Bitcoin is a worldwide name these days, and it’s no doubt since its rise in value in recent years. Whether you are a cryptocurrency supporter or not, most people with even a small interest in finance know something about it. Opinions about Bitcoin’s legitimacy and whether it’s a currency built to last are consistent. But with Bitcoin came the invention of blockchain technology, which has revolutionized digital currency for years to come.

The blockchain gives Bitcoin complete honesty compared to other currencies, as it records every transaction that takes place. This is the way that Bitcoin stays transparent, decentralized and secure. The blockchain means that there is no need for a third party within the transaction, such as a bank. Bitcoin can be transferred from one person to another because of the peer-to-peer network created by Nakamoto.

The blockchain verifies the transaction without taking large fees. And the evident lack of need of a third party external organization is revolutionary within banking and currency exchange. The blockchain has no ulterior motives. It does not have selfish desires, nor does it want to attack.

The Power of Bitcoin

When Bitcoin was created, it was heralded as a currency which would take power away from large banks and governments, and would put the power back in the hands of the everyday person. The invention of Bitcoin and blockchain technology has allowed the transfer of money in almost instant cost-free transfers of currency to any part of the world. Its invention has been likened to that of the internet.

The reason Bitcoin became so valuable was because of its hugely volatile fluctuations in value. Bitcoin is known to jump in value by incredibly large amounts, even thousands of dollars week by week. It has had an incredibly volatile trading history. People who jumped on the Bitcoin train back in the early days of 2009/2010 have seen their Bitcoin go from $0.0008 to over $18,000 at its peak in 2017. The media frenzy surrounding the cryptocurrency peaked many peoples interest, and made many millionaires overnight.

The Future of Bitcoin

There has been much debate about whether Bitcoin will dominate currency in the future. Key players within the Bitcoin community such as Mike Hearn, a British computer programmer to left Google to work on the cryptocurrency, have voiced doubts about its ability to scale as a currency due to increasing volumed and speed of transactions.

Bitcoin’s current market capitalization is almost $10 billion, making it almost 10 times as big as it’s closest competitor in cryptocurrency, Ethereum. It’s likely to continue to dominate for years to come based solely on this fact, and is becoming to be an integral part of anyone trading portfolio. Bitcoin, along with other cryptocurrencies, are slowly but surely invading into public recognition.

In order for the cryptocurrency to be mass adopted by the public lies in regulating the currency. While this goes directly against the whole ethos of Bitcoin, it will be interesting to see if and how governments introduce regulations surrounding the use of cryptocurrency.