Bitcoin Surpasses $2200 amid CryptoCurrency Boom
You may have heard of Bitcoins before, but in case you haven’t, now is the time to do some research. Bitcoins are a CryptoCurrency that operate separately from a central bank and they’re currently soaring. Today, Bitcoin surpasses $2200 USD.
In 2010, Bitcoin was being traded at $0.003 each, but now the CryptoCurrency juggernaut is selling for ~ $2739 USD. This means that if you invested just $100 into Bitcoin back in 2010, you would be a multi-millionaire sitting on $75 Million. This marks one of the biggest, if not the biggest return on investment one can make in 7 years.
There are a few drawbacks to having a currency not controlled by a central bank. Not so long ago, you may have heard of the Mt. Gox incident. Back in 2015, Bitcoin suffered a significant crash after $460 million in bitcoin disappeared. Yes, you read that right, $460 MILLION. A similar situation also happened to Flexcoin bank which lost close to $600,000. There is no denying that CryptoCurrency is an extremely volatile market.
Naturally, when you have something successful in the tech world, it’s not long before others try to emulate its success. There are hundreds of different CryptoCurrency in the works right now and this is a good thing. First and foremost, this breeds competition in the market. It also allows for implementation of better security protocols and more eggheads working on better features. The next two CryptoCurrencies following bitcoin are Ethereum and Litecoin.
Currently, both Litecoin and Ethereum are on an upwards trend following Bitcoin’s success. In fact, just a month ago Ethereum was being traded at ~ $50 a coin. Yesterday, it broke $200. There are no signs of stopping either. Following recent news of Japan accepting Bitcoin as a legal form of currency, the entire market saw a boom as a result. Many retailers such as Newegg have already started accepting Bitcoin as well.
What this tells us is that CryptoCurrency needs support to succeed and Ethereum’s got it. Intel, Microsoft, JPMorgan and others have formed a Blockchain Alliance which will form standardized software capable of enterprise implementation.
Ultimately, take everything in this article with a grain of salt. CryptoCurrency is a brand new technology that is extremely volatile. If you choose to invest, make sure you do a lot of research beforehand.