A STAGGERING RISE: Bitcoin Dollar Value Chart – Bitcoin Crosses 10,000 Milestone
A staggering rise, in Bitcoin Dollar Value Chart, the digital currency Bitcoin is going the roof during its nine-year history as one Bitcoin value has gone past $10,000 (£7,530). Bitcoin value has fluctuated widely this year and caps a remarkable rise from $1,000 (at the start of the year) to the $10,000 (till now). No one is clearly sure what has driven the sudden rise in value; some say it is because of the action by some financial regulators to limit its use and some called it a classic economic bubble. Many experts seeing this critical test of whether Bitcoin’s time has truly come or it is like a house of cards ready to collapse anytime as soon as it comes under pressure. Many industry watchers are also seen as being crucial to its future, but on the other hand, they also believe that this benchmark rise in value will not be sustained for a long. Another point to the growing prospect of Bitcoin is quickly growing user around the world. In April, around six millions of people were actively using crypto-currency and today it is probably closer to 20 million. The potential involvement of the world’s leading derivatives exchange, the CME has spurred the price of Bitcoin higher.
Bitcoins were first introduced in 2009 as a digital currency has largely exited online. Bitcoin is not a legal tender and not printed by any government or commercial bank, therefore, there is no-one responsible for backing their value. Instead, Bitcoin is created through a process called mining and took a long time to become an accepted virtual token/currency that could be swapped for real-world cash. The boom in the value of the Bitcoin has led to a general rise in other virtual currencies. In existence, the total value of Bitcoins has now surpassed $167bn and it is now more vulnerable to hackers.