Bitcoin is gradually making progress as a medium of exchange in developing countries. While it can be volatile as an investment asset, it has real utility as an instrument for payment and money transfer, especially in places where conventional payment systems are immature. Because Bitcoin facilitates instant payment through peer-to-peer technology, most transactions can be completed in less than 10 minutes no matter how distant the two parties are. In addition, each transaction is recorded in a public ledger, enhancing transparency and trustworthiness.
Consequently, a supportive ecosystem is quickly evolving around the digital currency. Companies—mostly startups—are building exchanges, trading and payment platforms, wallets, and storage and remittance services. There are now around 65,000 bitcoin transactions a day currently, and 13 million bitcoins are in circulation globally. (That converts to about $8 billion at a recent USD/BTC exchange rate of $589/BTC). But bitcoin’s ability to scale further hinges on consumer confidence and the development of services that allow users to securely store and transact in bitcoins.
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