Will Bitcoins Ever Stop Growing?

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Photo: matteobragaglio/Flickr

"Cryptocurrency" is a term that was hardly ever used a decade ago - and today, it is making the headlines pretty often. Most of the times, it's used in relation to Bitcoin and Ethereum, two of the best-known such currencies out there, which continue growing month after month, breaking one record after another. One might compare its growth to that of minimum deposit casinos back in the 1990s - after the first online gaming venue was opened, hundreds of others followed within months, contributing to the meteoric rise of the industry.

After many ups and downs, the business stabilized amid the constant controversy surrounding it - and we can witness something similar on the cryptocurrency market today.

But will it ever stop growing? What is a cryptocurrency? The idea of a cryptocurrency is pretty hard to grasp for anyone without extensive financial and technical knowledge. In layman's terms, Bitcoin - currently the best-known and most valuable cryptocurrency - it is a money system that allows people to send and receive money through the internet without being linked to a real identity.

All users sending and receiving cryptocurrency are using a global database known as the Blockchain that keeps track of all transactions and all the new bitcoins generated (mined). It is a bit similar to a bank that keeps track of who has bitcoins, and how many of them. Yet it does so in a perfectly secure and untraceable way. Growing incredibly fast: Bitcoin was introduced by an individual or group called "Satoshi Nakamoto" in 2009. The currency was picked up by the mainstream media in 2012, often with a negative connotation, considering that it was often mentioned in relation to ransomware attacks.

Over the years, the value of a Bitcoin has grown exponentially. It took parity with the US dollar in the first half of 2011 and has continued to grow ever since, breaking record after record. At the time this article is written, 1 bitcoin is worth $9,750, and it doesn't show any signs of slowing down. When will it stop growing? This is something nobody really knows. There are many factors that contribute to its growth today, including the fact that the Japanese government has given it a green light as currency, their growing adoption rate, not just from users, but companies, too - Bitcoin and other crypto coins are edging toward mass adoption and a mainstream use today.

There could be a bit of an overvaluation involved, too, fueled by the excitement for the brand new technology. But one thing's for sure: it will eventually stop. When, and why, it's not known right now. Cryptocurrencies might prove to be a fad but they might also become the money of the future - in which case, they will continue to grow.

 

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