A new generation with a new kind of currency…. Cryptocurrency. It is a digitalized currency that is based on mathematical and scientific algorithms. Its value has sustained the market for about 5 years now.
There has been tremendous growth in the demand and supply of Cryptocurrency in different countries. It is considered to be a great alternative to government-regulated currency; which is also called fiat currency or fiat money.
It is commendable to note that the value of Cryptocurrency is considerably consistent for many years now since the time it was launched.
Bitcoin (BTC) works on a software-based on mining process where bitcoins are created and transactions are recorded or verified on the blockchain.
In the unlikely times of the year 2019,2020 and 2021, Cryptocurrency has stood tall and has proved to create equal opportunities for all. There is no bias and discrimination in this digital Era with this digital currency.
It is a process of creating new crypto coins by solving complex mathematical equations. The miner first solves a complex equation and then verifies the transaction as legitimate, only after that does the verification process starts the miners are in a race against each other to solve the problem first.
The details of the investment are then entered on a distributed ledger, called the blockchain. Once that is done, the transaction is later locked into the blockchain for everyone to see and the transaction is complete. Those who solve it first are rewarded part of the transaction as a fee. Every successful transaction leads to new coins entering into circulation. And that is how the new coins come into existence.
The world has fewer flaws, is less corrupted and safe because of the invention of Cryptocurrency. This currency is not just reliable but also stable, which gradually has made I mark in the world. Within the greatest of the greats, the average and not so fortunate people the Cryptocurrency has become more mainstream in the last 5-10years.
It is noticed that now many countries have included Cryptocurrency as a new way for transparent transfers between two or more parties. Trust us, it can be a major break to the entire fiat currency as there will be no looking back with this digitalized currency.
It is believed that a presumed pseudonymous person or persons who developed bitcoin is named Satoshi Nakamoto. He is known for implementing the first blockchain to invent Bitcoin. On 9 January 2009, Nakamoto released version 0.1 of the bitcoin software. He remains a prominent figure in bitcoin history for his contributions/work on Cryptocurrency or Bitcoins.
A block system where data related to the bitcoin network is permanently stored is like a record book. This whole algorithm of Cryptocurrency works on this blockchain.
Although Satoshi Nakamoto has provided a lot of information about banking and fractional reserve banking; he never revealed his identity.
He created a website at bitcoin.org in 2008 and then published a Cryptocurrency mailing list describing a Cryptocurrency called Bitcoin; somewhere by October 2008.
He made a code that was quoted as a genius but quirky by Gavin Anderson.
It is speculated that this pseudonymous person or group of people who invented Bitcoins is of Japanese nationality.
Cryptocurrency has been in the market since 2009. It has seen a lot of highs but a few lows as well. It is believed if someone would have invested $1k in the 1st year of bitcoins to become live, he/she would have been rich by now with millions in the account as returns.
In the world that we live, although bitcoins is the very 1st Cryptocurrency that we know about. However, there were several attempts made before the introduction of bitcoins. B-money and Bit Gold are a few to tell. Unfortunately, they were neither ever fully functional nor developed.
A brief description of the usage of Cryptocurrency will be a revolution in our stock markets.
A bitcoins ticker symbol is BTC and is capped at $1,205,724,753,162.
Bitcoin Price Chart From the Year 20212 to the Year 2021
Some of the predictions made by industry experts are:
And these predictions are not baseless at all. These stand true in these changing ingredients times.
For your reference, we are going to list a few Cryptocurrencies for you to invest in:
Like any other excellent product, bitcoins have been through its succession of both good and bad experiences. There were some uncertainties in the future of cryptocurrency. As bitcoin started gaining some popularity in the market, Rival cryptocurrencies emerged. Generally known as altcoin and, they tried to improve on the original Bitcoin design. It basically offered greater speed, anonymity, and some other advantages.
Currently, there are over 1,000 cryptocurrencies. These currencies are in circulation with new ones frequently appearing on a timely basis.
Soon after the price of one Bitcoin reached $1,000 for the first time, the price quickly begins to decline.
It took about 2 years for bitcoins to regain the same value in the market after that. But, with this much trust, comes the scam.
The Bitcoin exchange went offline in January 2014, and the owners of Bitcoins never saw them again.
Since then, many investigators are still trying to get to the bottom of this incident, but someone dishonestly got their hands on a haul that at the time was valued at 450 million dollars.
Bitcoin prices started rising in October and November of 2013. Soon after, BTC's price traded around $100 at the beginning of October and reached a high of $195 by the end of the month.
By next month; I.e. November 2013, the currency went from around $200 to over $1,075 by the end of the month.
This overachieved price hike was caused by new exchanges and miners in China who entered the crypto market at that time of the year.
But it came to a point that people started facing withdrawal issues from the exchange market.
The BTC price reached its highest value at the beginning of December 2013. Later, the BTC price fell and by the end of the first week, the value went spiraling down with a huge drop of 29%.
This made the customers furious with anger and they started losing their trust in the cryptocurrency.
Some stability was achieved in the trading of BTC in January 2014. But again by the end of February, BTC price dropped an enormous value which shook the entire community of the crypto market. At this time, the price continued to fall and there was no hope of betterment for Bitcoin. By the beginning of 2015, the currency faced a lot of backlashes when its value dropped again.
By the end of 2017, BTC made its traded value of about $1k. Since then, the price hiked continuously.
Bitcoin is now on the verge to become more popular with investor confidence slowly building up and a great hike in gaining new investors. In October 2017, the price reached $5000 and $10,000 in November. The talks began around this time especially when on December 17, the price of Bitcoin reached almost $20k.
