New York, NY -- (SBWIRE) -- 02/12/2014 -- Bitcoin is a digital currency and a peer-to-peer payment system that is gaining popularity over the last year. Its market grows exponentially as it seen as an alternative to the global payment system. Though highly virtual, these bitcoins can buy different products and services from car dealer to web stores using a virtual wallet.
WHAT EXACTLY IS BITCOIN?
By definition, Bitcoin is a cryptocurrency and uses cryptography to control the creation and transfer of money. It is created through process called mining, where participants verify and record payments in exchange for transaction fees and new bitcoins. In layman’s term, bitcoin is digital money that acts as cash.
HOW BITCOINS WORK?
Surprisingly, Bitcoins work easily. Users can send and receive bitcoins using virtual wallet softwares on a PC, a mobile device or web application. Bitcoins can also be acquired in exchange of a product, services, or other legal currencies.
Bitcoin itself is considered a currency for some and is as valuable as gold, cars or any commodity one put value or investment in.
For the technically versed, bitcoin value is unlimited. While it’s commonly used now as a mode of payment for services or products, the transaction doesn’t stop at this point. Bitcoin’s highly advanced technological structure allows transfer of value to anyone, anytime and anywhere for free. This made it extremely attractive and convenient to people who want to cut down wire transfer, money orders and check processing fees.
Today, a bitcoin is valued approximately $100.00 USD between $85.00 to $97.00 depending on what the market dictates, according to Jaron Lukasiewicz, CEO and Founder of Coinsetter. Coinsetter is an online trading platform where one can buy and sell bitcoins.
Bitcoin’s potential is not limited to finance alone. The technological DNA of bitcoin that made it a viable currency can be applied in other societal aspect such as elections, contracts and fraud protection.
FUTURE OF BITCOINS
Because of bitcoin’s unlimited potential and perceived value, it is likely to be traded just like any currency in the worldwide financial market. Hence, rise in the FOREX market is being foreseen through Coinsetter’s progressing perspective. Currently, Coinsetter Company has raised $500,000 for bitcoins from its venture capitalist.
In fifteen years, bitcoin’s value is predicted to increase from $100 to $100,000.
Coinsetter is a secure Bitcoin trading platform with tools for serious forex traders. It lets you access the best prices from major exchanges and boost trading using the platform built by Wall Street professionals. Coinsetter New York City exchange offers fast, reliable trading with more liquidity.