Looking Back at Bitcoin Developments Over the Years
Cryptocurrencies have been the most exciting and tough markets to invest, even though it has consistently kept garnering the attention of enthusiasts. Cryptocurrencies are considered to be the most unpredictable market since its inception, high price fluctuations have been its key aspect. The whole Bitcoin frenzy started a decade ago, named Satoshi Nakamoto. In this short span of time Bitcoin has successfully created a mark in the financial market, drawing investors towards this digital asset. The best bitcoin exchange Australia is available to help crypto enthusiasts buy digital currencies as per convenience.
Over the years Bitcoin has seen continuous development, making this new currency more attractive and beneficial. Just when enthusiasts start thinking its nearly perfect, developers come up with a new feature that increases its usability further. The liberty to use money without being controlled by strict government rules makes Bitcoin a popular and unique digital asset. In today’s time, Bitcoin is the most widely used cryptocurrency; online exchanges and BTM kiosks are helping users buy favorite cryptos at low transaction fees.
The year 2017 changed the whole course of action for cryptocurrencies; all digital currencies experienced the biggest Bull Run. Many new investors from around the world started getting attracted to this new concept, following which crypto popularity saw a massive increase. The growing crypto user base was a sign that people wanted financial freedom, this craze increased on a consistent basis. But cryptocurrency platforms were not designed to handle such a huge number of users, making it difficult to use Bitcoin on a regular basis.
High transaction fees and slow transaction time started becoming the major concerns, these led people to believe that cryptos can’t achieve mass adoption. A new feature SegWit was activated but hardly its effects could be seen. None of the digital wallets were configured to handle this new feature, leading a decrease in Bitcoin user base Developers finally joined forces and started implementing SegWit on all popular wallets. Presently Bitcoin transactions are very fast and have lower transaction fees.
Lightning network technology is another groundbreaking feature that was added to the Bitcoin network. This new feature allows people to transfer digital currency to another wallet without burdening the main chain. The all-new lightning network is new but it has already 5,000 active nodes that can be used to send digital currencies. It’s an amazing addition to the crypto network as it will allow people to use digital currencies on a daily basis. Every day new crypto enthusiasts will be attracted to the platform, thus helping the popularity of Bitcoin increase.
The year 2019 wasn’t exciting for Bitcoin traders, the crypto buyingtrend decreased as Bitcoin lost massive value all through the year. Interestingly it was during the same period that the number of active Bitcoin wallets increased by over 50%. This is a clear sign that Bitcoin still attracts common people and investors, even though its prices have taken a huge hit. Popular online exchanges and BTM kiosks are now helping people buy digital currencies using any conventional currency, its fast and easy.
The year 2019 was very important for Bitcoin; its prices saw consisted decrease all through the years. Like always lots have been said and written about Bitcoin, some Altcoins even tried to claim the position of Bitcoin, especially Ripple and Bitcoin Cash. Some of these new altcoin communities even started claiming that it’s the real Bitcoin, but all went in vain. Altcoins tried hard but it’s tough to replace Bitcoin at the top. For over a decade Bitcoin is reigning the cryptocurrency market and is solidifying its position every day. All attempts to dethrone Bitcoin as the most popular cryptocurrency just helped to cement its position. Bitcoin Cash and Ripple returned to their former value. Presently no other digital currency comes anywhere near to Bitcoin.
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