A new Bitcoin Infographic brought to you by Landmark Cash graphically depicts the current distribution of Bitcoins in terms of wealth. Bitcoin is an electronic cryptocurrency, created through cryptography. Bitcoin is a non-inflationary, decentralized currency that is not regulated or controlled by any government and acts independent of any central regulatory authority. For these reason it has grown in popularity as a means of exchange and is now attracting futures investors in a big way.
As the infographic shows these investors are not just minor speculators. Bitcoin is now moving into the big time and attracting big money. One bitcoin was worth about 1 cent (US) in 2010 and its exchange value had grown to over $1,000 by the end of 2013 – a significant increase in value by anyone’s standards.
Bitcoin is gaining credibility as a real currency as well. Although it has been banned in some third world countries with shaky economies, such as Thailand, most other countries are beginning to recognize the fiat currency as a legitimate means of exchange, including the United States and Germany, who are currently developing monetary policies on things like taxation.
Bitcoins were first conceived in 2009 and they were originally given away free. They then started trading at a fraction of a penny until they started trading based on market conditions, like any conventional currency. Because of its low transaction fees, the currency has become very popular.
Credit card companies and banks charge significantly more for transactions, especially international transactions where two different currencies are involved. With Bitcoins, there is only the one currency (Bitcoin), in most circumstances. Regardless of the amount of the exchange, the current fee is only around one cent. Western Union charge $20 or more and typical credit card international transaction fees run about 1-2 percent of the amount of the transaction.
Aside from being unregulated and not subject to manipulation by governments, Bitcoins true value is in these unencumbered international trades. This is why its value has been increasing and what has attracted individuals and institutions with great wealth, as the infographic shows.
“For Bitcoin to go from zero to $1,000 in just five years has been amazing to watch,” says Mike Hearn, a Bitcoin developer. “It’s easy to forget that Bitcoin’s true value is not in an arbitrary exchange rate, but in its ability to enable new applications and services which aren’t possible with today’s payment networks.”
Distributed by Iterate LLC
Company Name: Landmark Cash
Contact Person: Benjamin Wrights
City: San Francisco
Country: United States