Sunday, December 4, 2022

Bitcoin Transactions Now Total Over $1 Trillion Thanks to Yen, Dollars, Yuan

Bitcoin Transactions Now Total Over $1 Trillion Thanks to Yen, Dollars, Yuan

In seven years, digital transactions have traded over $1 trillion USD worth of BTC. The data is made available from BitcoinCharts and Bitcoinity. The activity was led by Japanese yen, U.S. dollar and Chinese yuan/renminbi.

Also Read: Steve Wozniak: Bitcoin Is Better Than Gold

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Total Bitcoin Transactions Cross the Trillion Milestone

The amount of trust and investment in the non-fiat digital currency is on the rise. Even though the BTC price fluctuates on a day to day basis, there is ever more demand for the virtual currency overall.

Recently the price touched an all-time high mark of over $6,000 for a single bitcoin. However, within a day it dropped back to about $5,800. At present, the price for a single coin is $5,900. Cryptocurrency admirers predict the price to reach $20,000 in a couple of years — which would be over 200-fold from the present.

Did Bitcoin Gold Drop the Bitcoin Price?

Some cryptocurrency followers wondered if the introduction of the Bitcoin Gold could be the reason for the recent drop in price.

Bitcoin Gold (BTG) is the result of a new deliberate hard fork in the Bitcoin blockchain. Its aim is to again make the currency decentralized.

The prevalent mining algorithm SHA256 is what Satoshi Nakamoto, the unknown person behind the birth of Bitcoin, chose. It now requires costly hardware to mine the virtual currency. However, with Bitcoin Gold’s algorithm “Equihash”, it makes it possible to mine digital currency using a consumer-level GPU.

We should note, however, that existing large mining operations also possess large numbers of GPUs.

Where Does Bitcoin Go From Here?

The variation in price comes as many influencers around the globe share their views on the cryptocurrency and its future. Most accept blockchain technology, the base on which bitcoin strives, will be very useful in the future. However, many financial experts and Wall Street executives are skeptical on the future of the cryptocurrency.

Physical BitcoinHowever this has not stopped bitcoin admirers from buying more and also trading the digital currency.

While bitcoin is the most favored cryptocurrency around the world, the high-risk, high-return style of investment in the cryptocurrency market is pushing more conservative investors away. As the currency is decentralized, it is practically impossible to know which factors truly determine the price.

It is also likely that sovereign countries may issue their own national cryptocurrencies to replace existing ones. However, as yet no country has officially launched a blockchain based digital currency.

Nonetheless, the future of Bitcoin is unknown — some are investing all they have in the currency, and some are in complete denial of its worth.

What do you think drives the bitcoin price? Please share your thoughts in the comments.

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