Bitcoin, the most popular cryptocurrency in the world right now, is simply everywhere… and if you don’t know what it is or how it works, you need some catching up to do because it doesn’t seem t o be going away any time soon.
Bitcoin has been around since 2008, but it has only gained traction in international news in the past couple of years because of how it suddenly ballooned to ridiculously high value.
It started when Satoshi Nakamoto authored a paper explaining how a bitcoin software could work using an open source code in August 2008. Nakamoto is widely speculated to be a Japanese person because of his or her name. However, Nakamoto could also be a pseudonym for a group of people who created bitcoin together.
In 2009, the bitcoin earned a value of roughly $1.
It was in 2010 when the bitcoin market was established, with bitcoin becoming its currency exchange. From then on, bitcoin has undergone a series of version upgrades and market movements.
Bitcoin’s popularity has been bolstered by big name companies starting to accept bitcoin as a mode of payment. In 2015, the number of merchants that accepted bitcoin surpassed 100,000. These included major companies like Microsoft, Tesla and Steam. The exact number is thought to have dwindled down significantly in recent months, though, because of the cryptocurrency’s price volatility. One minute it surges up to over to almost $20,000, the next it slides down to just under $10,000. Its value’s movement goes so fast that there is only a matter of minutes before it goes up or down again.
After reaching its peak of $19,500 in December, it has since continued to decrease value but still at an astronomical rate. One bitcoin could be worth that much money, but it could be worth a lot less in minutes.
And because it is extremely volatile, bitcoin is regarded by some analysts and investors as a high risk investment and therefore should be avoided. They classify bitcoins as asset bubbles that would burst any time in the near future. But are they correct?
While there are others who are hesitant to invest in bitcoin, there are also strong arguments in favor of it. As some explain, bitcoins are more widely traded than used as virtual money because they are regarded more as assets rather than currencies.
But even if merchants are not completely convinced to accept bitcoins now, they could change their mind once they realize the upward direction that bitcoin is expected to undertake this year. Bitcoin is not just an obscure little cryptocurrency anymore. It has emerged from a novelty white paper proposal in 2008 to an internationally accepted and coveted form of currency that it is today.
Mike’s Gear Reviews has come up with five reasons why bitcoin can be your best high-growth investment for this year with this infographic
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