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Write an introduction to an informative and factual blog post titled "What's Next for Bitcoin?". Not many people would have chosen Bitcoin as their investment of choice in 2010, but just seven years later its value has risen to over $11,000 per coin. So what's next for Bitcoin? It may be too soon to tell, but analysts are predicting that it will continue to grow both in popularity and price. One thing is certain - having established itself as the world's first cryptocurrency (and the premier digital currency) there is no reason why other can't follow suit. While digital currencies are not regulated or backed by any government, many people are still unclear as to the exact nature of Bitcoin. The following should provide some answers for common questions regarding the technology and its future. Bitcoin is a decentralized digital currency that is controlled by open-source software originally created by Satoshi Nakamoto (no longer in existence). Originally called “bit coin” for its tendency to make transactions difficult to trace, but now more commonly referred to as “crypto cash” given its origin. The cryptocurrency utilizes cryptography (secret codes) that allows users around the world to transfer value between one another with near-instantaneous transaction times without having to rely on bank transfers or wires. Transactions are completed by using a “wallet” to transfer, create, and securely store the currency. Wallets can be downloaded and installed on a computer or mobile device and carry the currency (amount) of the user. There is no minimum sum and most allow one to make transactions of any size; they simply require users to verify their identity. Users can also use Bitcoin through websites such as Coinbase and BitPanda that will allow their users to buy or sell Bitcoin using multiple payment methods such as credit cards, wire transfers, bank accounts, and even digital currency exchanges such as Binance. The technology is completely open-source and peer-to-peer. Users are not bound to a central authority and there are no transaction fees. All transactions occur directly between users, who can initiate or cancel them at will. Typically, Bitcoin stores transaction fees in the form of a “reward” for the miners who verify them within a given timeframe. Some people claim that Bitcoin serves as a new way for money to be created without going through banks or governments. Others believe that it poses a problem due to its lack of regulation and lack of transparency into who is actually doing what with the currency. Bitcoin has been criticized over the years by some in both major political parties such as Democratic Rep. Brad Sherman who recently said the cryptocurrency was being used for - "drug trafficking, money laundering, illegal gambling, or tax evasion.” Advocates for Bitcoin argue that it can be used to improve security and privacy around transactions. The cryptocurrency does not require a central authority or third-party financial institution to secure its transactions. This allows users to directly transfer value with one another without any fees or required middlemen which is particularly appealing in countries where the use of banks is limited such as Venezuela. eccc085e13
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