What currency is feared by the European Central Bank as a threat to fiat monetary institutions? What currency is cash-like, but digitally transmittable allowing for ultimate anonymity and global mobility? What digital currency is up over 2,200% over the last year? The answer? Bitcoin.
So says the introduction to a Visual Capitalist infographic* originally entitled The Encrytion Standard: How The Largest Digital Currency Is Ushering In a New Monetary Era.
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Bitcoin is the first peer-to-peer (P2P) digital currency and payment system to gain significant interest. This month its marketcap surpassed $1 billion. [Below is a description of what Bitcoin is, and isn’t, and why it has caught on to the extent it has.]
I’ve become interested in this whole Bitcoin thing, the electronic currency first was issued about 3 years ago, and I think it is fascinating – and troubling. Here’s why.
It is possible that Bitcoins are starting to steal some of gold’s historic role as a safe haven asset, and if that comes to pass it will be a headwind for the metal and the miners of it going forward….