The internet currency known as Bitcoin has been steadily growing in interest over the years, having reached a peak of $1023 in January 2014. Right now (as we're posting this article), it's oscillating around $960 (check the current value here).
It's believed the reason for this peak is the devaluation of the Chinese yuan since most Bitcoin tradings take place in China. But there's also the intense market of the year's end with many holidays tying together, which means more tradings in Bitcoin on the internet - even Trump's election showed a growth in Bitcoin value overnight.
However, despite growing with relative steadiness the past year, experts are not recommending investment without further study, since Bitcoin is known to oscillate values suddenly, either upwards or downwards. It's hard to predict exactly what will happen to Bitcoin since the currency isn't tied to any country's politics or tradings.
The growth in interest for Bitcoins mainly due to its simplicity - many companies from different countries and segments are trying Bitcoin as an alternative to banks since you can set up an account in seconds and even international transactions cost minimal fees.
Being decentralized, Bitcoin managed to capture people's trust. You can set up your own account and manage it with ease in a few minutes, keeping your personal information safe. The only information that will always be visible to anyone are the trading values - Bitcoin has a sort of huge general ledger that stores every transaction that ever happens.
Simply put, you can have several different addresses and all your transactions will show up there - but no one would know it's yours.
Following this rhythm, it seems 2017 may just show a record high value for Bitcoin, if the value doesn't plummet like it has in the past. It seems unlikely, considering the growing interest from industries and now, more media exposure.
Quick facts about Bitcoin
- Bitcoin was created by someone referred to as Satoshi Nakamoto - his or her real identity remains a mystery to this day. There were many attempts to find this person, but so far, nothing beyond conspiracy theories and false alarms. Despite the Japanese name, it’s speculated the pseudonym does not represent the creator’s origin.
- Bitcoin isn’t printed anywhere, it’s entirely a digital currency.
- Bitcoin isn’t related to any country’s currencies and isn’t run by anyone - it’s entirely based on mathematics. Read more about it here!
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