Some studies suggest that Bitcoin will pass for a profound standardization of coin trades in the next years. They compare current phase of Bitcoin with golden days of Wild West – promising, but missing too much yet. According to some investors and economists, Bitcoin has some stored value, like gold and silver have throughout the times. Gold, silver and cryptocurrencies is only worth what people like you and me wish to pay for it. It represented some good and bad things. We had some troubles with miners and assayers – mainly in the first years and while mining cost keeps rising. Government and big banks take positions in relation to each cryptocurrency and their customer safety.
The Bitcoin concept is creating a coin not regulated for any global government, maintained for its own community in a distributed system. But, that utopia fell down recently, when the largest Bitcoin exchange, Mt. Gox, had a serious security problem resulting in a loss of $300 million in bitcoins. After it, many of their Bitcoin consumers didn’t know how much or when they’ll get back. Until today, some experts aren’t sure if that event was really an ingenious cyber security attack or some internal act. Despite this, most popular cryptocurrencies has shown great resilience – and it isn’t different with Bitcoin. Such resilience, if well understood for governments and banks, would permit more flexibility in transactions.
While Mt. Gox had security problems and loss of loyal consumers, some other cryptocurrencies reach up and down moments. Some cryptocompanies are already proposing terms with monetary regulatory commissions from their countries – in United States, that commissions is Commodity Trading Futures Commission (CTFC). In order to understand the relevance of this, know that swap agreements are the main way of buying and selling cryptocurrencies nowadays. It works like a insurance policy, providing some kind of warranty on value protecting against currency fluctuations. That’s pillar of commodity exchanges – and works same way with crypto trading. Many big investors consider swap markets like the “opportunity land”. Crypto transactions cost a small fraction according to volumes processed. So, if you think about it properly, you’ll realize dealing with big crypto transaction volumes can be a bigger opportunity for major banks.
Slowly, Bitcoin gained strength and caused a revolution – an anarchy revolution – becoming an alternative store of value, differently than big financial industry could predict. Apparently, the IRS is tired to see indiscriminate usage of crypto coins and, now, traced its own strategy. Its first step was considering cryptocurrencies like property and not as currency. So, a simple change in that interpretation offer it one unique opportunity to get its part in a legit way. It isn’t too much intuitive, but it answers some doubts and tender issues about trade and fees involving Bitcoins. Just consider them like goods being exchanged for other goods and you’ll reach the new interpretation.
By being the first one, Bitcoin became a symbol of cryptocurrency, even if it isn’t only crypto coin available. Cryptomarket keeps some similarities with forex market. The incident involving Mt.Gox caused an unexpected effect, not pleasing bank industry, but empowering Bitcoin users. And, while there are not many certainties, Bitcoin users ask for some level of security and warranty on transactions. Bitcoin has proved to be self-sustaining, at least in the middle terms, and some exchange companies get some profit from this.