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!