Bitcoin is a payment system invented by Satoshi Nakamoto who published it in 2009 as open-source software. The pretensions to the identity of Nakamoto have never been verified, but the bitcoin has progressed darkness to the greatest, a digital asset being called “cryptocurrence”.
The most significant feature of Bitcoin is that, unlike the conventional and traditional printed currency, it is an electronic payment system based on mathematical evidence. Traditional currencies have centralized banking systems that control them and in the absence of any institution that controls it, the US Treasury called Bitcoin a “decentralized virtual currency”. The underlying idea behind Bitcoin was to produce a completely independent currency of any central authority and which could be transferred electronically and instantly with almost zero transaction fees.
By the end of 2015, the number of merchants of merchants accepting Bitcoin payments for products and services exceeded 100,000. The main banking and financial regulators such as the European banking authority, for example, warned that Bitcoin users. are not protected by return or repayment rights, although financial experts in major financial centers accept that Bitcoin can provide legitimate and valid financial services. On the other hand, the increasing use of Bitcoin by criminals was cited by legislative authorities, law enforcement agencies and financial regulators as a major cause of concern.
The owner of Bitcoin Voucher Service Azteco, Akin Fernandez comments that there will be a significant game changer in the Bitcoin generated. The Bitcoin generation rate each day will literally be “divided by two” and this can completely change the perception of Bitcoin, although it is almost impossible to predict how the public in general and merchants will react to such a movement.
In the context of such a gesture, the forecasts are that the volume of the Bitcoin transaction is set to Triple this year mounted at the back of a probable presidency Donald Trump. Some commentators of the market are of the opinion that the price of digital currency could picotage in case of such possibility that leads to the global market turmoil.
The Panama Paper scandal that broke out in May of this year stimulated the European Union to fight against tax avoidance strategies that the rich and powerful use to hide wealth by bringing new rules. Current rules seek to fill the loopholes and among the proposed measures are efforts to end anonymous negotiation on virtual currency platforms such as Bitcoin. Much more research should be made by the European Banking Authority and the European Central Bank on the best strategies for treating digital currencies, at present, there is currently no EU legislation.