Bitcoin is completely determined by an algorithm and is an open source. Bitcoin is a decentralized peer to peer Cryptocurrency, and the first of its type. It is among the most fascinating innovations in finance in at least the past hundred years. No central agency can control the supply of Bitcoin, unlike fiat monies or even substances like gold. The planet can only ever observe a total of 21 million Bitcoins in life. Like any new Disruptive innovation, Bitcoin has a fiercely loyal core group of fans and followers that are enthusiastic about the idea. They are those who take it forward and spread the idea and take it to another level. Bitcoin has lots of enthusiasts that are enthusiastic about the idea and how it can shape the future of fund, providing the power of cash back to the masses rather than under a central control.
It is not just a passing fad. Bitcoin is here to remain. Miners are gearing up for the best of the best gear to mine Bitcoin more efficiently. Exchanges are investing heavily in the safety and efficiency of their Bitcoin system. Entrepreneurs are taking their opportunities and building great companies around this idea. Bitcoin doubler has started to support projects that revolve around bitcoin fund including the group that endorsed Tumblr. There are Tons of Situations, black swan and otherwise where Bitcoins can become a dominant force in the financial sector. There are loads of doom and gloom scenarios you can think of where Bitcoin will retain its value and worth as hyperinflation absorbs the fiat money of a weak central government there is been at least one recorded instance in Argentina where a person sold his home for Bitcoin. However, that is being overly pessimistic. Even without anything bad happened, Bitcoin can happily live together with the standard currencies of the world.
Some of the Best Benefits of Bitcoin are realized in efficient markets. It can be separated into a hundred thousand parts; each called a satoshi, instead of fiat that usually can be broken down only into a hundred parts. Additionally, transactions over this system are basically free or occasionally require a small transaction fee to induce the miners. By small, we are talking about less than a tenth of a percentage. Compare this to the 2-4% commission billed normally from the credit card companies and you being to see why this idea is so attractive. It is still in very early stages of development and there are tons of places where you could make some Bitcoin. Faucets, by way of instance, are supported solely by advertising and captchas and do not have any grab you put in your pocket identification and you get free Bitcoins.