Ian King wrote an article for Banyan Hill Publishing entitled, “Bitcoin Thrives Against All Odds“. In it he announced the debut of his new business, a cryptocurrency advisory to help investors learn how to profit from that market. From that point, he begins his description of the history of bitcoin.
Bitcoin is very similar to the dollar in many ways. The faith in it as currency is bestowed upon it by the user and that is what gives it value. In fact, in 1933 President Franklin Delano Roosevelt severed the tie between gold and the U.S. dollar to allow the lowering of interest rates during the depression. That link was driving the rates up. And, in 1971, President Richard M. Nixon ended the practice of foreign governments being allowed to exchange dollars for gold. Now, the U.S. dollar is completely a fiat dollar; money or legal tender is solely given value by the belief in the government that backs it. Visit at ideamensch.com to know more.
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— Ian King (@IanKingGuru) May 17, 2018
The same is true for the bitcoin. There is a limited number of bitcoins produced. So cryptocurrency participants would acquire bitcoins at the going rate, which does fluctuate based on the limited supply, just like the dollar. He noted that bitcoin has had setbacks where is perceived value was lowered, but those instances were immediately followed by upswings in value.
Bitcoin has value because there will only be 21 bitcoins mined, consequently is has limited supply. Its value is perceived by peer-to-peer viewpoints. The bitcoin world is transparent and it is trusted. Since 2008, when the first bitcoin was created by Satoshi Nakamoto, bitcoin has fluctuated in value. At its inception, its value was around one cent or less. By 2009, it had risen in value to $27 per bitcoin. Today, its value is up to $2,726 each. It fluctuates wildly in its value, which is not a characteristic of the dollar, so in that way the two forms of currency vary greatly.
Ian King points out the fact that were it not for the value people assigned to money, it would simply be pieces of paper with a pyramid on one side and a face on the other. Just like people use the dollar to acquire goods and services, so do bitcoin users. Some of the merchants that accept dollars now also accept bitcoin. We place a value on bitcoin, as Ian King notes. And, so far Ian King and forward thinking persons like him have begun to see how profitable this new currency is and will be in the future. Read more: https://affiliatedork.com/banyan-hill-publishing-investment-advice