What Helps Bitcoin Retain its Appeal to US Finance Stronghold

December 15, 2015 by  

Recently, Bitcoin has been mentioned in two major contexts, both crucial in terms of its future developments and current perception by the stakeholders. 

At one point, the global business community sees it as a hugely attractive means of payment and investment, while others, including the army of sceptics, are utterly critical about the future of BTC asserting the tangle of controversies the virtual currency is currently trapped in.

Last week, several authoritative tech sources including Gizmodo and Wired, stole the world’s attention for a couple of days claiming the real genius behind the creation of Bitcoin may be previously unheard-of Australian scholar and businessman Craig S. Wright, not the semi-mythical Satoshi Nakamoto. As believed by both magazines, Mr. Wright may have a whopping amount of 1.100.000 Bitcoins at his possession, and that is about 450 million US dollars. It’s an open secret BTC’s exchange rate has been subject to considerate fluctuations lately, and should Wright decide to transfer his digital fortune to another location, the outcome might be unpredictable for the whole system.

So far, the allegation hasn’t been either confirmed or denied by Wright himself. Previously, there have been numerous attempts by some key news sources like Newsweek and NY Times to bring light to Nakamoto’s personality, but they all appear to be fruitless.

This all, however, is least frightening to the US business circles that still put their faith in BTC’s and other cryptocurrencies’ latent force. It was just a few weeks ago that the Goldman Sachs Group, a US-based multinational investment banking company, revealed their intention to set up their own cryptocurrency SETLcoin. The firm did not provide any additional information about their actual ideas of SETLcoin implementation, and everything we have been able to learn about it so far is that GS’s currency shares Bitcoin’s conceptual ideas and functionality to serve the needs of funds transaction systems in order to transfer stock amounts and other kinds of securities with minimum risk compared to the existing models.

Bitcoin’s salvation, as believed by the experts of well-known’s gambling blog, lies within the clarity of its operation principles. What happens basically when a designated amount of the cryptocurrency is transferred from a sender to a receiver, is the verification of every single transaction by a network of mining devices, i.e. computers that use their processing capacity to solve continuously complexified equations and get certain amounts of BTC as a reward. The thing is, all Bitcoin units in the system are ‘marked’ with nonrepetitive IDs, with the records about each transaction stored in the Block-chain, a centralized digital register distributed evenly among all the mining machines.

According to David Birch, the key person responsible innovation at Consult Hyperion, business establishments are more than likely to take advantage of this technology. He believes “a shared ledger is [something really crucial for] transparency”, adding that there are very “specific issues about the lack of transparency” contained in “the narratives about the great financial crisis”.

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