Bitcoin has become one of the main sensations in the technology world and share market. Another year has passed in the cryptocurrency world and once again, we must recap what has been achieved in the last 365 days, or 52.560 Bitcoin blocks, as we count here at Genesis Mining. While some people were celebrating achievements of 2017, crypto devotees all over the world were celebrating the rise of Bitcoin, because on the first of January the virtual currency surpassed $1,000.00 USD and quickly beat the old all-time high.
There are a lot of cryptocurrency traders out there that think they know the formula to pick the next coin to get 10x their return. And maybe they’re right or maybe it’s just luck. If a lot of people are making a lot of predictions, eventually some will look like geniuses. It should not be a long investment because the market is dynamic for them, in other words, you could say not stable.
But, the main question is that should we invest in cryptocurrency or not. Let’s start with the answer: Yes. And just like the year before, prominent names in all kinds of industries that predicted the end of this economic wonder were proven wrong. At the time this piece was written, Bitcoin has reached the all-time high of $17,000.00 USD. Some people say the sky’s the limit, but in the case of Bitcoin, it would be more accurate to say that the moon is. Since 2018 almost upon us, it’s time to recap our greatest challenges and achievements of 2017.
In most early cryptocurrencies like Bitcoin, miners secure the network by verifying transactions and adding new blocks to the blockchain. The miners are rewarded with newly created bitcoins, which provides them with the incentive to ensure they keep working. It was an elegant solution to the problem of securing a decentralized network.
As we are slowly adapting the virtual environment for every requirement in our daily life, and where still cybersecurity is a gap that needs to be filled, In even the best-case scenario, Bitcoin is a bit incredibly uncertain investment so if you do invest, invest it safely as you don’t know that you might lose all of it.