Bitcoin is not the only digital currency though it gets the most attention after its tremendous increase in value. Bitcoin had penetrated the number 15,000 US dollars per chip or approximately USD 203 million in early December.
But there are actually other digital money-less well-known ones that also enjoy a huge increase in the value of the digital currency market, which is still not regulated by the financial authorities.
Its name is MIOTA which is termed as investment product designed for ‘internet goods’.
Since early November 2017, MIOTA’s value has risen by 774 percent and the increase has made its capitalization skyrocket to US $ 12 billion, making it in the top five of the world’s digital currencies, according to the financial news website MarketWatch.
The review of the value of the digital currency was fueled by reports that a number of technology companies are working with IOTA-a nongovernment agency that created MIOTA-to compile a market data.
One of IOTA’s founders, David Sonstebo, said the idea would encourage data sharing and avoid wasted information.
“The IOTA excites the idea of sharing data through free deals, which will be a catalyst for the new paradigm of research, artificial intelligence, and data democratization,” Sonstebo said in a statement last month.
However MIOTA is still relatively mini compared to Bitcoin when viewed from the value per unit. According to Cryptocurrencychart.com site, MIOTA value 4.5 US dollars per unit on December 6, 2017 while Bitcoin reached 12,963 US dollars.
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Unlike conventional currency, digital money is a reflection of the value made by a particular institution or government.
The main way to earn digital money is to buy it with ordinary money, as payment for the products and services provided by the company concerned or for investments in the digital money.
The method reflects that the digital currency market does not have strict rules because it depends solely on the investor concerned, which is generally a private party.
Regardless of the absence of regulations, digital money shows rapid growth: Bitcoin – often dubbed ‘digital gold’ – for example enjoying a value increase of up to 1,200 percent throughout 2017.
Some observers, however, believe that digital money will be one of the biggest ’empty bubbles’ of finance in history, which in time will erupt without value.
One who doubts the digital money is the winner of the Nobel Prize in Economics, Joseph Stigtlitz.
“Why do people want Bitcoin or an alternative currency? The main reason is to engage in dirty activities, such as money laundering and tax evasion,” he said in an interview with the BBC some time ago.
Despite some warnings, investors are still taking risks in the growth of digital currencies, reflecting the old principle: ‘the higher the risk, the higher the profit’.