Since the dawn of the digital currency—bitcoin—a lot of people had their opinions formed already with the horror stories that were floating out there of individuals who lost their entire savings, blah, blah, blah. But since last year, the value of the bitcoin doubled!
The bitcoin is now above US$1,000 since the end of 2013. The bitcoin outperformed all central-bank-issued currencies by 125% last year. On Monday 2nd Jan 2017, bitcoin was trading at US$1,027/bitcoin. This is according to Coindesk.
Brief history on Bitcoin
The bitcoin was created in 2009 as an alternative to the paper currency that is widely used across the globe because the bitcoin has nothing to do with physical assets and is not controlled by any government. But then again, if the digital currency continues to gain such momentum, governments will begin pushing and pulling to regulate it. And when I say “governments” I mean the American government specifically.
What makes the bitcoin so appealing?
Since it is not regulated by any goveernment as of now and is not connected to hard, paper currencies, it makes it way easier to use. As of now, there is about 15M Bitcoin in circulation but only 21M can ever be mined.