Digital currency also known as virtual money or cryptocurrency, is the currency used worldwide as the same currency but the value varies from country to country. You can convert traditional money into digital currency and that currency can be used everywhere in the world. But you can send this virtual money only to those people who have special wallets to hold this currency.
Various kinds of digital currencies are Bitcoin, Litecoin, Ethereum, Dash, Monero, Ripple and many more. Using digital currency, you can make payments or transfer funds to anyone in the world. Among all the digital currencies out there, the value of bitcoin is very high. Currently the value of bitcoin is $3908, which has risen drastically being only equivalent to around $600 last year. It’s hard to predict the fall and rise of the price but many believe that this can be achieved by some machine learning algorithms. Popularity of this digital currency is increasing at a very rapid rate and it can be seen with the increasing value of bitcoin. Other digital currency, such as, Litecoins, Ethereum or Dash, have values between $200 to $300. Ripple is far behind among all at a very low value of $0.15.
According to the estimation of Masterluc, a bitcoin trader, the value of bitcoin will reach $15,000 at the end of the year. Masterluc has a reputation of accurate predictions. Recently the software company Blockstream, the leading provider of blockchain technologies, has launched the Blockstream Satellite Network that will broadcast bitcoin to any place of the world for free. The satellite network covers US, Africa, Latin America and some parts of Europe and company claims the network will be worldwide within a year.
According to experts of digital currency, bitcoin’s future will be more stable as compared to other cryptocurrencies. But if these digital currency are the future, then is it viable to say that it will be the end of banks?