Everything that enters the market especially when it is related to people’s money becomes a more serious and sensitive topic, the same happened with bitcoin. It was in great controversy since its creation but in-depth now it has proven not only a safe- haven but also a great source of profit and benefits.
Bitcoin was founded by unknown people in 2008, it took over 10 years for it to develop its several organizations, banks, and startups, and companies realized the potential in the statistics and importance of blockchain, the technology that has solved many financial problems of industries.
After analyzing in-depth the statistics of bitcoin and other digital currencies, it shows that the currencies, especially bitcoin, have got a very good status and have changed the perception of a terrible currency.
Surprising facts about bitcoin statistics
When bitcoin was launched, its initial value was less than 10 dollars and it represented 34% of the total digital market, the idea behind the creation of bitcoin was to create a completely decentralized currency and to control money and other assets, the first commercial bitcoin transaction was made in 2010, which was the payment of 10,000 BTC for 2 Papa John’s pizzas by Laszlo Hanyecz.
In 2019 there was 17.7 million bitcoin was in circulation and worth over 54 million dollars, Bitcoin reached its all-time high price of 20089 dollars in 2017 that is a record, and till now it is not broken again, the total number of BTC transactions were exceeded over 400 million in 2019, bitcoin is not under any country or authority control so over 107 out of 251 do not any rules and regulation for bitcoin trading or having it as an assist, because nobody knows about the creator so nobody can say it is created by any company like Toshiba, Sony, or Samsung, etc, according to some researchers more than 400 million transactions take place every day, to know more about bitcoin visit Bitqt app automated trading.
COVID made bitcoin stronger
The global economy had faced COVID-19 in the last eight months, traditional global stocks and other assets, including commodities, were in a situation of high market volatility, but according to reports published in financial magazines regarding bitcoin. The single digital currency bitcoin performed very well during the COVID-19 pandemic and bounced off the levels as expected and gained worldwide attention in the financial market.
Chris Bendiksen, head of research at Coinshares, revealed the details about BTC’s reaction during the COVID-19 pandemics and said that everything critics are saying about bitcoin, has performed very well and outperforms all traditional assets, including gold, the price of gold was $1,590 an ounce and had risen 13.95% to $1,850 an ounce and BTC was at $3,875 per BTC and increased 136% and is now over $13,000 per BTC.
Challenges facing bitcoin
Bitcoin has almost overcome all challenges and is holding up very well in all categories compared to other currencies, the only big problem that bitcoin is facing is its status as a store of value that it has almost surpassed due to its high adoption. It should be used as a medium of exchange, it means that it should have some strict value if it is not going to be practically used, then it will not be a good value, it will not continue to support Andy with other physical products, but after entering in large quantities. Digital giants in bitcoin such as PayPal, Microstrategy, and others, its use will be improved, which has attracted more and more investors and traders and has seen a very large adoption of bitcoin in the world.
The utility and its transfer was a very big challenge, in previous years, bitcoin exchanges and bitcoin wallets were hacked, fraudulent, or stolen, it not only happened with bitcoin, many other currencies also entered this situation, but the situation is almost under control, it only happens due to lack of knowledge and less awareness about internet security that can be improved with proper training, to prevent people from falling into these traps and situations, governments and authorities should establish proper rules and regulations on digital currencies and cybersecurity.