is dying and soon will go the way of the dodo.
However, is it too early to declare Bitcoin and Litecoin a failure? Experts differ on the subject, but some claim that there is a spot in tomorrow’s financial market for digital currency.
Bitcoin Problems and Solutions
The recent bankruptcy of Mt. Gox, the Tokyo based exchange for Bitcoin and the most well known Bitcoin exchange platform in the world, took most investors by surprise. Even more puzzling was the news that the equivalent of $400 million worth of coin had gone missing.
But, including the disappearance of six % of the total Bitcoins in the earth does not appear to have slowed the giant currency down much. Bitcoin continues to battle certain companies such as Apple due to the belief that the currency may not be legal, but a growing number of apps and programs accept Bitcoin with no issue.
Some experts see the bankruptcy of Mt. Gox as a step forward for Bitcoin. The underlying software is unchanged and many vendors are excited to get into the business of purchasing and selling using the digital currency. In addition, these vendors claim that Mt. Gox was the problem and that most of the illegal activities related to Bitcoin stemmed from this organization, not from legit customers and vendors.
Look at Your Values
Regardless of what happens in the future with Bitcoin, Litecoin and other forms of electronic currency, one element will not change: the need to look for a quick answer to the question, “How much is my money worth?”
In order to understand this vital fact, customers will have to have access to a dependable platform that updates the value of Bitcoins, other forms and Litecoins of Crypto Currency in time that is real.