Bitcoin – Global Impact of Virtual Currency

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Bitcoin is a payment system found by Satoshi Nakamoto which released it in 2009 as an open source software. Claims for Nakamoto’s identity have never been verified, but Bitcoin has grown from obscurity of its type, digital assets are now called ‘cryptocurrency’.

The most significant characteristics of Bitcoin are that unlike conventional and traditional print currencies, this is an electronic payment system based on mathematical evidence. The traditional currency has a centralized banking system that controls them and in the absence of a single institution that controls it, the US Treasury has called Bitcoin ‘virtual decentralization’. The underlying idea behind Bitcoin is to produce a fully independent currency from the Central Authority and one that can be transferred electronically and directly with almost Nile transaction costs.

At the end of 2015, the number of merchant traders who received Bitcoin payments for products and services exceeded 100,000. The authority of the main and financial banking such as the European Banking Authority for example has warned that Bitcoin users are not protected by the rights of opposition or refund, even though financial experts in the main financial centers receive that Bitcoin can provide legitimate and legitimate financial services. On the other hand, the increasing use of Bitcoin by criminals has been quoted by legislative authorities, law enforcement agencies and financial regulators as the main cause of concern.

The owner of the Bitcoin Azteco voucher service, Akin Fernandez commented that it would soon be an important game-changer in the way Bitcoin was produced. The level of Bitcoin generation every day will be completely ‘halved’ and this can change the perception of Bitcoin completely, although it is almost impossible to predict how the big society and traders will react to the move.

Against the background of such a step, the prediction is that the volume of Bitcoin transactions is set to Triple this year drive behind the possibly possible Donald Trump presidency. Some market commentators believe that the price of digital currencies can soar if there is a possibility that leads to market chaos globally.

The Panama Papers scandal that broke out in May this year has spurred the European Union to fight against a rich and strong tax avoidance strategy to trigger new wealth by bringing new rules. The current rules seek to close the gap and among the proposed steps is an effort to end anonymous trade on the virtual currency platform such as Bitcoin. Many studies must be carried out by European banking authorities and the European Central Bank for the best strategy to deal with digital currencies like today there are no UE laws that regulate it.

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