It was in April when a group of American executives took a flight from the United States to Beijing in order to conduct a secret meeting just a few blocks from the famous Tiananmen Square. The group went to China in order to make dealings with the dominating companies in what is now considered as the most unique experiments conducted on currency. This is the rarest in all the world and it is a digital currency called bitcoin.
Despite the great odds and the structure of the currency which is quite to comprehend, bitcoin now leads as one of the largest industry with multibillion dollar worth. The structure works by employing supercomputers to perform mining operations of the digital currency through mathematical problems. Major investors have flocked into the bitcoin industry from Silicon Valley and others are already following from the famous Wall Street.
The bitcoin is considered as a new type of digital currency and also an unconventional financial network. Despite all this, the digital currency is now having a form of identity crisis. There are many technologies that have been in this state before, where it is put in a pedestal where it has to choose between the inevitable commercial growth and the original aim with which it stands upon its conception.
Upon its creation, the main aim of the bitcoin network was to make sure that it will not be controlled by any single entity – be it a specific government or a certain country. The digital currency will be available for anyone, anywhere and wherever they may be.
The digital currency has long since announced its stand as a currency that knows no boundary. The Chinese, on the other hand, is dominating the bitcoin network and they are currently assuming the control of the entire network since the majority of the mining pools are owned by Chinese nationals. They have accomplished this by risking investments as well as using millions of computer servers that are located all over the country. The group of the Americans that went to visit Beijing decided to do so because they recognize that this is where the dominating party are located.