The Silk Road, the sudden collapse of Mt.Gox, IRS guidance and official statements on Bitcoin from authorities in different countries have all had an impact on the Bitcoin market, but as the asset is strongly bound to technology, mathematics often outplay economy.
It is not necessary to repeat the milestones in Bitcoin’s to understand the tendency – even the most dramatic events have limited consequences due to the dedicated support of the online society and the ability to update the technology for even better performance.
Fiat currencies cannot be updated; All faults, mistakes and disadvantages are built-in. Every capable and willing user is welcome to make the environment more attractive and reliable. Bitcoin is teamwork.
5 Keys to Success
Distribution. Just visit CoinMap to evaluate the spread of Bitcoin. There are numerous venues accepting Bitcoin besides stores on the web. The Internet offers are even more impressive since it is the currency’s home. Overstock leads the retailers interested in the crypto-coin, but Gyft acts as a mediator between customers and venues.
Almost anything can be purchased for Bitcoin now. Users are not going to die from hunger, and besides primary needs can satisfy additional demands – buy a house, car or take a holiday.
Derivatives. The open source principles of the code have allowed the creation of many derivatives. Litecoin, Dogecoin, the project Counterparty - all contribute to reproduction. Experts value this process positively – even if Bitcoin might retreat from the scene, the technology will not stop progressing.
Philosophy. If there was no philosophy behind the Bitcoin, less people would enthusiastically contribute to its development on the rise. It appeals to everyone by being decentralized, belonging to the community, and being free from political aspirations and influence.
Free transactions without bank means that people no longer lose money while making purchases or carrying out money transfers. This is crucial for emigrants working abroad supporting their families, charity, donations, crowd-funding, investments and other forms of material aid.
Technology. Behind Bitcoin is strong technology. It is maturing due to interest and continuous work. Safety, privacy, mining power and speed are increased for comfort of the users. Generally, the abilities of Bitcoin are unlimited as scientific progress is not going to stop.
Community. The main advantage of Bitcoin is people supporting it. The statistics show numerous startups based on crypto-currencies that succeeded. Conferences, meetings, seminars and other gatherings enjoy a huge amount of interest. The groups dedicated to Bitcoin are multifaceted – developers, PR-specialists, entrepreneurs, economists, journalists, politicians, miners – representatives of any profession or occupation.
These five advantages are in our opinion the basic advantages of crypto-currency, but each user will have their personal preferences and reasons why they believe Bitcoin is the money of the future. What are your Bitcoin keys to success?