BitCoin Value To Go High By The End of 2018
BitCoin Value To Go High By The End of 2018: Digital currencies like Bitcoin could overwhelm and break the internet if they continue to grow. The BIS, often described as the central bank for central banks, also warned, in a 24-page report published on its website, that crypto currencies cannot be trusted the way sovereign currencies can.
Unlike central bank-issued denominations, virtual currencies are produced, or “mined,” by banks of computers solving complex algorithms, and then freely traded online.
The other key difference with typical currencies is that the number of bitcoin in existence can never exceed 21 million. There are currently some 17 million bitcoins in circulation.
Bitcoin’s surge in value from a few cents to a peak in December 2017 of $19,500 turned some of its first investors into billionaires.
The associated communication volumes could bring the internet to a halt.” The BIS, which has previously warned of the fraud risk in cryptocurrencies, noted that there was “a fragile foundation of trust” in such systems.
“In mainstream payment systems, once an individual payment makes its way through the national payment system and ultimately through the central bank books, it cannot be revoked. In contrast, permissionless crypto currencies cannot guarantee the finality of individual payment,” the report said.
The BIS has raised long-standing regulatory concerns over the use of cryptocurrencies, particularly with regards to money-laundering and financing of terrorism.
The report pointed to the case of the Silk Road underground marketplace for drugs and other contraband, which was shut down by the FBI in 2013, and which had used virtual currencies like bitcoin to shield customers from detection.
CEO of The Blackmore Group, a real estate investment house, Phillip Nunn, has predicted the value of Bitcoin to go as high as $60,000 by the end of this year. Many other CEO’s and businessmen have claimed that the value of Bitcoin will gradually increase over a period of few months and will show unexpectedly high rates by either the end of 2018 or the beginning of 2019.
Nunn understands that Bitcoin prices have gone pretty low in the past few weeks but believes that the success factor of Bitcoin is higher than its downfall.
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