Conceptualized in 2009, bitcoin is a digital currency that leverages peer-to-peer technology to facilitate instant payments.
Its value dramatically plummeted over the past couple of years, but it seems that this cryptocurrency is ready to put this turbulent past behind.
Hence, there emerged the question of many if bitcoin is still relevant today.
As a brief answer to that question, YES, it is still relevant and to date, it still holds the top spot in the cryptocurrency market.
It may have several competitors in the cryptocurrency industry, but bitcoin still leads the market.
Nevertheless, while it is true that it is still relevant in the market today, there seems to be not much of an enhancement in the technology, which is what more and more people are looking for.
A Year of Building
Currently, bitcoin’s price seems to have reached the bottom, but as it does, there is no other way for it to go but up.
This is the reason why people still continue to facilitate bitcoin trades. Expert traders behind Bitcoin Revolution Official site, even developed a software application with advanced algorithms to display live trading indicators, aiding the traders to know when to open and close trades.
This entails that trades occur based on a comprehensive market analysis. Aside from this, the app has an automatic and a manual mode of trading, allowing traders to be in full control of their transactions.
As such, the next few years are deemed to be the years of building for the currency, wherein the faith of the people will slowly come back to the technology.
A Steady Rise
In the past year, the rise in the value of bitcoin rose steadily with its price more justifiable and sustainable, which can be attributed to a greater level of awareness.
It is also noteworthy to mention that some of the biggest technology corporations have taken interest in bitcoin and other cryptocurrencies.
This can be considered as a vote of confidence in the underlying blockchain technology, paving the way for a steady rise in bitcoin’s value.
A Risk of Volatility
While bitcoin was able to sustain a steady rise, experts predict a certain threat of volatility in terms of its value.
Like with stocks, bitcoin’s value may rise and fall from time to time depending on the current market situation.
This is but normal and it can be observed that millennial day traders have a higher risk appetite compared to traditional market participants in terms of bitcoin trading, probably because of the greater risk of the volatility of its value.
To wrap things up, in as far as bitcoin is concerned, the best thing to do for now is to HODL, or hold on for dear life.
This is because bitcoin seems to be ready for a period of consistent recovery.
While an exact prediction on what the future holds for this digital currency may be quite challenging to establish, it can still be deemed that there is light at the end of the tunnel for bitcoin.