Bitcoin, which is generally known as cryptocurrency is a kind of currency which is a decentralized and digitalized currency. In normal language it explains that a cryptocurrency can work without using any central bank or any kind of authorities. The bitcoin currency is controlled by no physical or official entity and is an open public source hence anybody can create and open their bitcoin account.
A timeline of prices
It is necessary to understand the bitcoin price history in order to know its current pricing orders and predict its future prices. The timeline of some prominent events has been outlined below which occurred since the creation of the bitcoins.
- The germinal days; early times: bitcoins were created in 2008. When a paper was published for the usage of electronic payment techniques instead of the traditional methods of finance exchange using paper money.
- Steady growth: after various highs and lows ups and down amidst all the years bitcoin finally witnessed a steady growth in 2015. It subsequently increased in 2016 and further with a rise of $315 to $953.
- High rises: 2017 was a merry year for bitcoins as the prices soared high to new heights. The reasons were greater user engagement and increased business adoption. The prices rose from $965 to $4308 by the end of the term.
The price predictions are difficult to make as there is no certainty of the rises and dips that occur in this industry. There are a myriad of factors that influence the bitcoin price. Some of the most prominent factors that affect the price are:
- Advantage of being the first mover
- Increasing adoption of the crypto currency and its utility for transactional purposes.
- Limits for supply of the coins.
- Dominance of the cryptocurrency in the market.
However, there is no expert who can precisely describe the value of the bitcoins in far or even near time. It all works on the above factors but still is as twisted as a rollercoaster.