Value of the Bitcoin

Bitcoins can be used for many things.  Some of the places they can be used are:

• Restaurants
• Venues
• Shopping
• Trade Market

Many of the rich are people who have established themselves into the world of bitcoins.  The top address on the list holds an amazing value of $2.85 million.  This is with the exchange rate currently at $6.50 per BTC.  The problem that has arisen with the use of bitcoins however is the transferring of bitcoin value into amounts that reach $10 million or more when involved in trade settlement.  Some people believe that the use of bitcoin is not a currency at all but a gamble.  They believe that bitcoins are unstable and unpredictable due to the problem in transferring it into cash currency.  They also have these beliefs because of the fluctuating value that bitcoins prevail.  Something may be a certain amount today but three times as much two days later.  There are an estimated amount of 11 million bitcoins in circulation now (More info).  It is believed that this circulation will stop when the number reaches to 21 million.  One good thing is bitcoins are almost not possible to counterfeit but even if they are hacked there is no officials or department of justice who can help you to retrieve them.  There are many government agencies that have taken an interest in bitcoins.  One of these agencies is the Financial Crimes Enforcement Network who stated that no matter if it is bitcoins or currency that all must abide by the same rules and record-keeping as all the others.  Financers on the internet who use bitcoins are looking out for this type of digital currency to reach national laws so that it will be out of the reach of the Government.  Will this happen?  We don’t know but one thing is the bitcoin is on the rise.