The interest in cryptocurrency is often referred to as the ‘digital gold rush’ attracting thousands around the world to invest in cryptocurrencies such as Bitcoin and others like Litecoin, Ethereum and Ripple.
The value of Bitcoin is linked to sentiment – whenever people rush to invest, the prices go up and when people decide to sell, the price goes down. This volatility has resulted in prices skyrocketing. In 2017, Bitcoin surged in valued from $830 to $19300 and is now fluctuating around $8,000. Other cryptocurrencies like Ripple and Ethereum are following a similar trend. This cryptocurrency rollercoaster has helped lucky investors to make fortunes.
Blockchain, the technology behind Bitcoin and other cryptocurrencies, was designed to facilitate, authorise and log the transfer of bitcoins.
Blockchain is a shared database populated with entries that must be confirmed and encrypted. Traditional databases are owned by a central authority like banks and governments, but blockchain does not belong to anyone.
The impact that blockchain technology is having is similar to the impact of the internet in the 90s. As society becomes increasingly digital, financial services providers are looking to provide customers with more efficient, secure, and cost-effective services. Therefore, blockchain technology will become more applicable to our daily lives.
Bitcoin and all cryptocurrencies depend on blockchain technology that makes transactions so secure that they are almost unhackable
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