It is weird to think that Bitcoin started all the way back in 2008, sparking the entire crypto economy trend as the original cryptocurrency. Since it’s inception, bitcoin has experienced many price fluctuations, only really making headline news for the first time in 2013 when it was worth between a mere $10 and $15.
By the end of 2013, the price increased exponentially to reach $1,163 per coin. Despite this huge spike in value, it dropped back down to about $200 per coin over the course of the next 18 months. With such drastic fluctuations, global uncertainty around bitcoin and whether or not to invest persisted.
Bitcoin did not make big news again until late 2016 when the price made another jump back up, mostly due to the increase in buying spree from the Chinese trying to avoid the devaluation of the Yuan. Because bitcoin transactions are anonymous and more direct than bank transfers, investing in this cryptocurrency became a popular option for many of China’s citizens.
Due to the increase in investment from China, in early 2017, bitcoin’s value almost matched its all-time high, making it up to $1,140. Then back in July of this year, the price climbed all the way to $2,800. This steady upward trend in value lead to more and more people wanting to invest before it was too late. With the approval of SegWit, the price skyrocketed to $3,500 and is now somewhat stable at over $4,500.
The people that started their investment in bitcoin early on are making significant profits and enjoying the huge spikes in value. But the people that did not invest are now debating whether or not to start investing or wondering if they missed the window of opportunity.
The price continues to increase, although bitcoin remains somewhat volatile. There is speculation that bitcoin is just a bubble and will burst soon. Is that really the case?
Bitcoins are an incredibly valuable asset because it is one of the only cryptocurrencies that has a cap. There are only 21 million bitcoins available to be mined and purchased, and about 80% of them have already been mined. Additionally, the number of coins created by the mining process continues to drop by about half with each passing year. Speculation is that no new coins will be mined after the year 2040.
The scarcity of bitcoin could lead to an increase in demand, especially if central banks make the executive decision to start buying bitcoin as a foreign currency reserve.
Now that SegWit 2x is underway, transaction speed will truly be immediate — no more waiting ten minutes for a transaction to be mined and processed. This will only fuel the number of transactions made daily. With this lightning speed, bitcoin enthusiasts are expecting the price to break $5,000 (if not even more) by the end of this year. It is now almost September (only four more months until 2018), and the price is already relatively stable at $4,600, making $5,000 seem like it is not too far out of reach…
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