Nobody saw this coming and there were so many speculations as to Bitcoin dying off soon with the advert of so many other crypto -currencies and the difficulty is mining or availability.
Sometime last year, December precisely, Bitcoin traded just above $3,500 USD and a lot of analyst, traders and business firms got a scare from the crypto-currency, sensing an end to an era.
Today, this is far from the case as Bitcoin is worth over 300 % more than it was last Christmas. What could be the reasons behind these surge for all Crypto-currencies?
It is basic economics to know that scarcity brings about an increase in price. It is much harder today to find or come across Bitcoin even for Miners and traders. The Block-chain and binary exchange or mining is twice as difficult as it was and it must be said, Bitcoin mining, trading etc has never come cheap or easy.
2. General Acceptance
Bitcoin today like unlike other crypto-currencies is generally accepted as a medium and form of payment for both services and currency exchange. Some stock exchange are already trading Bitcoin and it seems it is very profitable at the moment so the momentum is perfect.
3. Open Source
Bitcoin is open source and owned by nobody so the chances of it slowing down or diminishing is extremely difficult. No Company can really influence or buy it over at the moment and it is one of the safest ways to move cash around, save, invest or trade.
4. Stable and Safe
Bitcoin is extremely safer than most Banks. You can do whatever you wish with your Bitcoin wallet and use it for transactions without worry about losing money, getting hacked and all the downsides of e-transactions.
5. Very Portable
Bitcoin like every other crypto-currency is very portable. Be it your Mobile phone, Laptop or any means of moving money around with so much ease from one’s pocket. Your Wallet remains intact and your key is safe for you at all times.
In the near future, we do hope Bitcoin gets better as it is already a universal form of payment.
Open source is here to stay and we preach it.