Bitcoin is much more than just an arcane value for the outlaws. It gives a chance to avoid bank fees and easily shop without paying attention to borders.
The digital currency Bitcoin was created in 2009 and exists since that time without any centralized control. Often it is associated with speculation, embezzlement, fraud, losses and criminal business, however despite that it has received wide support. Today there is about 70000 bitcoin transactions with the total value of nearly one hundred million US dollars – all this is on daily basis.
- It has gone so fast since the start of 2009 and there is such important moment, a desire to improve the economic system. It challenges traditional ways of thinking about currencies and will trigger a lot of energy in many people, says Robin Teigland, Associate Professor at the Stockholm School of Economics.
She mentions several different interest groups. Libertarians who want to reduce the power of banks and states, individuals who want to see a more efficient cash flow, and entrepreneurs who see opportunities to facilitate international trade.
- And obviously criminals, although I do not think they are so interested in bitcoin anymore since it has so many eyes on it, says Robin Teigland.
Today there are over a hundred so-called digital cryptocurrencies and a large portion of them are based on bitcoin idea. The most obvious advantage of such currencies are low transaction fees. One example is so-called remittance market - foreign workers who send money to their homeland. Globally it is sent around 3 000 billion per year, normally in return for high fees.