Friday, May 14, 2021

Bitcoin on the Rise following PayPal Announcement

Bitcoin is on the rise as it hit high of $13,040 for one Bitcoin over the weekend. This is following the announcement that PayPal would allow its users to trade using the virtual currency.

This means that PayPal’s 26 million merchants will begin accepting Bitcoin as payment for goods from as early as February-2021.

It is yet another arrow in the bow for Bitcoin, which has seen considerable success during the Covid-19 pandemic. This is because investors look to currencies that are not aligned with any national power.

In March, bitcoin was trading as low as $8736 per coin. This simply means that in just seven months it has added some 110 per cent of value. The total market is now worth an eye-watering $337.1 billion.

Bitcoin Rise History

The highest price Bitcoin ever reached was $25,037 on December 11, 2017, during the “bubble boom”. The boom saw early adopters gain widespread notoriety for trading their Bitcoin for Lamborghinis, high-end property, and fame.

The Chief Executive of deVere Group, Nigel Green has said that Bitcoin is growing in legitimacy every day. Nigel is also known to be a strong cryptocurrency advocate.

Related: PayPal introduces Crypto Exchange Services

“Unbelievably there are still some financial ‘experts’ and financial watchdogs who believe that cryptocurrencies are not the future of money.” Mr Green was quoted saying.

“The decision by one of the biggest payment companies in the world to allow customers to buy, sell and hold Bitcoin is yet another example that exposes Bitcoin deniers and cryptocurrency cynics as being on the wrong side of history.

“Let’s be clear: This is a major step forward towards the mass adoption of digital currencies.” Nigel also said bitcoin will continue to be on the rise

Quick Facts about Bitcoin

1. Bitcoin is a form of online cryptocurrency that allows money to be transferred electronically. It’s decentralised, which means no-one regulates or controls it except for market demand.

2. It was created by a group (or a single person) of programmers under the pseudonym “Satoshi Nakamoto” in 2009.

3. Bitcoins are “mined” by computers that solve incredibly complex mathematical equations. Like coal or oil, there is a limited number of Bitcoins available to be mined, estimated to be in the ballpark of 21 million.

4. You cannot mine Bitcoin on your home computer, it requires specialized programs and hardware. However, these programs have increased the difficulty of mining a Bitcoin.

5. Bitcoin experienced a dramatic explosion in value in late 2017, before it experienced one of the most catastrophic value crashes ever seen in currency.

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