The whole world is currently witnessing an upsurge of digitization touching each individual around the world.
What with mobile application development services catering to every requirement of the users in terms of necessities and or luxurious desires, mobile developers just need a new opportunity to explore and present them to the smartphone holders in the guise of applications. Incorporating digital payment gateway into mCommerce applications has proved to be yet another major breakthrough in the world of mobile technology.
The developers and the tech giants are practically dishing out the world into the mobile phones, giving more and more reasons for the users to remain glued to it through the day. And, now we have the Bitcoin making headlines every day.
The price per bitcoin is rising exponentially day after day. In spite of the fact that most countries have not legalized bitcoins as a mode of transactions, yet users are investing in it and reaping the rewards.
The rise in its value is crazy and those who invested in it are surely blessing their luck. Yet, Bitcoin wallet has failed to find a place for it to offer enterprise mobility solutions to the users.
Nevertheless, there are mixed opinions when we come to bitcoins and still few of us exist out there who have refrained from investing into this cryptocurrency. Investment in Bitcoins seem logical for some but few others are completely of the opinion that this particular cryptocurrency will at all maintain this ongoing surge or is likely to experience a complete crash down.
For all those out there who are still in some confusion pertaining to Bitcoins, allow me to expand your knowledge on this very topic.
Therefore, what do we know about Bitcoins??
A digital currency, which entered our lives way back in the year of 2009, make use of decentralized technology to offer a secured platform to conduct transactions and store money, cutting off the need to own banks and or using people’s names.
Now, we move on to the next big question and i.e. how does it work?
To initiate journey with Bitcoins, all that is required is to get the bitcoin wallet installed onto your personal phone or computer to generate the bitcoin address, which, is utilized to receive or make payments to others. However, a particular address can be used just once.
The blockchain technology serves the purpose of a shared public ledger to calculate the spendable balances in the wallet and new transaction of bitcoins owned by the sender is verified here. There is more to the latest cryptocurrency.
Hence, let us not go too deep into the details.
Now, coming back to the topic, it is time to explore the few reasons to convince people why it is just fine not to indulge in this ongoing frenzy with Bitcoins??
Recent times have witnessed an exponential growth in value per bitcoin and some believe this upsurge is just a tip of the iceberg. According to Quartz, a Standpoint Research analyst considers the value to reach $5000 by 2018.
In his opinion, it is highly likely, $200 trillion of world’s stocks, bonds, gold and cash to ultimately get incorporated into bitcoins and other cryptocurrencies such as ethereum 10 years from now. This is definitely a rosy picture presented to the investors but there are few opinions that contradict the image.
1. The scariest side of the picture is that bitcoins continue to fail in offering any utility value contrary to hard commodities such as copper or even gold.
2. In addition, there are no such measurable units to guarantee a continuous flow of cash for the investors unlike securities such as bonds or stocks.
3. Lack of government backings, bitcoins fail to have any form of inherent value to support prices.
4. Alternative cryptocurrencies sprouting up to negate the scarcity of the bitcoins.
5. The continuous upsurge of per bitcoin value is nothing but a bubble waiting to burst, in the words of few thinkers.
Jotting down the final words
Top mobile application development companies have strong reasons to opt out Bitcoins as a mode of conducting monetary transactions within their mCommerce application. And they can be summed up in bulletin points:
1. A layer of anonymity to render shady transactions with bitcoins.
2. Highly volatile market entails high-risk investment choice.
3. The absence of the stringent regulatory body and proper back up by any tangible asset.
4. Mined through complex mathematical formulae.
5. Unrecognized by few countries such as Reserve Bank of India as a legal entity.
6. Presence of fraudulent schemes with no measure to identify them.
7. Lacking Governmental control, it is prone to illegal activities.
The reasons are strong enough to convince most of us to steer away from making any investment into either of the cryptocurrencies currently available in the market. Irrespective of the fact that the rising value does tempt many young minds, the market of cryptocurrency is not trustable enough other than just taking a chance at gambling.
Today the value is whooping high but tomorrow may present a different picture. Until and unless a proper regulatory body is present, top-rated mobile app development companies will never accept bitcoins as a mode of receiving payments.
Let’s see what is going to be future for bitcoins?
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Fluper Category: Mobile App Developers Profile: Fluper Ltd. is an authentic, certified and top rated mobile application design and development company with engineers expertising in native application development, customized applications provisioning end-end 360degree mobile app solutions. We have specilized in Android, iOS, iPad, Tablets and Wearable App Development Services. We have been working in the IT Mobile App Domain and Verticals since 2013 providing following services: #Enterprise Applications: Business, Banking, Finance, Human Reso ...
