BitCoin Jumps a Record $400 in a Day to Reach a New High

Bitcoin owners must be super excited right now as the price of Bitcoin touched the record high of $7,340 yesterday. The value surpassed $7000 just after 10:00 AM UTC yesterday and is currently at $7309.

The statistics have been obtained from CoinGecko.

The recent jump in the price of Bitcoin was around 23% in one week alone. Despite the potential ban on Bitcoin in China and South Korea, the value of the currency is topping charts with each passing day.

Everything You Need to Know About Bitcoin

Bitcoin is the most popular type of cryptocurrency that steadily grew over the years and today stands over USD 7,000. This may sound confusing to you at first, but worry not — we have compiled few points that will give you a basic idea about this currency.

  • Bitcoin is not controlled by a single entity unlike your typical banking system. In fact, it is controlled by everyone who uses it — by a software.
  • There are only 21,000,000 bitcoins in the world and this amount is fixed. It delineates that the devaluation of currency is not that easy.
  • Bitcoin does not have a fixed value, but you can trade it to buy goods and services.
  • The process is so transparent that you can see your transactions spontaneously and cannot be forced to pay a single penny. It all depends on your choice.
  • Bitcoin is stored in digital wallets. It has a resemblance with your online bank account and is much more secure than your physical wallet.
  • The transaction fees are very low in contrast with general bank fees. You can transfer bitcoin from one country to another country by paying a minimal fee.
  • You can buy almost everything with bitcoin. This may feel a little improbable at first but you can use this cryptocurrency to buy your favorite snacks, pizzas and what not!

  • People here saying that bitcoin will fall dont know anything about the Blockchain technology. They will soon know that their corrupt FIAT currency system is destined to fall sooner or later, not the blockchain. Bloackchain is transparent and secure system where no human or organisation can fiddle with the currency system. You just need to know how it works.

    • What i know is this that bitcoin is preferred mode of payment (of dirty or illicit money) for criminals (white, blue, or whatever collor) of all sorts primarily because it cant be tracked and transactions cant be traced to beneficiaries (almost always). Unless governments join forces to discourage crypto currency, it will continue to gain momentum. So, yes, people predicting downfall of bitcoins etc shall be wrong for quite some time.

      And please dont forget the fact that bitcoin etc derive their value from fiat currency (mostly dollars). It is bought and sold for fiat currency. Dont know how will crypto survive if FIAT so much as hint at a downfall.

  • Ok say I have 1 Bit Coin and I want to convert it to Pakistani Rs., can I? If someone here has a short and concise reply to make me understand about bitcoins please, I’d be grateful

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