The digital money, a new currency that might change the world! This is a new payment method that exists through the internet. Money can be transferred from an account to another with a click of a button. Decentralized cryptocurrency has no location, limits, or even an owner. A lot of people question who is the founder of bitcoins which is one of the most popular digital money in the market. Satoshi Nakamoto is the name of the person or group of people that created bitcoins, and this figure is still anonymous. But, an Australian businessman named Craig Steven Wright claimed to be the creator of bitcoins as well as other names that might be the inventors behind this cryptocurrency.
In the market, there are many cryptocurrencies that started to work effectively as of 2009. Bitcoin was the first digital money that appeared to the market. Litcoins, Namecoins, and Swiftcoin appeared two years after the creation of the first usable cryptocurrency. More than twenty forms of digital money were created between 2012 and 2017. This aspect has grown tremendously since its first creation. For example, one bitcoin equaled 0.003 $ in 2009. Now one bitcoin is worth more or less 4400$. This currency has changed the entire economic world. The USD used to be one of the most powerful currencies in the world, and since the beginning of bitcoins, it all changed. The global economy will change while the digital money is growing. The stock market is being affected by the new “internet” currency. The more people will buy bitcoins, the more this currency will affect other stocks. Bitcoins and other cryptocurrencies might create speculations, the emergence of new markets, and apprehension among the central banks.
Bitcoins work in a different way than other currencies. Every user has his/her own balance list and everyone can see it while trading. Bitcoin requires a signature so that no one can take someone else’s money. It is sent through the internet from one device to another, and it is directly transferred from one user to the other user. The fees are lower, it can be used anytime and anywhere, an account cannot be frozen, and there are no unpredictable limits. This currency has many advantages, but it also has disadvantages that might affect the customer in the future. First, not everyone knows how it works and how it can be manipulated. Second, the price of a bitcoin is not stable. It can go up to 5000$ per bitcoin and can drop down to 200$ by night. Third, it is still under development. Just like any other economic issue, bitcoins are still not qualified enough. People fear it as much as they like to use it. The digital money has no physical presence in the market. It is not like any currency, then it has no grounds.
It is considered legal in most countries that use bitcoins or any other digital money. People use it now to purchase video games, gifts, books, and even servers. As all other internet disadvantages, digital money was also used in the dark web and in the illegal market. When the silk road crisis happened in 2013, digital money was present on that website. A lot of websites used it to sell drugs, guns, and other illegal products. Since it has no limits or supervisor, criminals found it easy to use digital money so they can promote their products. When it comes to Lebanon, an open source society has been created. People in the region are starting to understand and promote the idea of digital money. The Lebanese central bank, on the other hand, warned the citizens about this currency claiming that it is not stable and might create criminal activities. This currency is avoided by most of the companies in Lebanon because they consider it as risky and unproven.
Money has been changing since it was created. New methods and currencies have been practiced to establish a better payment system. With the creation of bitcoins and other cryptocurrencies, many economic aspects of the world will change. For example, banks might start losing their customers, one bitcoin is suspected to reach one million dollars, buying products will be easier, and third parties can’t interfere in the trading process. The future of this currency is still unspecified. Many fear that this currency might not last long and can be economically a disaster while others claim that it might change the global economy and create a better market. What we know is that this currency is growing day after day, and it is not yet stable. It is considered easy to use and helpful in some issues, but it is yet to be explored.