Bitcoin Value to Shoot Up in 2017

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bitcoin illustration The Bitcoin price has been booming lately, although it suffered a crash mainly due to concerns about Chinese regulations. The currency is now down from a high of more than $1150 at the beginning of the year. As a result of the tremendous growth in value this fall, the cryptocurrency has started attracting a lot of attention as more people have started purchasing bitcoins.

How Skeptics Turned Believers

A few years back, experts were aware that Bitcoin was going to a succeed, but they never dreamed that it would become such a roaring success. Nobody knew that Bitcoin would grow so fast and its value would shoot up.

Today, all Bitcoin skeptics have turned believers and have started purchasing the currency in large numbers. They know that the value of bitcoin is on the rise, especially now that it is being accepted at a wide range of online casinos, shops, and others.

Experts predict that Bitcoin can rise beyond its peak of $1,165 from Nov 2013. Some are of the opinion that its value will shoot up to more than $2000. Investors have sat up and taken notice and many of them are sure to invest in bitcoins.

Bitcoin in 2017

A number of factors are responsible for the success of Bitcoin, and one of these factors is a rise in rate of interest. The largest Bitcoin markets of US, Europe, and China have played a role and so has the US presidential election. People have started referring to bitcoin as the future of all financial transactions. They are also considering it to be the new gold—a safe, secure, and anonymous financial system that will not only grow to great heights, but will also succeed in shedding its association with criminal activities such as fraud and money laundering.

One of the major factors responsible for the growth of Bitcoin is Internet gambling. A large number of sports betting sites and online casinos accept deposits in bitcoins. Some of the best bitcoin online casinos are Coin Palace Casino, Vegas Casino, and BitCasino.

Bitcoin Value to Rise

The credit of creating bitcoin, somewhere in 2008, goes to Satoshi Nakamoto, an unknown programmer. The most special feature of bitcoin is the fact that it is totally uncontrolled by banks or financial institutions unlike currencies such as Yen, Euro, and Dollar. No central bank controls this currency. Instead, it is controlled by an international computer network through blockchain technology. Whenever the computers solve complex problems to verify blockchain transactions, new bitcoins are created and this is known as bitcoin mining.

Bitcoin is anonymous because it is decentralized. This makes it the preferred payment method for tax evaders, money launderers, and others shady characters. Bitcoin is also volatile, chiefly because of attempts to hack virtual bitcoin exchanges.

But in the recent past, the cryptocurrency has attracted the attention of respectable people such as brokers and investors who have realized the risks associated with traditional currencies. Ryan Rabaglia, who trades at a Hong Kong based firm called Octagon Strategy, said: “All this instability is sort of bringing alternative methods to the forefront.” Experts are of the opinion that economic uncertainty and rise in interest rate would increase the value of bitcoin further.

January 16, 2017: • No Comments

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