Since its inception in late 2008, the future of bitcoin has been surrounded by rumors, doubts and scandals. While there are some problems that technicians have managed to solve, global finance still requires more time and more changes to fully accept the cryptocurrency.
At first, bitcoin was introduced to a small circle of cryptographers and was used exclusively by them. Over the next decade, the bitcoin price fluctuated from one dollar to thousands of dollars.
Apparently, 2017 was the year of greatest progress for this currency. From a very high figure of $ 1000, it rose to $ 20,000. The reasons for this unexpected growth are hidden in speculation and rumors that spread at the speed of light. The approval of bitcoins in the United States in the main market was the great step for the increase
Bitcoin news spreads fast and attracts the attention of millions of people around the world. A bit of media attention never hurts if popularity means the price increase. The general popularity brought a lot of people to the business.
However, bitcoin today remains a dangerous adventure. Even the person who has had control of bitcoin software for years, Gavin Andresen, believes that bitcoin is not an efficient currency. It is too expensive and slow. An average transaction would take approximately $ 25 or days if the rate is too low. "How do we order pizza using bitcoin?" He would ask. Unfortunately, such small transactions are not part of the future of predictable bitcoin.
How does it work?
The bitcoin software is managed by several thousand computers that constantly create new bitcoins. The process avoids the alteration of the coin since a slight change in the wallet will be apparent and will not coincide with all other blockchain copies. The maximum amount of bitcoins ever created can not exceed 21 million.
What else do we know?
Nowadays, bitcoin is closely related to "mining". This is a process that allows people to earn the currency. By completing the cryptographic puzzles, the people who operate the bitcoin computers receive "money" added to their wallets. The competition among the miners has always been high, today more than ever. As of now, the reward accounts - 12.5 bitcoins. Considering the current bitcoin value, which is approximately $ 6,570, they are fighting for approximately $ 82,000. Pretty surprising for a salary, what do you think?
What the Future Brings Us
The recent blockade of bitcoin that has lowered its value to $ 7,000 is significant news for all who expected it to strengthen further this year. Since the beginning of 2018, the cryptocurrency has been struggling to gain a previous position and climb to its record of $ 19,172 again. During the last months, it gradually falls into the graphics.