Just like any business model all over the world, even the currency market is changing rapidly. It is very important to understand the current trends and also the transformation that is happening around the world. This will shape the future and can also give an operational shift. Cryptocurrencies are extremely old. Although these are not allowed in many countries, it is still practiced in other places. Bitcoin is known as the oldest cryptocurrencies in the world and it is also the most popular one. In the past 10 years, industries have witnessed huge technological advancements and improvements on every front. While on the other side, it is important to look into the future where it determines the whole ecosystem of the process.
Bitcoins are considered to be a fair investment choice as it is extremely difficult to value. Before making any decision, it is wise to calculate and do homework on the risk and reward aspect of the investment. The main benefit of this system is that it is not controlled by any central authority. For the first-timers, they need not use the help of other middlemen to do their transactions as these are stored in an electronic system far away from the physical one. The cryptocurrencies do not have any physical existence as it is independently mined through useful resources. These are maintained in an electronic medium, which is the main reason it was launched as the peer-to-peer cash system. The bitcoin price also has a huge history when it comes to transactions.
History of pricing:
The cryptocurrency system has come a long way since its inception. Initially, the price was $0.30 in 2011 and shoot up to $19,783 in the year 2017. This shows the value of the bitcoin price as with the normal currency. Although this system suffered a huge crash in the year 2015-2016, it never backed away as the number of businesses accepting this method for payment kept on increasing. 2017 has been one of the best years for the whole process as it touched an all-time high of $20,000. This acceleration saw a gain of more mainstream attention.
Why is it popular?
- There are no interruptions from the government, banks, or any private institutions.
- There is no need to pay sales tax for bitcoin transactions.
- The transaction fees are comparatively lower.
- The international bitcoin transfer is much quicker than any other medium.
The whole system is all about the new technology called ‘blockchain’ which is a secure, time-saving, and decentralized record-keeping process that makes it an incredibly powerful tool to use.