Bitcoin gained back its momentum?
October 30, 2018 6:09 am,
Bitcoin and all the cryptocurrency is going to be a catalyst for the new financial order that will topple the existing systems, as the world cries out for far-reaching economic change. Co-founder of the Bitcoin Company, money is not going to be the same forever and ever. The crypto experts actually argued that the current banking systems have not been designed for the digital age and would, therefore, become redundant in the future as a new system takes over.
The main intention behind this initiative as to design and radicalize a currency which wouldn’t be under the jurisdiction of any form of government or a specific institution. 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. This might be due to the precise reason that it is absolutely decentralized and most popular one in the domain.
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.
It is self-understood that the 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 also helps in controlling 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.
BTC assists the government to bring stability to the economy, by acting as if inflation proof, where a centralized authority can’t control the production of BTC. Even if the government undertakes the jurisdiction of BTC and legalize it, and have no control over circulation and production. It provides a lot of convenience to its users.
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?
The market drop comes amid wider losses sustained on the global markets in Asia, Europe and US. 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.
Trading activity in the crypto exchange market has subsided due to the stagnant price movement of major currencies. The decline in the momentum of BTC, ETH, XRP, BCH, and EOS has affected the performance of small market cap tokens and digital assets. 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.