The word Bitcoin gets a very defined reaction from people. Either they believe bitcoin is the future, or they say bitcoin is just a scam or they don’t know how or what bitcoin is.
Bitcoin was the first cryptocurrency that came out of a new branch of technology called Blockchain. In the last few years, Blockchain has come out as one of the most promising new technologies that will revolutionise transparency, eliminate problems of hacking and decentralise power.
That is a lot to expect from any technology. But that is exactly how Blockchain and cryptocurrency are viewed in the world.
Bitcoin started as a proof-of-concept test of a cryptography problem and now has turned into a trillion dollar currency that is used around the world. In many ways, Bitcoin is revolutionary. It has no central or regulatory oversight. No countries own it and no banks can stop it. Geography has no limitations for bitcoin and no one can stop anyone from using it.
The value of Bitcoin has shot up from next to nothing to $20,000 by end of 2017. Since then, it has climbed down to about $7500. The massive hike in the valuation of the coin has attracted a lot of attention towards the cryptocurrency world. Several early adapters became overnight millionaires.
Three years ago, it was impossible for common folks to understand how to use bitcoin. But with time and evolution of technology, it has become a lot easier to buy and sell cryptocurrencies.
Today, we have app based wallets on our mobiles that can carry bitcoin and instantly transact with anyone, anywhere in the world.
In January 2018, Bitcoin and several other cryptocurrencies hit an all-time high. After the new high, millions of people invested in the digital coins and soon, the USD to BTC price collapsed to about $5000. A few months later, it has climbed up slowly.
This kind of massive fluctuation gives rise to the question about the coin’s stability.
Is there a chance Bitcoin could go down to zero? Yes.
But is it likely to happen? No.
Bitcoin was the first cryptocurrency, and it is also the most widely accepted currency in the crypto world. When you want to buy some obscure coin, you will have to first convert USD into either Bitcoin or Ether and only then can to go to an exchange to buy other coins you want. In this way, the crypto world has kept bitcoin at work. Since the last two years, even business have started to accept Bitcoin as a form of payment and the trend is growing.
Even Bitcoin’s lengthy confirmation times have not deterred the adoption rates. This shows the coin has a lot of momentum. For many people, Bitcoin is not just a currency, it represents an idea of freedom from the centralised control. So they continue to push the adoption rate of the coin.
It has already become a part of several cultures and economies around the world.
It is very hard to stop an idea whose time has come.