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Bitcoin sets new record before dropping in value – Whim Magazine

Bitcoin sets new record before dropping in value

The very popular digital currency Bitcoin has set another record in value on Thursday, reaching $19,340 per coin before dropping down to $14,095.62 per coin on Friday.

photo from bitcoin.org
photo from bitcoin.org

Bitcoin was started in 2008 by a unknown person or group under the pseudonym of Satoshi Nakamoto, a 42 year old man living in Japan. If the information is correct and Nakamoto is a real person like he claims to be, he would be the owner of up to 1 million Bitcoin. That’s a value of $15.5 billion.

Currently, Bitcoin is accepted by over 100,000 merchants and vendors across the world and researchers at the University of Cambridge estimates that there is between 2.9 and 5.8 million unique users using a cryptocurrency, most of them using Bitcoin.

Just earlier this year, Bitcoin’s value was below $1,000 USD and it was not expected to increase like it has but now some are saying that Bitcoin could hit $40,000 by the end of 2018 which would be over a 100 percent increase from this year.

Other experts have fears about Bitcoin calling it a “fraud” and others calling it “the biggest bubble in our lifetimes.”

Most of you have heard of a financial “bubble” and it’s just like it sounds. When the bubble gets way too big, it will pop. In this case, once the bubble pops, a lot of people will lose money.

For the time, Bitcoin is very high in value and if you had the chance to buy Bitcoin when it was low in value, then you might be a idiot.

Currently as of right now: Bitcoin’s value per coin is $15,660.20 USD.