Bitcoin is a payment System devised by Satoshi Nakamoto who released it as an open-source program. Claims to Nakamotos identity have not been confirmed, however, the Bitcoin has progressed into the biggest of its type, a digital asset being known as the cryptocurrency from obscurity. The most significant Attribute of Bitcoin is that unlike traditional and currency that is printed, it is an electronic payment system that is based on evidence. Banking systems that control them have been centralized by monies and in it being controlled by the absence of any institution, the US Treasury has termed the Bitcoin virtual money. The idea behind Bitcoin was immediately with nil transaction fees and to generate a currency independent of any central authority and one which may be transferred.
The amount of merchant traders accepting Bitcoin payments for goods and services surpassed 100,000. Leading banking and financial regulatory authorities like the European Banking Authority for example have warned that users of Bitcoin are not shielded by chargeback or refund rights, although monetary specialists in major financial centers accept that Bitcoin can offer valid and legitimate financial services. On the other hand, the use of bit coins by offenders has been cited by authorities, law enforcement agencies and regulators as a cause of concern. The owner of Bitcoin Voucher service Aztec, remarks that there will soon be an in the way Bitcoin is generated. The speed of Bitcoin generation daily will be literally halved and this will alter the perception of Bitcoin entirely, though it is going to be nearly impossible to predict how the people at large and the retailers will respond to such a move.
Against the backdrop of this type of move, the predictions are that the trade volume of Bitcoin is set to triple this year riding on the back of a Donald Trump presidency that is likely. Some market commentators are of the opinion that the currency’s purchase price could spike in the event of a possibility resulting in market turmoil. The Panama Papers Has spurred the European Union to fight by bringing in new rules that the use to stash wealth. The rules attempt to close the loopholes and proposed are attempts to end anonymous trading on money platforms such as Bitcoin. A whole lot more research must be achieved by the European Banking Authority and the European Central Bank on the best approaches to manage digital currencies as currently there is no EU legislation regulating them.