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The cryptocurrency Bitcoin is currently trading at over $ 43,000 per coin after a notable surge in price over the past four weeks.

The digital currency had been slowly but steadily gaining for much of the COVID-19 pandemic, as some investors theorized that the currency would not be affected by the virus as it was not tied to the economic management of a national government.

In early October, Bitcoin was trading around $ 15,000.

In December, Bitcoin has a market value north of $ 500 billion.
The cryptocurrency Bitcoin is currently trading at over $ 43,000 per coin after a notable surge in price over the past four weeks. (Sitthixay Ditthavong)

In just three months, the cryptocurrency has added more than 185 percent in value, leading many to say the coin is on its way to gaining legitimacy from web-based bubble reversal to a genuine forex option.

Dan Petrie, chief information officer for financial charting app Grafa, said that Bitcoin’s value was driven by younger investors.

“While volatility in Bitcoin has been widely reported, the popularity of cryptocurrencies and subsequent applications of blockchain technologies within the broader digital economy have been growing at unprecedented levels,” said Petrie.

Bitcoin is booming … again. The crypto has added more than 150 percent of the value in months. (AP)

“The appreciation in the price of Bitcoin is possibly based on a greater acceptance of digital tokens, as well as a burgeoning class of investors who are not married to a traditional view of what constitutes a good or bad asset class” .

But investing in Bitcoin is not without risk.

In late 2017, the cryptocurrency soared to more than $ 25,000 before falling to $ 10,500 a month later, essentially erasing more than half of its value in 30 days.

When Bitcoin exploded in 2017, some outlets installed coin ATMs.

Explained: What is Bitcoin?

1. Bitcoin is a form of online cryptocurrency that allows you to transfer money electronically. It is decentralized, which means that it is not regulated or controlled by anyone except by market demand.

2. It was created by a group (or a single person) of programmers under the pseudonym “Satoshi Nakamoto” in 2009.

3. Bitcoins are “mined” by computers that solve incredibly complex mathematical equations. Like coal or oil, there is a limited number of Bitcoins available to mine, which is estimated to be about 21 million.

4. You cannot mine Bitcoin on your home computer, it requires specialized programs and hardware that have increased the difficulty of mining a Bitcoin.

5. Bitcoin experienced a spectacular explosion in value in late 2017, before experiencing one of the most catastrophic value declines ever seen in the currency.

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website, you should consider the suitability of the information taking into account your objectives, financial situation and needs.

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