The idea of a digital currency has been around for quite some time. The concept of using a electronic form of cash in everyday transactions has been in the works since it was first proposed around 1983. The idea of a decentralized form of digital currency that is untraceable by banks, the government, or any third party made technology and finance enthusiasts excited, and some worked on how to make this concept materialize.
The inception of Bitcoin
There has been a number of different forms of cryptocurrency developed since it was initially conceptualized, but the defining point of the cryptocurrency business came in 2009, when Bitcoin, the first decentralized was released as an open-source software to the public. This have made cryptocurrency available to practically everyone with an access to an internet connection.
The sudden rise of Bitcoin value
Since its inception, Bitcoin has gradually grown in popularity among investors and traders due to a number of benefits it offers over other digital currencies and traditional currencies in the world, like the convenience of trading through the Bitcoin Revolution app in any smartphone. It was in 2017 when the value of Bitcoin skyrocketed to almost $20,000 that almost everyone took notice of Bitcoin and cryptocurrency in general.
The erratic behavior of Bitcoin’s value
The sudden rise in value of Bitcoin was immediately followed by a rapid decline, losing more than half of its value in just a few weeks. It even went down to as low as $3,600, a far cry from its celebrated value of roughly $20,000 just a few months before. As of this writing, Bitcoin is valued at around $7,000 and has been around that margin for quite some time now.
The future of Bitcoin and cryptocurrency
Some financial experts say that Bitcoin has finally become stable and investing in it is not as risky as it was before. But Bitcoin’s track record made some individuals skeptical of its future, and the future of cryptocurrency in general. Some experts say that since transaction that can be dealt with Bitcoin is still limited, Bitcoin is still vulnerable to experiencing sudden collapse.