Bitcoin News, Updates: Cryptocurrency Hits Another Record at $2,000
First released as an open-source software in 2009, the world's most popular cryptocurrency known as bitcoin hits another record this week when it's price surged past the $2,000 mark. Considering how the hackers who were able to swipe an unnamed Disney film asked for a ransom in bitcoin, it's no surprise that its popularity has reached an all-time high.
According to a report by TechCrunch, bitcoin's worth is now at $2,000, with the total number of coins in circulation at $39.92 billion. First breaking the $1,000 mark in 2013, the combination of political instability and civil unrest in various parts of the world have driven people to turn to cryptocurrency to purchase their basic needs online. Other factors that can explain the consistent rise of bitcoin is explained by the CEO of Coinsource, Sheffield Clark.
"What we're seeing is mainstream adoption ... and cryptocurrencies like bitcoin becoming an accepted commodity for investment," said Clark, as reported by CBS News. "I also expect many countries to follow Japan's footsteps and recognize bitcoin as a legal payment method. As the investor base broadens, there inevitably will be a bandwagon effect that will take hold."
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The many benefits of bitcoin, such as freedom in payment as well as control and security, has attracted a lot of attention from those who value what it upholds. Unfortunately, this also means that people with ill intentions have taken to bitcoin. Drug dealers use bitcoin for payment as well as hackers who are able to take something valuable as a reason to ask for ransom.
Bitcoin was originally developed by a group under the name of Satoshi Nakamoto. The system allows users to hold transactions directly, without the need for a third party. Because of this, the fees are very low compared to other online payment systems such as PayPal.
