Cryptocurrencies are digital forms of investments and useable currencies that are essentially lines of code. Their hallmark is relying on verification techniques that are encrypted to prevent unauthorized users creating fake cryptocurrency units, falsifying financial records, and otherwise engaging in misleading financial practices or all-out fraud.
Bitcoin was the first cryptocurrency, its whitepaper surfacing in late 2007, and actually coming to fruition in January of 2008. It was created by an anonymous individual or groups of persons going by the name Satoshi Nakamoto. To this day, December 13th, 2017, nobody has uncovered the true identity of Mr. Nakamoto.
The Rapidly Surging Price Of Bitcoin
Although Bitcoin is currently utilized far more as an investment than a currency – at least in the past few months, particularly the latter half of calendar year 2017 – its gradual price rise from 2008 to early 2017 was due largely to transactions using bitcoin as a currency.
Exactly one year ago, the price of the cryptocurrency was 778 United States Dollars per 1 bitcoin. The price broke $1,000 per BTC on January 2nd of 2017, and has since risen upwards of $17,000.
However, the bulk of the price surge has resulted from the past month of trading, rising from roughly $6,000 to where it stands today – in excess of $17,000.
It Goes Without Saying – The Popularity Of Bitcoin Is Off The Proverbial Charts
While price can be gauged using financial-styled graphs, interest can’t readily be quantified, at least not with accuracy as its price can be calculated. Such incredible rises in interest come as no-brainers, as people are just now becoming billionaires from holding nothing but bitcoin.
Television shows on the likes of MSNBC – a popular news channel broadcasting financial news in the United States of America – constantly refer to Bitcoin, its intricacies, guidelines surrounding it, potential it holds, and a near-infinite number of other areas of interest.
The Government Isn’t Crazy About Bitcoin
A highly unique aspect of cryptocurrencies in relation to traditional fiat currencies is its ability to operate free of governmental central banks.
The United States Securities and Exchange Commission’s Chairman, Mr. Jay Clayton, has recently publicly recommended to all investors in America to exercise caution when assessing the investment potential of Bitcoin.
As regulations are likely to soon oversee Bitcoin’s utilization in the United States, prices are almost certain to be affected by such – but will it be positively, or negatively?
Nobody knows – and that’s what makes Bitcoin, Bitcoin.