A Cryptocurrency Bitcoin ranked No. 2 in global news searches revealed by Google, and “how to buy bitcoin” ranked No. 3 among how-to searches on Google in 2017.
The Nintendo Switch, Samsung Galaxy S8, and Xbox One X were the third, fourth and fifth most frequently used consumer tech search terms.
The lists are based on search terms that had a high spike in traffic in 2017 as compared to 2016.
The Bitcoin Boom
“Bitcoin has been hyped tremendously in the press as everything from the next universal currency to a hedge against government debt default,” Frost’s Jude said. “It’s no wonder that the general public is starting to take notice.”
Interest in bitcoin and other cryptocurrencies is surging, and various commentators and investors predict bitcoin’s price could close in on the $1 million mark.
The Chicago Board Options Exchange launched trading in bitcoin futures Dec. 10 with the ticker symbol “XBT.” Trading was halted twice that day as the futures surged.
The CBOE’s bitcoin futures fell 10 percent Wednesday, triggering a two-minute halt to trading.
The Chicago Mercantile Exchange will launch bitcoin futures trading on Dec. 17.
“Stories of people starting with (US)$100 of bitcoin and ending up multimillionaires likely contributed to the massive feeding frenzy on the cryptocurrency right now,” Enderle suggested. “Anything that looks like a valid get-rich-quick path will almost always get a lot of attention.”
Bitcoin ranked No. 2 in global news searches – Google Reveals
A Million dollar question is: Is CryptoCurrency trading legal in Pakistan?
Today, most merchants all around the world, let alone Pakistan, still don’t accept bitcoins for retail transactions. China banned buying or selling goods and services with e-money in 2009. Bitcoins are also illegal in other countries of the world including Bangladesh, Ecuador and Bolivia.
Currently, one bitcoin sells for $639. A week later it might go down to $400 or even rise to $1000. The buying power of bitcoins fluctuates wildly, and unless this currency become more widely accepted in the near future it is unlikely that it would be stabilized anytime soon.
Bitcoins are commonly used for criminal purposes in dark net markets that have transactions involving drugs, weapons, forged documents and cyber-arms among others. There are other disadvantages associated with bitcoins. Since bitcoins have no borders, it is difficult to control the currency. There are no safeguards for financial institutions and no transparency to users. There is also bitcoin related malware.
Bitcoins can be stored online but they can also be stored in an online wallet that is accessible by a private key. Theft can occur if a third party gets access to either the wallet or the private key. Bitcoin machines also exist but since they are not like traditional ATM’s, they charge exorbitant fees.
From the banking sector in Pakistan, people seem more interested in the blockchain technology behind bitcoin rather than the e-money itself. Danyal Manzar, the CEO of UrduBit, one of the leading Bitcoin exchanges in Pakistan says, “We really have to open our minds and think of the revolution it brings. I think all countries including Pakistan should be open to this idea as it [the Blockchain technology] can bring about endless possibilities in RTGs, cross border settlement, clearing on a distributed verifiable ledger and a clearing switch. And this is just the tip of the iceberg.”