Its now official-- Bitcoin has arrived. On Friday December 7th, China questioned the cyber currency's legitimacy to operate. The currency's growing demand has effectively caused the Chinese government to go on the defensive. This less than amicable greeting has indeed slowed its massive bull run.

Yet, this recent tapering appears as more of a correction than an all out free-fall.  However the mainstream banking sector and its embedded press(hacks) will likely look to drag this story on in attempts to fade the the currency's stock.

This correction may open the door for a second traunch of investors that were not only waiting for a pullback in order to jump in, but still new to the currency itself, which hasn't even begun to touch its potential market penetration.

So this may be a good time to go over its underlying structure and applications. Yes, applications-- the currency itself allows for many self executing codes--thus facilitating and even making obsolete current conceptions of exchanges, estate planning and many other financial transactions. Although, its still early governments around the world will likely react similarly to the crypto-currency in order to depress and deter its proliferation.

Bitcoin's ultimate stress test should prove to be how it maneuvers through the coming onslaught of state crackdowns and other concerted efforts stemming from the financial sector. However, concerns over its long-term viability may be overblown-- as similar, yet less complex peer to peer architectures are so diffuse that it would make it virtually indestructible.

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