The rapid change in people’s life made cryptocurrency a valuable asset. Moving from the traditional world to this modern era involves many changes in your life. Once upon a time, the only source of getting new things was cash. And now the online mode of payment is preferred. One of the popular digital currencies is Bitcoin. Almost twelve years ago, Bitcoin was introduced as one of the cryptocurrencies. Bitcoin’s existence is not physical. Experts create Bitcoins using computing techniques. It is then given a value according to which people exchange their assets to buy Bitcoin. You can buy Bitcoin by exchanging your cash or other assets. Bitcoin operates by blockchain, that blockchain is a public ledger.
How much is one Bitcoin worth?
Digital currency has its flaws. You can’t expect to be a millionaire while shifting from cash to Bitcoins. There came a time when Bitcoins showed an increase in their price. In April 2011, Bitcoin’s price increased from $1 to its peak and stopped at 32$ by July 2011. A gain of 3200% within three months. After a period of massive success, Bitcoins price decreased down to $2 by November 2011. Since that there are rapid fluctuations in Bitcoin’s price. It suffers from both incline and decline over time. You have to be patient. When you invest in Bitcoins, you have to bear the loss.
From 2011 – 2020 Bitcoins’ price faced rise and fall. In 2017 Bitcoin investors felt despair and made their minds shut down this business and shift to something else. From 2017- 20120 the Bitcoin’s price did not show any remarkable rise. In December 2020, the widespread deadly pandemic changed the destiny of Bitcoins. The economy shut down, Bitcoin prices burst in again. Investors accelerated Bitcoin’s policy from the fear of loss in the global economy. Bitcoin was trading for $18,353 by November 23. Bitcoin’s price increased day by day and reached its highest peak. By January 8, 2021, Bitcoin’s price was $41,528.
Bitcoin is not about trading or transactions all the time. Bitcoins allow users to buy and store their assets for a longer duration without any service charges or tax deductions. You may find several factors responsible for the change in Bitcoin’s price.
Whenever you bring something new into the market, it takes time to earn people’s trust. Bitcoin’s early days went through a massive struggle to win a place in the market. It was not easy for everyone to manage the rapid rise and fall in Bitcoin prices, privacy issues, public addresses, public accounts. It took time to understand the terminologies associated with Bitcoins apart from the procedures used for Bitcoins.
During the start of Bitcoin, very few buyers stepped in. Thin liquidity, a rise and fall in prices, and a ban on cryptocurrency exchange resulted in a change in bitcoin’s price.
If we talk about today’s Bitcoin price, one Bitcoin is equal to 33,576.70 United States dollars. Bitcoin’s importance and success are not under any control. There are continuous fluctuations in Bitcoin’s price. It seems that Bitcoin’s journey has no end. It is expected in the future that Bitcoin’s price can break all the previous records.
also read – all you need to know about BITCOIN
