The price of Bitcoin has been volatile since late 2016 when the chinese bombarded the crypto currency market as a measure to escape the negative effect of Yuan's devaluation.
Although, Bitcoin was invented in 2008 by a great visionary who was able to flash back to the call for a new world currency by the economist in 1940's. The worth of Btc was less than $1 and view risk takers were involved.
Btc started making waves in the year 2013 as a result of its quickness and easy payment system. The anonymity and direct payment (peer to peer) resulted in its rapid adoption as a payment system.
It is a clear fact that the acceptance of Btc as a means of payment resulted in the emergence of other crypto currencies.
Early 2017, Btc price jumped to $1400 from $450 in May 2016. Many people started to realise the real potential of Btc. Many organizations are accepting it, some individuals bought and store it, some countries also are accepting it either as a currency or an asset.
Despite the acceleration in Btc price and its popularity, some crypto currency analyst believe Btc can still be overtaken by another crypto currenncy in the coin marketcap in terms of volume. The breakdown of Btc price over the years are shown below.
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Recent BTC price acceleration.
May 2016 $450, May 2017 $1400, October 2017 $5000, November 2017 $10000, December $16000+
The BTC price pattern - when the price go up faster, it drops up to 20%. Then it goes up again and get fixed before another rise.
3 ways to make more money from BTC- 1. Buy and store 2. Through trading (you need to learn it) 3. Mining.
Bitcoin has brave skepticism, rejection and experienced volatility. With this, any crypto currency that will overtake BTC will have to engage in a big fight.
Can BTC be the next world currency?