The new Revolution in Bitcoin prices which have crossed 7000 USD
by WeeTech Solution Pvt Ltd Best Mobile App Development CompanyThe
news which is running high these days says, Bitcoin has crossed 7000 USD and
has established a new height in the market. Prices have increased tremendously
from 5000 USD to over 7000 USD in the unbelievable time gap of just couple of days.
Bitcoin was in its worse condition when it had to face a low of around 3000 USD
which was due to the withdrawal of China on the cryptocurrency exchange. But
Bitcoin somehow managed to get back its value and gain recognition in the
market again. Bitcoin bounced back with a new high. Bitcoin has gained an
excess of 400 % in the year 2017, due to which Year 2017 has proven to be the
Bitcoin’s best performing year since 2013.
China
stated that Bitcoin is lacking a legal foundation which leads them to withdraw
from Bitcoin Trading. China created a
major market for Bitcoin, to put down in number 10% of the Bitcoin trading
activity was being held in China. Considering the proportion of uncertainty on
the higher end, China withdrew from Bitcoin trading which has negatively
impacted the market of Bitcoin. The withdrawal of China in Bitcoin Trading made
even the others traders doubt on the currency which has made many of them
believe that Bitcoin is a legitimate currency. Due to China’s withdrawal
Japanese trading volume also affected 60% of all the bitcoin trading volume. Since
then the idea of Bitcoin turned to be baseless. Despite of all the hurdles,
Bitcoin managed to sustain in the market and after such huge falls, today
Bitcoin stands at a value of more than 7000 USD. China’s bitcoing investors
will not be suffering as they will now have to trade Bitcoin over the counter
which will take more of their time and will require a lot of patience.
The
idea of stateless currency was actually started in the past. In the year 1940,
John Maynard Keynes proclaimed the concept of international currency. In the
year 2007, Satoshi Nakamoto started working on the Bitcoin concept. On August
18,2008 Bitcoin.org was born with the registration of the Domain. On October
31,2008 Nakamoto published a design paper that was used for the description of
Bitcoin currency inorder to avoid the replicate of the currency. Bitcoin has
een used with a purpose of simplifying the transactions between the individual
and the firms replacing the governments and the banks. Bitcoin has been used
negatively too. One of the cases that turned out to be the worst of all was the
use of Bitcoin for exchange transactions of Silk Road website who was indulged
in the business of selling drugs. Tech Savvy investors started using Bitcoin
for investment purposes too.
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Created on Nov 2nd 2017 23:22. Viewed 724 times.