Bitcoin’s Phenomenal Performance - May 2019
If you invested in Bitcoin a year ago you will now experience profitable returns. This famous coin reached a high of $8 800 at the time of writing and there are speculations that it will reach $10 000 shortly. We will see if that dream comes true.
Other cryptocurrencies also moved upward with the Bitcoin bang of this month for example coins like Ethereum, XRP, Bitcoin Cash and many more. So if you invested in small cryptocurrencies these last few months you will also experience a profit.
Bitcoin is proving itself as a powerful store of value and a good investment of money, where fiat money has a lot of pressure from inflation and government control. This we can see in Sudan, where inflation rose up to 44 percent in February and the central bank took strict capital control of the money supply. ‘In this country, some of the ATMs no longer dispense cash and some banks stopped some balance transfers, CCN reports.
Bitcoin uses peer-2-peer technology with no central authority or banks. The transactions carried out collectively by the P2P network means the peer-2-peer transactions are fast and can be done worldwide with low processing fees. This form of electronic cash was invented by an unknown person using the name, Satoshi Nakamoto.
You need to have a cryptocurrency wallet to transact with this new form of decentralized digital currency. The Wallet transactions are verified by a network of nodes with the use of cryptography on the blockchain. The Bitcoin Blockchain is a public ledger and records all the transactions which are made by Bitcoin. This chain of blocks contains a hash to the previous block up to the Genesis block. Bitcoin has a supply limit of 21 Million Bitcoins.
Take note: Do not make an investment decision on a Bitcoin or any other cryptocurrency, or other investment based on the information on this website.