If you bought just $1,000 of bitcoins in July 2010, you would now have 90 million dollars on your hands. From a mere five cents a pop seven years ago the cryptocurrency has steadily been climbing in value. What are the reasons for the ever-growing value of Bitcoin can be many, but one reason could be the recent upgrades to the system. Transactions are faster, and fees are lower now. Another reason might simply be that more people know about it and are comfortable with the idea of a cryptocurrency, including investors. As more mainstream traders and investors get on board, the currency is seen as increasingly robust. However, click here to get more information about the trading software .
For those who don’t know, bitcoin is a virtual currency created by a mysterious individual who goes by the name, Satoshi Nakamoto. Though it is most probably not his actual name, and nobody knows who he is till date. Nakamoto introduced his idea for the cryptocurrency in a research paper in 2008, and it was implemented in 2009 as open-source code. His reason for creating Bitcoin came down to the flaws he saw in the current system, debasing the currency, a lack of privacy and security, bank’s predatory lending practices, and the difficulties and expenses with transferring money.
Bitcoin is not actually a coin but a line of unique code, and like the dollar bill today, Bitcoin has value – because people give it value. Like gold, there’s a fixed …