Although Bitcoin has been around for a few years, the market has flown fairly under the radar until recently when its value soared to over $1000 in November 2013, a huge leap from even where it began the year at a value of $13.56. So…what is Bitcoin exactly? Bitcoin is a digital currency – a consensus peer-to-peer network that enables a completely new payment system. Bitcoins are completely decentralized and are powered by its users with currently no central authority. From the perspective of a user, Bitcoin is essentially cash for the internet.
However, the Bitcoin market is actually much more complex. From where bitcoins came from to how they are “mined” to how the value of a bitcoin fluctuates. IDology recently launched an Infographic on Bitcoin that reviews these extremely interesting facts. Click on the image below to view the complete infographic.
When it comes to Bitcoin regulation, the discussions at the highest level are ongoing. Nevertheless, many Bitcoin organizations are taking the lead and enabling the very same Know-Your-Customer (KYC) Rules that are required in the Financial Services industry to identify legitimate customers, meet compliance regulations and deter fraud. To learn more about KYC Rules go to http://www.idology.com/resources/know-your-customer-kyc-rules/