Cryptos Land: Bitcoin is already mainstream and you can't deny

Thursday, 16 November 2017

Bitcoin is already mainstream and you can't deny

After years of waiting Bitcoin is finally mainstream, and you can't deny this. From being accepted by a small community of users and shops Bitcoin is now deepening into Futures market as well as gaining acceptance from thousands of users daily. Bitcoin came to a greater public attention in early 2017 as its price jumped above $2000 for the first time and by making headlines in mainstream media when WannaCry Hackers asked the victims to pay them using Bitcoins.

The victims of WannCry hackers were asked to pay $300 in Bitcoins as ransom with a promise of unlocking files that were taken hostage by malware. The incident reportedly infected 23000 computers. However, this gave light to the number one digital currency as Bitcoin constantly made headlines as a mode of payment.

Segregated witness activation on Bitcoin in August further pushed Bitcoin's price to above $3500 and it was reported as the best performing asset by several outlets. Bitcoin also referred to as digital gold became more valuable than gold after crossing $3000 making investors amazed.

Since Bitcoin is decentralized and is only control by market forces, i.e. demand and supply its price fluctuates greatly as compared to other asset providing a space for more profits for investors. Bitcoin and Cryptocurrency going mainstream can be concluded by the fact that there has been as increase in Coinbase user registration, an increase in ICO's and an increase in overall acceptance by major stores. It was reported that over 25,000 shops in Japan are now accepting Bitcoin as mode of payment and the number is likely to triple after legalization of Bitcoin as currency in the country.

CME Group announcement to add Bitcoin futures and Square's App plans to integrate Bitcoin buying and selling, followed by Russia and India plans to regulate and legalize Bitcoin is further contributing in the Cryptocurrency boom and it looks like almost certain that Bitcoin might surge above $8000 by year end.

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