is the most popular and one of the largest forms of cryptocurrency which was first introduced in 2008. Bitcoin has increased its value more than 10 times since 2013. Bitcoin is used as a form of investment and people buy Bitcoin for this purpose; Bitcoin does not give interest as usual savings accounts do, but Bitcoin’s price has been increasing drastically over years. Bitcoin has turned many paupers into a king: if an individual had bought $100 of Bitcoin 7 years ago, it would be worth around $75 million today (but don’t worry, you didn’t miss any opportunity to benefit from Bitcoin). It is predicted that Bitcoin will continue to increase its stability.You can Open an account to keep yourself up to date with all the trends of investing in cryptocurrency.
Today Bitcoin is the King of Cryptocurrency. It has both the first-mover advantage and it usually captures 90% market caps of all cryptocurrency markets (not always though). The Bitcoin dominance index went as high as 87.8% in 2017, but currently, it’s at about 50%. When Bitcoin goes up, most altcoins go down or don’t follow Bitcoin at all.
#Bitcoin dominance continues to grow to regain another 1% over the weekend (at the time of writing this update) taking Bitcoin dominance to an astounding 51.6%.
So why is Bitcoin being so strong you might ask… Well, let me tell you a little story:
Bitcoin Milestone
Back in 2010 when Bitcoin was created no one knew how much was going to become successful. Bitcoin was created because of the 2008 financial crisis that really shook a lot of people. Bitcoin was going to be a store of wealth that nobody could control and alter or inflate the money supply. Bitcoin did exactly that, but what happened over time is Bitcoin became more speculative than a store of wealth. The one thing Bitcoin did also do though creates an amazing community that looked into all the technical aspects of Bitcoin like security (most cryptos were susceptible to hacks) decentralisation (most cryptos are not decentralised enough) and speed & fees (fees on Bitcoin are minimal compared to other cryptocurrencies).
All these things combined led to Bitcoin becoming known as digital gold (because it’s secure, decentralised, fungible with no third-party control, and censorship-resistant). Bitcoin is also a great way of transferring value from one person to another without the need for third parties. Bitcoin also became known as electronic cash (because it’s fast, cheap, and reliable)
People started spending Bitcoin on different products and companies started accepting Bitcoin as a means of payment. Bitcoin really became popular in countries where there was inflation or political turmoil which led to people wanting a store of wealth outside their counties…
Bitcoin (BTC) is the Bitcoin and Cryptocurrency online news portal that provides Bitcoin and cryptocurrency users with Bitcoin-related articles, Bitcoin price updates, Bitcoin mining updates,s and Bitcoin technology updates. Bitcoin has become one of the most popular cryptocurrencies in the world today. Bitcoin is also known as a disruptive technology that could replace current systems such as banks, governments, or payment gateways to create new economies.
Bitcoin’s Creation
Bitcoin was first created by Satoshi Nakamoto back in 2009. The Bitcoin founder wanted people to have full control over their money without involving middlemen like banks and other financial institutions. Bitcoin has also been lauded for its security and anonymity features. Bitcoins transactions cannot be reversed once they are approved within the network because there is no central point of authority to authorise the transaction. Bitcoin is also one of the first applications of blockchain technology which creates a shared public ledger to prevent double-spending for Bitcoin transactions.
Bitcoin has however experienced some challenges since its introduction like Bitcoin hacking and Bitcoin theft. People have also criticised Bitcoin as an investment because it doesn’t yield any returns like physical investments such as real estate. Bitcoins are also worth less than currencies issued by governments although they are still gaining popularity worldwide because of their decentralised nature.
Companies like Microsoft (MSFT), Dell, Expedia (EXPE), and Overstock (OSTK) accept bitcoins as payment which emphasises Bitcoin’s ability to replace conventional payment methods in e-commerce globally even though there are only a handful of companies that accept Bitcoin payments so far. Some Bitcoin enthusiasts believe Bitcoin could become a global reserve currency in the future. Bitcoin price surged from under $100 to more than $17,000 after CBOE Global Markets and CME Group started trading Bitcoin futures last year because Bitcoin was perceived as a safe-haven asset.
Bitcoin has been criticised for being slow when processing Bitcoin transactions, especially during busy periods when Bitcoin users are competing with each other to make Bitcoin transactions that take hours or days. Bitcoin has also experienced congestion issues when the Bitcoin blockchain gets overloaded with