Bitcoin was founded in 2009. It grew slowly at first as many things do in this world. This year the cryptocurrency just fell short of 5 thousand USD in the New York Stock Exchange. How many other stock market investments can claim 500% growth in only 3 quarters? This has been a special year.
Bitcoin is the most popular cryptocurrency in the world. The start was small, but after 4 years it reached $1,000 on the US stock market. Sadly this did not last very long and the price dropped below that number until December of 2016. At which point the currency gathered enough interest to skyrocket to what is is today. Bitcoin is the leading cryptocurrency around the globe.
Through hard times
Like all other investments, bitcoin has gone through rough patches. And this month is no exception. Regardless the cryptocurrency has weathered the storm. Throughout Bitcoin’s; and every other cryptocurrencies, most successful year there have been road blocks. Forks in the road causing doubt, Nations setting bans and limitations, so-called “experts” opinions, even banking CEOs weighed in on the currency. But nothing has stopped and caused it to fail.
Bitcoin has been around 8 years. That doesn’t seem like much in comparison to some of the other securities in the market, but there has been more against it than most.
A different value
Bitcoin and other cryptocurrencies are not tangible. They hold no intrinsic value, unlike gold and the dollar or pound you cannot hold it; not yet anyway. So where does the value lie?
Do you believe in something special?
Bitcoin’s value is what the consumer prices it at. The price drops more and more every day as more negative news comes to light. The country with 23% of the total traffic might be setting a ban? The stock fell. Why? Something big disagreed. But did you know, the People’s Bank of China used a prototype cryptocurrency for 2 years? Maybe they want a centralized currency that the government will be able to control. The CEO of the bank that historically bailed the US out of a debt crisis claims Bitcoin is a fraud. The market falls. And why again? A large voice disagreed with the idea.
This is not to say that bitcoin is not suited for centralization and usage by governments. Quit the opposite. Bitcoin has worked with officials around the world to seek out criminals. The Silk Road, a black market deep web-site, was shut down, and the founder is in prison for illegal trade with Bitcoin.
Initial Coin Offerings are ways to start-up businesses and invest in them. If you believe in it and invest, the chances it succeeds are higher because of your input. Bitcoin even found usage in the destructions of cities after natural disasters. The potential is right there. A global currency. A set value of coins to be mined. A near permanent chain that contains records of transactions in 2009, and 2017 exists. It is a controversial topic in the news and in homes, and there are those who believe and those who do not. But at the end of the day; what disbelievers claim, and what believers hope, does not even matter.
Bitcoin will continue
The steps towards greatness have no measure of comparison. One may be gifted and reach their dreams easily, others must work for it. Bitcoin has survived the hard fork of Bitcoin Cash. Innovations have been proposed, systems have been made, the steps are there. SegWit made things faster. Mining became easier. Lightning Network was announced to bring point of sale purchases into the picture. A SECOND fork was averted with SegWit2X. Even those that suggested 2X changed their minds boasting NO2X stickers at a “Breaking Bitcoin” conference. Insiders of the currency who wanted to change it, failed at even supporting the cause to do exactly that.
Bitcoin has made it 3 quarters of the way through the best yet debatably hardest year. Progress is still being made for the company. The end might be spoken of, yet somehow I don’t foresee Bitcoin ending this year, or even next. Hurdles always get in the way however.