The value of bitcoin continued its erratic trend in a positive way this weekend by skyrocketing to $9,139 in value. This is the first time in the cryptocurrency's history that it has crossed the $9,000 milestone amidst its astronomical rise in value.
For those unaware, cryptocurrencies is a form of digital or virtual currency that is digitally protected, as its name suggests, through encryption algorithms. Bitcoin in particular, is the most popular cryptocurrency among many others available such as Ethereum, Ripple, Litecoin, Dash and more. The most alluring feature about cryptocurrency is the fact that it isn't issued or controlled by any central authority, making it immune to government interference and economic manipulation.
Cryptocurrency is generated through a technologically resource-intensive process called “mining” in which calculations produces a block and is recorded permanently on an internationally managed ledger called the “blockchain”. Payment transactions occur through peer-to-peer (P2P) networking and are settled in about 10 minutes – unlike credit card payments, which can take weeks or months before they’re finally settled.
Being a project still in its early stages, its adoption rate and value fluctuations are affected strongly by cautious press reports, information security breaches and generally the threat it proposes to traditional economic constructs. This most recent spike, however, puts it at over a 900% increase since the start of the year where it began at just under $1,000. If this stat alone isn't enough to get people invested then I'm not sure what would. What are your thoughts? Is it enough to make the leap, or are the risk and unknown factors still too high? Leave a comment below.
Hello, my name is Jack Sparrow. I'm a 50 year old self-employed Pirate from the Caribbean.
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