Introduction
You may have heard about the impact of the coronavirus Bitcoin currency and its grades but the actual story is not that simple and there are many factors that are involved in a preference for the game of Bitcoin cryptocurrency. Bitcoin cryptocurrency being a digital platform started attracting people from the time it was first introduced back in 2009. The increasing interest of people in Bitcoin cryptocurrency made it a favorite option for many people especially those who are but fed up from the traditional banking system and were looking for that form where they can invest their money without any headache.
Backstory
When the concept of Bitcoin was presented for the first time in 2008 it was introduced as a digital currency that will work in Independent decentralized and autonomous fashion without the involvement of any third-party live banks or government officials. Initially, the journey for Bitcoin cryptocurrency was not that impressive but if you look today we can surely say that Bitcoin cryptocurrency showed a miracle bye surging its prices and rates again and again over the time does crossing the figure of sixty thousand years download that was never expected not even a year back.
Factors impacting Bitcoins
Apparently, we can see that the trading value and price of Bitcoin cryptocurrency has increased mainly because of increase in digitalization and interest of people toward digital trading. It is important to understand that being a non-conventional currency Bitcoin cryptocurrency never works in agreements or predictable manner. This means that rates and prices of Bitcoin cryptocurrency are never predictive beforehand and you can never say that some x-y-z factor has influenced the rate of Bitcoin cryptocurrency alone. We are not denying the fact that increase in digitalization impacted Bitcoin cryptocurrency positively but this is the effect that along with the increase in digitalization many other factors laid the basis for the Bitcoin cryptocurrency to work towards increasing its market value trading rates and price. If you want to know more about Bitcoin please visit British bitcoin profit.
A look at the Past
It was not for long when Bitcoin cryptocurrency was about to face a downfall but all of the sudden it started showing shocking results with respect to its stock market trading value. This point can be illustrated by keeping in mind that the rate of Bitcoins was only 1500 USD in April, 2020 but as the year 2021 started the rates and trading value of Bitcoins started increasing tremendously.
In the start of 2021 Bitcoin was hitting 2700 US dollars and this was about the month of January when people started observing that with every upcoming day the total number of users of Bitcoins Digital money along with its market value and rates is increasing speedly. Mean by a number of major influential names started announcing that soon there will be working with Bitcoin cryptocurrency. The increasing reputation of Bitcoin attracted more and more people and the demand of Bitcoin cryptocurrency started to increase. The increased demand of anything leads to increase in the supply rate and price of that particular element. When people started looking for Bitcoins and we’re thinking to invest in Bitcoin cryptocurrency then at the same time the rates and value of Bitcoin started touching the sky.
And a few days back we saw that Bitcoin cryptocurrency crossed fourth surge in 2021 by crossing the figure of 60000 United States Dollar.
Comparative Analysis
Comparative analysis shows that this ratio is 1000 %more than last year and is about 116% more than January 2021. And this was not the end but a start of a new journey for Bitcoin cryptocurrency because until today the rates of Bitcoin are increasing at the same pace, following the same footprints.
Banks going crazy
When the traditional banks saw the increasing demand of Bitcoin cryptocurrency and many other digital currencies they came up with the idea of introducing their own digital money for their uses. They presented the idea because of high demand for cryptocurrency and withdrawal of people from their bank accounts and saving finance. But the bitter truth is that if a bank will introduce a cryptocurrency it will work less or more in the same manner as the local currency works in the banking system. The most favorite part of Bitcoin for its uses is that it works in end to end encrypted decentralized and independent manner but the the launching of digital currencies by banks will murder the actual sense of cryptocurrency which is meant to be user-friendly and free of cost. Any ways these are just some theories that are presented by some banking systems and we all know that this is nearly impossible for banks to introduce something like Bitcoins.
Bottom Line
Ending this discussion we will like to state that Bitcoins have their own unique Identity and their work in a very different manner when compared with other cryptocurrencies or even local currency. This uniqueness of Bitcoins have made them favourite for a number of online traders along with some big ventures and companies like Tesla Apple Microsoft and many others. This is just the tip of the iceberg and the rest is yet to be revealed. This excess of Bitcoin cryptocurrency is actually concealed in the fact that Bitcoins work in a decentralized manner in which people love working independently.