Bitcoin – An Introduction as its value doubles in 2016

Video transcript:

Today is Sunday 25th December 2016 and yes its Christmas Day and we are going to very briefly talk about a subject many of our listeners are interested in Bitcoin and Cryptocurrencies.

Over the next 2 weeks we are going to cover cryptocurrencies and bitcoin in some depth.

Some see them as an alternative to the US dollar, and others see them as the New World Order Digital currency. We shall dissect each of these views and analyse truly where these currencies lie and their prospects within both a Western and Global economic system.

Its worth paying attention to the fact that the value of the Bitcoin virtual currency has hit a three-year high with each one now worth around $900 or £730

At the start of 2016 one bitcoin was worth around $435 but its value has climbed steadily all year. This upward progress has continued despite regular hack attacks on virtual currency exchanges in which coins have actually been stolen.

Some Experts claim that its rise in value is linked to the long-term depreciation of the Chinese Yuan as the majority of Bitcoin currency trading takes place in China. We are all aware that the Yuan has dropped about 7% in value during 2016 and this, coupled with the global political uncertainty and Indian moves to control paper currency are driving people to purchase Bitcoins.

If these trends continue, more people may be tempted to acquire Bitcoins as they could be seen as a "flight to safety".

In 2013 the value of bitcoin exceeded $1000 but although since then it has fallen back considerably, we are now witnessing rises that could easily see it surpass that level. The total value of all bitcoins in circulation is in excess of $14bn and we shall be reporting on its future and sustainability.

This is just the introduction – there is a lot more to come. Merry Christmas.

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