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Why Bitcoin is on its rise to success

Why Bitcoin is on its rise to success

Chances are that you may be already aware of the fact that over the last 17 months, the value of bitcoin has radically decreased. While many may believe that this represents the death of the cryptocurrency, the truth is quite the contrary.

To put things better into perspective, the price fall has actually coincided with the doubling of the transaction volume carried out on the market, which is quite amazing given the fact that many have given up faith on the currency. The idea that more and more people are using it and that more transactions are being made on a daily basis when compared to the past means that Bitcoin will no longer be a speculative investment, but rather an everyday payment method, which is definitely something that we have been looking forward to for a long time.

Another important fact worth stating is that not long ago, Bitcoin represented a currency that could be bought, but not spent in too many places. Now, that it has become more popular, people from all around the world who hold some money in it can go ahead and purchase a lot of products, but also services such as flights, hotel stays and more. This means that rather than being bought, bitcoin is also sold, at a higher rate than before.

Reports also indicate that at the beginning of 2015, a total of over 100,000 merchants from all around the world accepted the cryptocurrency for payment, which pretty much is a new record, hence the currency is on a continuous growth in popularity, regardless of the fact that its value is not increasing for the time being.

Chances are that once a major event shakes the bitcoin market, the cryptocurrency will either get a much bigger value, or decrease exponentially. However, this doesn’t mean that people will stop using it, instead the risk and volatility of it may encourage more to invest and use bitcoins on a daily basis, as a form of payment, which is exactly what many desire at this moment in time.

However, by doing some mathematical analysis, as we get closer and closer to 21 million bitcoins, when the mining process will stop, if the numbers of transactions continue to increase, then the value of the currency is also bound to go up a lot.

Based on everything that has been outlined so far, what do you personally think about the latest bitcoin developments? Do you believe that the future is bright for the currency? Why or why not? Let us know your thoughts in the comments section below.  

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