However, the rise in the value of BTC could not sustain for long as Bitcoin crashed rapidly to below $7,000 by mid of 2018 and below $3,500 by November 2018.
Since then, there were too many lows to count and soon the BTC value sank or rather eroded till the end of 2019.
But, when many Countries like Venezuela, Malta, etc. started including Cryptocurrencies in their monetary system, a rise in the trust in cryptocurrency began.
Immediately after this, UNO documented the movement of this crypto trend in their White Paper.
Then it was time for BTC to shine like a diamond or even more…
The biggest question that comes to mind of an early investor is that will Cryptocurrency ever die; i.e. will it ever be not useful?
The obvious answer is NO. As Bitcoin is a digitalized currency, the chances of it ever going out of the market is almost negligible. Its market growth from day 1 till today has shown that it had such great value in the digital world as some big names in the industry of Cryptocurrency suggest/predict that there will be a hike of about $500k by the year 2026.
The technology behind Bitcoin – blockchain – has sparked a revolution in the industry which is beyond imagination and is only just getting bigger and bigger.
Many international banking systems like Barclays, Citi Bank, Deutsche, etc. have said they are investigating ways in which they might be able to work with Bitcoin for future endeavors. It is rumored that these banks and many more banks in the future will be interested to include BTC as one of the payment/transaction options for their customers, it seems they are here to stay
Another biggest question that unsettles the brain of many great investors is that who owns the maximum number of Bitcoins?
So to settle this for once and for all, it is believed (according to rumors) it is the founder of Cryptocurrency who has the most bitcoins which is about 1 billion bitcoins.
BITCOIN is a valid digital asset so it can be traded within the country. As of now, there are no rules or guidelines that prohibit the use of Cryptocurrencies. But they are not regulated by GOVERNMENTS yet.
It is also said that one should invest in Cryptocurrency when one can afford to lose it; as they are unregulated in many countries.
There are further elaborated predictions about Cryptocurrency. Let’s have a look.
The industry expert says that bitcoins will take over US Dollars by the end of 2050 as there is a conjecture about bitcoins to elevate their value by an extravagant amount of $80k by the end of this year 2021.
Till now the US Dollar was a prominent global currency, but now the industry experts suggest that Cryptocurrency can take over the entire global finance sector.
As all the governments are always working towards elevating their countries' currency value to make it more economical, this strategy can play a vital role in the future of bitcoins/ Cryptocurrency.
There might come a time where not just the government, but also small or big investors would feel safe to invest and use Cryptocurrency for all kinds of transactions.
There is a huge demand for Cryptocurrency nowadays, so it won’t be hard to realize that one must invest on time.
Cryptocurrency is also rumored to be a faster way for transparent and reliable transactions. It is said that there are no hidden charges and hefty payment fees to use Cryptocurrency because it doesn’t depend on any bank or brokers for payments.
In the end, we would say Cryptocurrency is an incredible, scientific, and the most secured currency based on blockchain. It has emerged like the hulk in the market and to everyone's surprise, the numbers are still rising.
Overall, cryptocurrency is not just a new way of investment, it can become the biggest asset in our lives.
Bitcoin price started in 2021 at $29,048.39 USD. Today, Bitcoin is roughly trading at a price over $65k., so far the price increased by 125% from the beginning of the year. The forecasted Bitcoin price at the end of 2021 is over $82k – and the year-to-year change is +230%. The rise from today to year-end: +69%. In the first half of 2022, the Bitcoin price will climb to $111,044 USD; in the second half, the price would add $10,912 and close the year at $121,956, which is +96% to the current price.
These five years would bring a significant increase: Bitcoin price would move from $121,956 to $294,623, which is up 142%. Bitcoin will start 2023 at $121,956, then soar to $149,396 within the first six months of the year and finish 2023 at $176,287. That means +196% from today.
In this period, the Bitcoin price would fall from $294,623 to $262,136, which is -11%. Bitcoin will start 2028 at $294,623, then dip to $263,366 within the first half of the year, and finish 2028 at $279,168. It is about +369% from today.
Q1. What is a Bitcoin?
A1. Bitcoin is a digital currency that facilitates instant payments.
Q2. How Bitcoin Works?
A2. Bitcoin transactions run on a blockchain ledger that records all the transactions.
Q3. How does Bitcoin Make Money?
A3. Most people purchase and sell bitcoins as a form of currency based on speculations that the US Dollar value of 1 bitcoin will be higher in the future.
Q4. What Can We Purchase From Bitcoins?
A4. Bitcoin is a decentralized digital currency that can be purchase, sold, and exchanged without any interference from a bank or any other payment intermediary.
Q5. Is Bitcoin Legal?
A5. As of now, there are no laws that can regulate the use of bitcoins. But, many major countries like U.S.A., Canada, U.K., Malta, etc. allow the use of Bitcoins.
While many other countries oppose the use of bitcoins like Russia and China.
Q6. Can I trust Bitcoins?
A6. The chance of bitcoins going out of the market is extremely low. It is not something to be worried about. Having said that, one had to be the controller of their finances.
Q7. Can We use Bitcoins on Amazon?
A7. Right now Amazon denies any such reports.
Q8. Is Bitcoin Mainstream?
A8. There is a definite growth in many companies accepting virtual currencies as payments, so it will be interesting to see bitcoins going mainstream in no time.
Q9. How to Spend Bitcoins?
A9. When Cryptocurrency is attached to a debit or credit card for making payments, it will be easily used to spend your Cryptocurrency.