The Penetration of Bitcoin Blockchains and the Demand for Cyber-Security
Bitcoin – and other cryptocurrencies – make global headlines about their next market valuation, fluctuating exchange rates, and the capacity to change the world. These global decentralized currencies allow users to pay for goods and services within a network of bitcoin blockchains that serves as “wallets” to carry the currency.
A few years ago, the term bitcoin blockchain was familiar to computer geeks and financial nerds only. Nowadays, the term is taking on a public meaning and takes the interest of potential traders and financial management systems.
Imagine a world where currency is not regulated by government banks and you can transact from anywhere across the world – it would be a whole new picture. The possibilities for shaping economies and financial futures are endless. But what are the demands for security and commerce if we were to completely adapt the use of bitcoin block chain in our financial lifestyles?
Is Bitcoin safe to use? Why does the value of Bitcoin fluctuate with extreme ups and downs? Are trading platforms and block chains worth using and dealing with?
These questions are often asked by potential traders and users. Before we see our financial systems revolutionized by Cryptocurrency, the following must be addressed first:
- Hesitancy of investors and traders
- Inadequate safeguards against hackers
- Additional bank fees and lack of liquidity
- Lacking an established system of reporting
Like any digital product, Bitcoin block chains are still vulnerable to a host of hackers. It doesn’t help that due to Bitcoin accounts valuing thousands of dollars, they are often a favorite target. When better, impenetrable security systems have been put to place, then we might not have to worry about placing our entire career’s worth of money in block chains.
This confidence expects to see the mushrooming of potential traders and other investors helping to build the entire cryptocurrency network. As more people penetrate and get involved in the system, stronger relationships between regulators and trading systems will form.
Penetrating Common Markets
It is exciting to see the future of Bitcoin when it finally penetrates the common market. Imagine a world where cryptocurrency is used for daily transactions by every person and business – it is bound to affect the way we save and spend money, handle our, finances and it likely to bring changes to our spending power and capacity.
Tipping all these weights will surely affect global economy and cause a great shift.
But is this great shift for the good, or will Bitcoin be just another bubble burst in history? We have explored the vulnerabilities of Bitcoin and its opportunities for being better able to penetrate our financial culture.