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Internet and virtual currency

Why Bitcoin seems nothing more than risky investment?

Bitcoin is incredibly risky because it’s not endorsed by any government, commodity market or recognised as an asset. It has no genuine value in and of itself. Though Bitcoin has revolutionary potential, but will always be risky because it is an off- base technology whose creators are largely unknown. No matter how much acceptance it gets amongst businesses, it will operate under unknown regulatory environment until a global authority takes control of it. If IMF or the World Bank forms a body to secure this currency against some tangible and exchangeable asset then I might think about it.

As Bitcoin is a digital currency its value can’t be measured by weight. Bitcoins are basically data, but data size does not determine the quantity or value of Bitcoin. So, why Bitcoin is valuable and how it is measured? Bitcoin is measured by its own algorithm and valued for its genuine valuable function in terms of computational capabilities. The Bitcoin protocol has vast genuine value as a self-regulating smooth payment network affordable to almost anyone. This is a technology that permits anyone to send money (Bitcoin) to anyone else within the world virtually at no cost by using nothing more than a smartphone with an internet connection into it. Bitcoin is an innovation that can break apart information barriers in the case of the web, and financial barriers with Bitcoin.

Why people in need of Digital currency?

Though Digital currency risky, but it still provides several advantages over present financial structure such as the fees related with every transaction is much lower than credit cards or any other way. This saves a significant amount of money for the business owners. So, they can pass those savings on to his customers. Their account data are in an encrypted form and protected from hackers (Who can really tell?) and no one ever has to see their personal password or information. People no longer have to wait for bank checks to clear from the bank or even hours of waiting for bank wire transfers. Funds are available immediately and are non-refundable. Accounts are free to open, easy to use and available 24 hours a day for any transaction as per their needs. People can send money to them instantly, securely and privately.

When they use a credit or debit card, the bank and the government can see and track all of their activity. With this mode of payment system no one has that ability. People do not even have to use their account number to make the transaction if they do not want to. No more worries about when the bank closes to get their business done. People can do whatever they want to, as long as they have access to the Internet connection or even on their Smart phone. Funds can be circulated electronically all around the world. This is how those instant transactions can occur.

Why Virtual world Expanding Day by day?

We live in a world of peer pressure. Daring friends to do something dangerous is nothing new, but before the advent of a virtual world, it was something which was just practised among people who knew each other personally and had a certain level of confidence like groups of college mates or co-workers on a night out. Now anywhere, anyone can feel pressured to take part into potentially lethal online trend with absolutely no consideration of consequences.

Virtual products work socially. Online games, social networking, porn and infinite other avenues of spending time and money  create a psychological compulsion that makes a customer purchase virtual products. These compulsions are way more multiplied than the compulsions of buying in the real world because of the ease of payment. We want to stand out, we want to get ahead, we want to belong, we want to flirt. This is how gaming and virtual products market is expanding. Customers do not buy virtual products for themselves. They don’t buy them for entertainment value. They buy them for self-expression. It’s the same reasons that people buy branded clothes in the shops but in online space, you never feel the money leave your pockets.

Conclusion

People should be careful in choosing a virtual world of internet over real-life experiences. The danger of detachment from their real world, i.e. reality by excessive use of digital media is multi-dimensional and not just a financial risk. It is a big mistake to look for more virtual friends than real ones because no matter what, a virtual identity is always less accountable and emotionally approachable as a real human being. It is not good to always be available online, but ‘less present to those whom we face in our everyday life. It is always important to remember that virtual world or contacts should not affect your relationship with direct contact in the real world.

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