Tuesday, the Bitcoin hit a record high of $1,760.40 BTC up 6 percent to $52.5billion up from the following day, according to data released by coinmarketcap.com. Demand for cryptocurrency rose due to new tokens being created to raise funding for those using blockchain.
Blockchain records bitcoin transactions using a public ledger
The main technology behind bitcoin is blockchain a financial ledger operated by a network of computers tracking the movement of assets without any need for a central regulator.
Invented by a group of programmers
Bitcoin has been termed the first decentralized digital currency.
It was invented by a group of programmers whose names have yet to be released or uncovered but are known by the name Satoshi Nakamoto.
In 2009 it was released as open-source software. Bitcoin is a cryptocurrency and a digital form of payment. Transactions take place directly between users, without an intermediary, and is a peer-to-peer system.
Bitcoin used by retailers
Retailers, such as Overstock.com, use it as a type of payment and a way to transfer funds without the need of a third party. Bitcoin can be traded like stocks and bonds and is considered an asset.
Chris Burniske, ARK Invest blockchain products leader, said bitcoin is mainly a liquidity provider that people use to buy other crypto-assets.
President of Minneapolis Federal Reserve Bank, Neel Kashkari says he is skeptical about the future of bitcoin. He believes sentiment in the Federal markets is shifting.
Increase in demand for coin offerings
The increase in demand for digital assets is increasing and initial coin offerings (ICOs) are starting to sell their capital to the public without any regulatory regulations.
This year alone, it has been estimated that approximately 40 start-ups are now using an ICO, according to data from Smith+Crown.
Access capital using your website
For the first time people and companies can access capital using their website, said Arthur Hayes, crypto-currency chief executive of BitMEX. Over 100,000 merchants and retailers use bitcoin and accept it as a form of payment since February of 2015.
Cambridge University study on crypto-currency
Research conducted by Cambridge University in 2017 revealed that there are roughly 2.9 to 5.8 million individuals actively using and exchanging crypto-currency and the majority of those are using bitcoin.
This report by Cambridge University shines a very bright light on bitcoin's future and shows crypto-currencies growing stronger. This can only be positive news for those already invested in the bitcoin.
