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Bitcoin 10th anniversary!

Bitcoin 10th anniversary!

November 1, 2018 10:36 am,

Halloween 2018 marks the 10 year anniversary of the foundations of Bitcoin, the world’s first cryptocurrency, an asset that can fairly claim to have altered the perceptions of what truly is considered an asset in financial markets. A decade ago, the mysterious founder published a nine-page long paper “Bitcoin: Peer to Peer Electronic Cash System”. It’s impossible to state how much value has increased in price since its incarnation. It hit the mainstream in 2013 after the first of several hyperinflation incidents occurred in the currency. Even though BTC has been left behind by various cryptocurrencies in terms of attributes like transaction fees and confirmation time, it has still managed to remain as the largest cryptocurrency by market cap for a long time.

Bitcoin (BTC)

BTC’s price was given a major lift earlier this week with the launch of Fidelity Asset Services, a business that plans to handle cryptocurrency custody and trade execution for institutional investors. The service promises to secure, company and institutional grade omnibus storage solutions for BTC, ETH and other digital assets. This lift was short lived.

Over the last 24 hours, the volume of BTC has increased by yet another 10% from $3.5 billion to around $3.8 billion. 2 days back volume of BTC increased by around 20% from $3.1 billion to $3.5 billion, showing strong and sustainable momentum in the lower region of $6000.

Technological innovation

It is understood BTC and other cryptocurrencies, we don’t need to go to the banks or ATM for the financial transactions. It is self-evident that blockchain based projects, it assists the rural masses to avail loans, thus playing a very crucial role in empowering the backward community as they are always denied loans.

BTC controls corruption in countries where the government is corroded with it. When the government would run on BTC, there would be no room for corruption as every one account could be tracked easily through the main blockchain.

Why is BTC preferred?

It is absolutely decentralized with no controlling authority. Though other cryptocurrencies are decentralized, they have a particular owner other than BTC.

What caused BCH price to crash down?

After an incredible period of gains in 2017 which saw the highest of the currency of almost $15160 in December last year, the token crashed early in 2018. But, in October, a drop in daily trading volume and stagnant few months led to short-term surge price for BTC, ETH and other major currencies allowing the market to achieve a valuation of $800 billion.