It’s that time again when techies and anarcho-capitalists alike engage in celebration. Crypto-Christmas has come. That’s right: Bitcoin is shooting up.
The cryptocurrency remained a curiosity for years after its initial commercial use in the purchase of two pizzas for 5,000 bitcoin each. Then, in late 2013, bitcoin mania reached an incredible peak of over $1,100 per bitcoin (making that initial purchase an $11 million pizza party). Since then, after the hysteria subsided, the price saw a sharp, then gradual, decrease, leading many to declare that the game was over.
Not so fast. Through the disheartening (to some) decline in price, bitcoin transactions per day have steadily increased the whole time. Instead of being hoarded as an online commodity and store of value, this indicates bitcoin’s growing health as an actual currency. Additionally, even during the supposed slump, the price consistently remained over $200 per coin.
Now, with global bitcoin usage higher than ever, the price over the past 30 days has seen a steady, and significant, increase. Having proven its ability to remain viable and stable, combined with development in the network, increase in companies relenting and accepting it as payment, and new innovations in the use of blockchain technology, bitcoin’s place in the future of the global economy is secure. The proof of concept is there. Now all that remains before total global bitcoin dominance is further increase in price and transaction numbers.
It’s been a wild ride over the last couple years for bitcoin enthusiasts, a series of fluctuations that has kept a lot of the less hardcore fans from jumping in with both feet. Now, having weathered storms, bitcoin is on the rise again. Now might be a good time to jump on the digital bandwagon, because the bitcoin train isn’t stopping anytime soon. Next stop: the moon. You don’t want to be left behind.
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