In the world of Bitcoin and Ethereum, there is a lot of illegal activity going about. People are using their Bitcoin and online Ethereum wallet to transfer funds to other users. Most of the transactions on the cryptocurrency network are fine, but there exist groups of people who use digital currency as a platform to trade dangerous goods.
Criminals use Bitcoin all the time
It’s not secret that the drug trade has fueled Bitcoin’s valuation, which extends to Eth. That’s why we need regulation in this sector from national governments. From its price of $1 to $1000, Bitcoin has been driven up by demand. Demand for a platform which users can anonymously purchase goods, drugs or not. The Silk Road has been a huge part of why Bitcoin is worth so much today.
Many users of Bitcoin are also seeking to grow their investment. In fact, most are speculators who have no interest in trading. This is the reason why Bitcoin has been so volatile in the past. There have been so many bubbles due to speculators buying Bitcoin en masse.
Ethereum for Future Applications
Now, digital currency isn’t all bad. For example, Ethereum is working on developing smart contracts and dencentralized applications which will save the general public billions of dollars. This process eliminates the need for middlemen who take a lion’s share of the value when transacting. It is necessary to evaluate the future prospects of blockchain technology in the future, regardless of how it has been used in the past.
The last group of people use utilize Ethereum currency are the people interested in developing and using new technology. It’s not only Bitcoin and Ethereum wallet users who represent a certain group. Many younger adults are interested in the development of new ideas and processes, including teenagers. There are also many people who dislike PayPal, as they have been a company known to close accounts randomly. It is a common belief that there is too much power held by corporations such as PayPal over users’ money.
Bitcoin wallet currency is becoming increasingly popular in the present day. Analysts predict that in future, it will begin to compete favorably with mainstream currencies such as dollars, euros, GBP and more despite the present challenges. Many multi-million companies have heavily invested in this digital currency. It has attracted investors from different parts of the world. But some people are still not ready to embrace the currency. Hence, the need for Bitcoin startups. We are gong to provide you with a list of bitcoin startups to help you understand what is going in the market as far as bitcoin digital currency is concerned.
The Best Bitcoin Wallet encourages Stores and Businesses
Adoption of this digital currency by retailers is still a big challenge. Only a few shops are ready to embrace it. Companies are trying to come up with ways of making people embrace bitcoin. For example Blade has introduced a prepaid debit card. Users can top it with bitcoin and use it anywhere in the world to pay for goods and services. This means that the currency will be used in shops that have never used digital currency before.
Pegging Bitcoin To Commodity Prices
Bitcoin is a wonderful currency but is not stable. It rises and drops by a big range. This is a disadvantage to investors. Coinapult company has come up with an excellent solution to reduce the price risk of this exciting digital currency. It provides a service called LOCKS. It allows users to peg the value of their bitcoin to different currencies such as USD, GBP and commodities such as gold and silver. This means that if the user had bitcoin worth $20 and the priced doubled overnight, he will still retain his $20 bitcoin value even after increase in price.
Remitting Funds To Africa by Bitpesa
Bitpesa is a Kenyan company that allows Kenyans in abroad to sent money to their country in a fast and cheap way. It charges a transfer fee of 3% only. The sender sends bitcoin currency. The service then converts it into shillings which are then distributed to the recipient. It was launched in 2013 and has been featured on reputable organizations such as The NewYork Times and Bloomberg.
A Physical Bitcoin Wallet for your pocket
Ledger Wallet is good for people who value physicality of cash. It turns bitcoin into something like a USB stick that is physically attached to your wallet. This makes the digital currency more secure. The startup was held in 2015 in France. A total of 1.3 million euros were raised. Its retail value stands at 34.80 euros.
Ripples is a remarkable cryptocurrency company.The company has been making efforts to solve problems faced by bitcoin. For example reducing time needed to verify bitcoin transactions. It provides a network for transferring money and then turning it into local currency. Ripple has attracted giant investors such as Google Ventures. Its current value is estimated at $100 million.
Peer-To-Peer Lending By BTCJam
BTCJam is a lending company based in San Francisco.It lends bitcoin digital currency to its customers. According to the company’s CEO Celso Pitta, BTCJam will provide solution to many people in the developing world who have been finding it difficult to borrow loans due to many restrictions and requirements. The company gave out loans amounting to $5 million in 2014.
Secure Storage By Elliptic
Elliptic is a UK based company. It provides bitcoin storage so that your coins are safe. The company also insures bitcoin that it stores. This ensures maximum safety of your bitcoin even if it is hacked or an error occurs. You will not lose your money. Elliptic managed to raise a total of $2 million from Octopus investment.
Using Blockchain As Record Keeper By Factom
Blockchain is the name of the ledger that powers bitcoin. Factom intends to use it as a record keeping tool. They will also ensure that data integrity is maintained. By so doing, government and regulators will begin to view database embedded in blockchain as an excellent approach that can be used to enhance transparency and accountability.
World Passport Project
This is a project aimed at storing identity documents along bitcoin blockchain. Final Thoughts
In conclusion, it is quite evident that companies are ready to invest in bitcoin digital currency but people are still not willing to embrace it like other currencies. There should be more startups and education to promote bitcoin.