September 11, 2020

The Future of the “Future Money”, Bitcoin 

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Bitcoin has already been developed back in 2009 as the first cryptocurrency ever to be programmed on the internet by a man whose identity is not known, even, and only hides behind the pseudonym “Satoshi Nakamoto.”

It was first programmed to let people send money to whoever they wish to, even if the person was on the other side of the world. It existed for that purpose, but as time passed by, people have also started to use Bitcoin to earn money and even make it their livelihood. As of this year, Bitcoin has yet evolved and is yet to improve more.

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On the year of 2009, Bitcoin really wasn’t a big hit the moment it was launched. In fact, the first bitcoin transaction to be made was done by Nakamoto and Hal Finney, another programmer. Nakamoto has sent 10 bitcoins to Finney.

After the virtual currency application has been exposed to media; however, more people have started to take an interest in it and have started using the application to make transactions. Eventually, word has been spread, and the population of Bitcoin users continues to multiply and increase. People have started sending money with Bitcoin, buying Bitcoin, and mining Bitcoin.

It is known by now that the more people use this virtual currency application, the higher the demand could get. What started from have almost no people use the software, Bitcoin now has an estimated $12,000 minimum worth and approximately 42 million digital wallets. Even though a bitcoin’s price often fluctuates due to its volatility, it is still expected that over time, that $12,000 will only go higher.

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Not to mention, halvening or halving of Bitcoins also take place, and it has already been taken note of that every time Bitcoin holds its halvening or halving, its number of users rapidly increase. Halvening happens every time 210,000 blocks have been mined (or about every 4 years).

The first halvening or halving happened back in November of 2012. At this event, the Bitcoin’s price was first approximately $11 but rose to an estimated $1,150 dollars in December 2013. Some have seen this as a coincidence since they have pointed out that it correlates to the Cyprus Bailout, but nonetheless, the numbers showed positive results.

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At the second halvening or halving (which occurred in July of 2016), made the Bitcoin’s worth rise from $650 to roughly $20,000

in December of 2017. Just like last time, people reasoned out that this was able to happen because Bitcoin was majorly exposed to media around that year, making people invest in it regardless of the halvening or halving.

Just like the first halvening or halving event, however, the numbers still showed positive results despite the reasons people may point out.

Not only does Bitcoin improve with its prices, though. After Bitcoin has risen to popularity, other cryptocurrencies have also been given birth to. Bitcoin is still called the “Mother of Cryptocurrency”, but a lot of people have also started to invest in other forms of digital money such as Ripple (XRP) and Ethereum (ETH).

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Aside from that, a lot of third-party sites were programmed to assist people trying to grasp the world of Bitcoin and those who want to make Bitcoin easier and safer to use. An example of such third parties is digital wallets, which were made to safely keep one’s digital money away from cybercriminals and viruses.

Another example is automatic trading bots, which are bots that can buy and sell bitcoins in place of other people. These bots were programmed to work fast all day and all night, and can even adapt to your trading strategy.

The future for Bitcoin looks bright as more people take an interest in it and join, causing the demands to go higher. Analysis of Bitcoin’s future prices is already being discussed on the news and is expected to reach roughly $250,000 in the next two years. Details about how this could happen could be learned once you cryptocurrency.

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