Have you ever heard of Bitcoin? Or are you also intrigued about its promising claims and why it has become so popular to many countries today?
In a world where everything we do requires to be fast-paced and convenient; technologies are being developed and upgraded every now and then to fit the people’s demands. Imagine, you bought a mobile phone recently and a few months would pass and you have heard that there is another one coming up with better features than the one you just bought. Yes, that is how technology works in this lifetime. It is very competitive.
Competitive Technology
If everything is competitive, then we all know for sure that it would not just stop on mobile phones, iPad, laptops, video games, etc. The need for new technologies would also be needed in bringing betterment to other things such as processing of documents and data. Because of this, developers have created a revolutionary way of banking to us. No, it is not about just having a mobile app that is connected to your current bank account. It is so much more than that. It is about banking without needing an intermediary or a third party. If you are thinking about person to person (P2P) transactions, then, yes, you are absolutely right!
How Bitcoin All Started
Bitcoin, the number one cryptocurrency today, first started on October 18, 2008 where its domain was registered as Bitcoin.org. After a few days a paper was released under the name of “Satoshi Nakamoto” entitled This name is believed to be a pseudonym, no one ever knew who Satoshi Nakamoto was, whether he was just a person or they are a group. Up to the present day, who Satoshi Nakamoto is still a mystery to many.
We might not know who Satoshi Nakamoto is, but one thing is for sure, the technology that he created is something that shocked the world. Bitcoin era is not like any other currency because it is digitalized, it is cashless, it does not require intermediaries, it is cheaper, its price is volatile, it can be used anywhere and anytime, and it is backed by the blockchain technology which uses cryptography. Bitcoin also paved the way so that people could add up some of their ideas so the technology succeeds. Hence, other cryptocurrencies had been created. Now, there are more than a hundred types of digital currencies out there.
Blockchain Technology
Blockchain technology is almost always thought to be the same with cryptocurrencies, but it is not. The blockchain technology is only the one that was used by Bitcoin at first. And since Bitcoin has become very well known around the globe, people also became curious about how blockchain technology works and what it can do to escalate the betterment of the technologies we have today. Nonetheless, the easiest definition that people must always remember about blockchain is that with the use of this technology security will be at par with what we currently have. With this, all the transactions would be on record and cannot be deleted because it is quite impossible to hack anything that is using blockchain. People can also expect that transactions will be transparent to everyone because the server is not operated by any company or anyone.
Volatility Of Bitcoin
Above, it was mentioned that Bitcoin’s price is volatile. And this volatility is the main reason why people in late 2017 had gone crazy about it. It was all over the news, people did not expect what happened, the price of Bitcoin has nearly reached $20,000 USD each. Who would have thought that from its initial price which is just cents when it first started, the prices of Bitcoin has reached so high in a flash?
Due to this unexpected event, there are really a lot of people who became so rich in almost like an instant. It is as if they had won the lottery!
Just a short flashback on the Bitcoin’s prices, from January of 2009 up to March 2010 it was barely nothing until in the latter part of March 2010 when it got a price of $0.003 USD each. During that time, the very first Bitcoin exchange also started operating. In May of the same year, the price went down to less than $0.01 USD. Then from July 2010 up until June of 2011 the price went higher again reaching $31 USD for each Bitcoin. Then the cycle goes on and on. The price will then go up and then will go down. December 17, 2017, is the date when the price Bitcoin skyrocketed to its highest peak which is $19,783.06 USD each to be exact. Can you imagine how much money others had gained if they bought their Bitcoin at less than $0.001 USD?
Current Price Of Bitcoin
As of the present, the price of Bitcoin is still down at $7,323 each which is actually the perfect time to purchase, if you are into trading. Yes, cryptocurrencies like Bitcoin can also be traded just like stocks. And, actually, there are already a lot of projects that the focus is indulging into this. Also, even further studies are being conducted by individuals, groups, companies, and even educational institutions to dig more into this industry. It only proves how people see the potential of this technology.
Just remember, even though Bitcoin could be a really good way in earning faster money because of its volatility, it is very important that you have further and deeper knowledge about Bitcoin. The more you understand the technology, the more you can plan on your actions and strategies on how to win.
Also, as deeper you read about Bitcoin, the more you will learn the real value of it which is to actually create a world where transaction from one person to another is done easier and faster. You do not have to worry about waiting for how many business days for your transaction to be delivered to you, you would not worry more about the problems with third parties or intermediaries, etc.
