Ever since the emergence of digital currency, Bitcoin has always held the topmost position amongst cryptocurrencies. Bitcoin is a decentralized digital currency and can be used from peer to peer without any intermediaries. The transactions in Bitcoin are continuously verified and transparent. The concept of Bitcoin and cryptocurrency emerged in 2008, and the use of Bitcoin started in 2009.
Bitcoin works using blockchain technology. Blockchain technology works by creating different blocks of information connected by a chain. As one block gets filled with the information, it attaches itself to the previous block through a blockchain name.
This blockchain technology is decentralized and allows end-to-end encryption without any third-party authority. The encryption has made Bitcoin very popular as it does not need the intervention of a third party for the transactions to take place. Hence the transactions are fraud-proof, safer, and recorded irreversibly.
Banks have not reached out to everyone in countries where the financial economy is not very strong; digital currency, like Bitcoin, can be quickly transacted. It can be done only by using a smartphone. It is a boon for the developing economy as it can completely eradicate poverty by reaching aid directly from the provider to the one in need. It also has the power to diminish income inequality by giving good assets in the hands of the middle class and thus decreasing the gap between the upper and the middle classes.
While Bitcoin has been around for more than a decade now, it has constantly been in the news ever since its creation. In March 2020, the price of Bitcoin fell $4000 during a market sell-off. It had reached $10000 in February 2020, so the price dropped. In August 2022, $50 million was invested in MicroStrategy to reserve the asset. In October 2020, Square Inc. placed one percent of the total assets in Bitcoin, which amounted to $50 million. Paypal announced that US users would be allowed to hold, sell or buy Bitcoin in November 2020. The value of Bitcoin reached an all-time high in November 2020 at $19560.
In January 2021, many reputed entrepreneurs like Elon Musk made a Bitcoin purchase, thus bringing up both its value and its fame.
In September 2020, tax payments using Bitcoins would be allowed by February 2021 by the Canton of Zug, Switzerland. In 2021 June Bitcoin was made a legal tender in Salvador.
That said, coming on to the latest news of October 2021.
Since May 2020, the Bitcoin price has been rising slowly and steadily. The Bitcoin price hit the low on September 21 at $40596, creating hype. The Bitcoin bounced back above $55000 after a short while. This increase has been the largest and the strongest since May. Its market value has risen approximately at 4.6 %. Debates are surrounding the topic that it is too late to buy Bitcoin now. It has also been said that investors are holding back Bitcoin, which could mean that the comeback of Bitcoins for real.
Another news has been coming in that El Salvador has started mining Bitcoins using their energy from the volcanoes. The new method and wise use of energy is a massive drive in the future of Bitcoin. Its low cost in production and easy availability can also increase its fame and popularity.
Bitcoin is one of the most accessible currencies in the world today. Investors have got known to say that the Bitcoin price increases more and renders more profit.
Conclusion
The Bitcoin and cryptocurrency market is volatile. The constant up and down movement of the market needs careful investigation before any investment gets done. Make sure you are updated with every news of Bitcoin and other related cryptocurrencies prices going up and down before you make any purchase. If you want to know more information on Bitcoin and the benefits of bitcoins in the market, please read here. Wise investments can only yield profitable results.
