Released in 2009 as open source software, Bitcoin has quickly become one of the world’s most notable cryptocurrencies and payment systems. The digital currency is so lucrative because it’s decentralised by design, meaning it doesn’t need access to a central bank or administrator.
Zafar Kanani, network manager at Forbury Investment Network, agrees that blockchain will be a leading technology for financial institutions and businesses over the next few years. “The belief is that blockchain, the technology that powers Bitcoin, will have far more profound effects on the global economy in the years to come than Bitcoin will,” he says.
“Still, it is too early to tell whether Bitcoin will find a permanent role/place the economic landscape – its volatility to me simply suggests the market is in price discovery and if there is a true use that adds value then it will be here to stay, and the price will stabilise as its intrinsic value is discovered. In fact, there are other cryptocurrencies like Ethereum which may prove ultimately more significant, but which are for now relatively unreported compared to Bitcoin, though gaining value steadily.”
Zafar Kanani, firstname.lastname@example.org