As the world is changing each day, we as people have to adapt to these changes if we want to continue to develop and improve. One of the newest addition that we need to start using is cryptocurrencies. You have most likely heard about these things from the internet or the news because, at the end of 2017, the largest cryptocurrency called Bitcoin has reached a price of around $19.000 which was a huge deal. The main reason why this was such a big deal to the whole world is that when it all started many people didn’t believe in them and didn’t take the chance to invest so early on.
Nowadays, those few lucky people who were smart and brave enough to invest in the beginning are millionaires. Cryptocurrency has changed people’s lives all around the world and it is still continuing to change and affect it because we live in a digital world where digital assets need to start gaining popularity. In this article, you will have the chance to see how the world is changing by the age of cryptocurrency and what effects it has on the global economy. Let’s start by talking about one of the most popular cryptocurrencies called Bitcoin.
Price of Bitcoin
You have most likely heard about the cryptocurrency called Bitcoin before, but you might not know everything about it, the history and the price that has affected the global economy. Well, luckily for you we have all the information and answers that you need to fully understand this virtual currency. The price of the bitcoin wasn’t always in the thousands, right at the beginning it was just a few dollars and people who invested early on have made a fortune by now. Of course, that is if they haven’t sold their holdings.
At the point when Bitcoin reached around one thousand dollars, people realized they made a lot of money and just took the profit, not thinking ahead that maybe the price will go even further. The year of 2017, was the most beneficial year for all the cryptocurrencies, but mostly for Bitcoin because the price reached a peak of nearly twenty thousand dollars. That price didn’t stick on for a long time, but even then, people became millionaires because of that huge jump.
No need for Banks?
An interesting thing about these cryptocurrencies is that they are not held in bank accounts, there are specialized online wallets called blockchains that are designed to store this virtual money. We might call it virtual money because we cannot physically touch it or see it, but we surely can spend it. That’s right, these days more and more stores are opening up to the idea of crypto payments.
This means that you can go out and buy everyday things with your cryptocurrencies just like you would with a credit card. We can only hope that in the near future everyone will realize just how important these currencies are and we can all enjoy using them.