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Bitcoin Value Jumps to Over $600

Nov 25, 2013
Posted by: admin
Category: General

Bitcoin value continues to surge in the global market, topping $600 in November. ECS-World has payment processing solutions for bitcoin merchants.

The popularity of bitcoin never seems to end. Ever since its inception nearly five years ago, the digital currency has proved to be an easier, more lucrative alternative to spending money online. As opinions of the currency are mixed and vary from extreme praise to total rejection, the Federal Reserve announced in November that they have no plans to regulate bitcoin. Investors took notice of this announcement almost immediately, and bitcoin value jumped to $619 on Mt. Gox exchange.

The History of Bitcoin

Although bitcoin is prosperous now, it was not always that way for investors. Bitcoins are an entirely digital currency—they are made up of codes derived by supercomputers that solve complex math problems. Every time a solution is found, the user is rewarded with one bitcoin. This process is called mining, and can take anywhere from hours to weeks to complete. Since bitcoins exist only in digital format, they are virtually impossible to trace. Sites like Silk Road have used the currency to traffic illegal goods and services, which have tarnished bitcoin’s reputation and impacted the growth of bitcoin value. However, credible bitcoin exchanges have opened all over the world, and the currency has gained popularity and value.

Why People Love Bitcoin

Bitcoin has seen immense success because of its untraceable nature. Despite the fact that it has been used in the past on black market websites, there are still legitimate websites where customers can use their bitcoins to purchase electronics, home goods, furniture, and more. There is even a fully-functional bitcoin ATM in Vancouver where customers can exchange their bitcoins for cash and vice-versa. Additionally, bitcoin users prefer to use the digital currency online because their purchases cannot be traced back to them. No credit cards are involved, which significantly lowers the risk of credit card fraud or identity theft.

Bitcoin Value in the Future

Investors and traders of bitcoin are actively working to promote the currency’s legitimacy and accessibility in the global market. The currency seems to be hugely successful in China, with the startup BTC China seeing immediate success as a bitcoin trading website. Although federal restrictions or regulations have yet to be determined, investors are continuing to embrace the currency, and bitcoin value continues to increase every day. Despite the possibility of federal regulations, experts believe that bitcoin value would not be affected much at all. In fact, the CEO of BTC China told CNBC “I myself and many in the industry are actually in support of government regulation in this field. We want to work with the government proactively to recommend the right regulation approach for bitcoin and bitcoin companies."

About ECS-World

ECS-World is an international merchant services provider. With our high risk credit card processing solutions, we provide merchant accounts to e-commerce merchants around the world. Bitcoin merchants can also find fast, affordable solutions with ECS-World, could have access to industry-low rates, fast approvals, and could begin processing in as little as three to four days. If you are ready to apply for your merchant account, simply fill out the brief form at the bottom of this page. You can also call ECS-World at 1-800-318-2713 to speak with a live representative.

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