Bitcoin has seen approximately 20 fold increase in its price since the beginning of 2017 on Dec 17, 2017 owing to the launch of various bitcoin futures market. the “deep-seated faith” in the advocates of bitcoin was rewarded by way of the soaring price and this spike was obvious due to its revolutionary technology. Meltem Demirors, Director of D“biggest wealth generation opportunity of the century” whichexplains the interest of asset managers in bitcoin.
One of the key drivers behind the increasing value of Bitcoin is its widespread usage rather than other methods. Bitcoin ATM’s are spreading rapidly since end of 2015. According to Coin ATM Radar, Bitcoin ATM market in terms of number of locations has grown at~7.6% per month with countries like USA and Canadain the lead. Altcoins support on existing and new machines reached 31.5% in November as opposed to 21.8% in August, 2017. Machines in Netherlands grew from 2 at the beginning of the year to 19 by end of November 2017. However, Japan reduced its total bitcoin ATM’s from 16 to 11 between Sept to Nov 2017. As on December 28, 2017, the total number of Bitcoin ATM’s stands at 2001 and growing.
Why is its value soaring?
A major reason for the demand of this crypto currency someone is sending an amount to someone else, but without information linking the transaction to anyone. encrypted but a full record of every user and every bitcoin is preserved on the publicly available ledger or often wish to participate in online black markets and other illegal activities using the anonymity of bitcoin. However, the bitcoin system is considered to be "pseudonymous" as some suggest that there are possibilities to trace users' real identities.
Web merchants routinely leak data about purchases purchases according to cyber security researcherstransactions. It links users who want to make similar payments and then allows them to pay bitcoins, making it difficult to identify them.
Potential vulnerabilities and concerns
Bitcoins critics point out that stability in value is a desirable feature for a currency. However changes at a very high pace. Speculators wish to take site that measures the Bitcoin Volatility Index over different periods of time, Volatility Index is 6.8% and 5.7% respectively.
Crypto currency’ in 2016 stated that the high growth and volatility of both Bitcoinand Ethereum are the result of news, hype, and speculation. This is shown by the extremely high cor currency. When looking at Bitcoin the time-series correlation between price and Google searches for “Bitcoin” is Ethereum’s correlation is even higher at 0.88. Such high vol of exchange.
Click here to read the full report