The Reemergence of Bitcoin
Photo credit: 123rf.com
Since its inception in 2009, bitcoin has sparked conversations around unconventional ways of banking and trading.
In the height of the bitcoin craze back in 2017, the world of bitcoin was a hotbed for opportunities as many used the currency to raise funds for projects through initial coin offerings (ICO) or to simply buy and sell on an exchange platform. However, what can’t be overlooked are the relentless hacks that plagued the bitcoin industry. From exchanges, crypto wallets, and ICO scams, bitcoin grew to be a very volatile market place. Bitcoin’s value decreased as investors’ trust in the currency evaporated.
Despite its reputation, Bitcoin has recently picked up momentum within the past couple of months. Last week, Bitcoin hit a new peak value of $19,783, which is a huge jump from where it was back in March.
Earlier this week, Visa announced its partnership with BlockFi, a fintech company offering the first credit card with Bitcoin rewards. And last month, PayPal announced that it will let its customers buy bitcoin on its platform. What will this mean for the world of Bitcoin later down the line?
As with any emerging technology or innovation, most markets are slow to adopt. The burgeoning technology that powers bitcoin, blockchain, has been introduced to the financial world but also has the strong potential to benefit other industries like healthcare, education, and entertainment.
With well-known companies like Visa and PayPal backing bitcoin, adoption of the currency and its underlying technology may be underway.