The growth of Cryptocurrency within the last five years has been so amazing to the extent that other financial institutions felt the impact within the financial industry. This paradigm shift has caused a prime focus for business owners to seize this opportunity to trade in crypto-coins. This, until recently has led to the spring up of many cryptocurrencies from Bitcoin which is the sole mother of all cryptocurrency.
Today all banners of Bitcoin and other cryptocurrency have been sailing across most online media and websites to sensitize the public on how lucrative bitcoin and cryptocurrency can be of help to financial transactions. Now, let’s leave how sonorous the sound of cryptocurrency may be and face some interesting facts about bitcoin and cryptocurrency.
Bitcoin is still the breakthrough of all other cryptocurrencies
Every business that is existing today has had breakthroughs copying from similar businesses and developing in them. Bitcoin rings more loudly to the ears of most people than cryptocurrency because it is the foremost coin that has had the breakthrough in the crypto world. Today we have more than 1,300 cryptocurrencies that have one way or the other shared the same bloodline with bitcoin. This bloodline and trait features have been so much identical in their blockchain mining power, and most especially their security network system.
A unique blockchain technology framework for all Cryptocurrency
Have you ever heard this saying? If it is not a Roman, it definitely cannot be a Roman. That sounds funny, right? When you hear of the blockchain, the first thing that comes to mind is either bitcoin or cryptocurrency. This outstanding feature makes it unique from all other online financial services. Blockchain technology has made the entire system decentralized and totally independent from any third party for transaction services. Taking away blockchain technology from cryptocurrency makes it look like any other financial services.
A limited amount of bitcoin for the public when first introduced
As bitcoin was introduced, its benefits are still too good to be true. Starting from its transaction services to its security framework. When bitcoin was launched, there was a finite availability of the coins to the public. 21 million of this coin was released for mining to the entire public. The reason was that as more bitcoin becomes limited in supply, the demand of bitcoin will go up causing a general increase in the value of bitcoin and price. As at present, 16 million bitcoins have been mined leaving a total of 5 million more to be mined on or before 2140 when the last bitcoin will the mined. This speculation for 2140 has caused the entire rat race for miners to explore and search for more coins to buff up their bitcoin treasures.
Cryptocurrency and bitcoin have come to stay
There has been so much buzz on the internet as to how and why bitcoin and other cryptocurrencies should be allowed to be on since the day of its inception to now. Other online financial platforms have been waiting for its final crash on the day it will finally wave goodbye. But today bitcoins and other coins have been growing stronger and stronger to defend their reputation.
There is no short road to success. While countries like Australia, Japan, Canada, accept its operation, the United States has been issuing guidance to bitcoin since 2013 under the U.S Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). And also the uprise of so many cryptocurrencies in the world today has been attributed mainly to its bright future.
A means of payment both locally and Internationally
What makes a currency to be highly valued is its purchasing power. You won’t want to invest in currency or an asset that has no purchasing power and ability to appreciate its value within the nearest possible time. Bitcoin still remains the first cryptocurrency that was created as a means for payment for both locally and internationally. This system allows a p2p network without the intervention of third parties
No closing time in daily operation
Bitcoin and cryptocurrencies are so unique that their daily operation cannot be controlled by public holidays, unlike other financial services. The technology operates in a 24 hour period with no closing time. This fact has made many investors to buy the idea surrounding its mode of operation and find the ease to transact from their home any time of the day.
Bitcoin has created an uprise of more than six million wallets
The awareness of an online wallet before bitcoin and cryptocurrency has not been so felt until now. Though online wallets have been there, the awareness has been growing much stronger than before. The strong awareness created by bitcoin and numerous other cryptocurrencies has caused a sharp increase of more than 6 million wallets around the globe.
Transactions are centered around its mining power
When bitcoin was created, the verification of transactions was first put in mind. Bitcoin miners were put in place to see through that the verification of every transaction was done. Bitcoin miners were able to use hardware computer devices to solve an equation to see that all transactions go through the system and be rewarded in tokens for their services.
Bitcoin is still very volatile
We have seen that over 2017, from January to December, bitcoin has been faring so high having a sharp rise from $978 hitting through $1000 to as high as $20,000 in December in value. Although today it has crashed to $6,447, it is still very highly valued compared to the $978 as of early last year. This volatility is largely attributed to how they are traded on various exchanges.
The future looks bright
The journey threaded by bitcoin and other cryptocurrencies within the last decade has quite been full of thorns and success stories. But today, we can beat our chest for going against most odds and push harder for its general acceptability across the globe. Many companies like KFC Canada, Microsoft, Reddit, Wikipedia, Whole foods, Subway and a host of others accept payment with bitcoin signifying that the future of bitcoin is just getting started.
