Bitcoin Is Back With A Bang

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Bitcoin Burning Hot Again
Bitcoin Burning Hot Again

It seems there is no stopping Bitcoin after the cryptocurrency surged past the psychologically significant $700-mark to reach a two-year high in mid-2016 on rumors that its supply is set to shrink in July that year. The leading cryptocurrency hit a record of above $19,800 in December 2017. Such currencies, though highly volatile, are grabbing the attention of markets that are exploring the possibility of crowning them the digital asset status as traditional investment options yield low returns. Despite the hype surrounding them, cryptocurrencies like Bitcoin continue to find favor with trade that are beyond the books, thanks to a high degree of privacy, than be used as legal tender.

To shed the veil of the darknet, Bitcoin is hoping to gain acceptance in the real world as the "blockchain" technology that underlies the cryptocurrency is getting popular among individuals, organizations and policymakers, and players beyond the financial sphere, many of whom dream of a decentralized, or less regulated, but a more secure and trustworthy system of transactions.