The first boom and bust of bitcoin
Blockchain technology has grabbed the eyes of mass and the result is the cryptocurrency. With the growing proliferation of Bitcoin, it has become a global fascination. There are many data researchers and computer experts joining hands together to understand the abstruse. The only thing that we know about Bitcoin is that it is a peer-to-peer money transfer system. The whole system is still secretive and no one is yet able to crack the algorithm to understand how the system will work. Satoshi Nakamoto, the pseudonymous creator of Bitcoin believes that it will provide much more privacy than the institutionalized banks and will decentralize the total transaction system.
The concept has led many developers to scratch their heads but to no use. However, we have become frivolous about the use of the cryptocurrency now. But, if sources were to be believed, then Bitcoin is the future. The stocks of the cryptocurrency have boomed high with great year-on-year value. But, economists now believe that Bitcoin and other cryptocurrencies are not a reliable source.
The rise and the fall
Many entrepreneurs believe that the financial crisis of 2008 led to the development of a decentralized system where there will be no intrusion of banks. This decentralized system led to the birth of the cryptocurrency system. It started off as peer-to-peer digital currency system and kicked off illegal dealings on the dark-web as an untraceable currency source. In the year 2017, the value of the digital currency soared to its highest value of $19,535 USD.
But, the zenith was just for a moment and 2018 saw a steep decline in its value to 3,829 USD leading to the belief that the soar was just a bubble ready to burst. The future of Bitcoin is still foggy. However, the recent trends in the cryptocurrencies might actually bring insight into the digital currency exchange.