At the time of writing this article (22nd May 2017), the Bitcoin price currently stands at £1645! If you've never heard of Bitcoin before then fasten your seat belt before reading on. Click to buy Bitcoin
Bitcoin is an digital currency and payment system created by an unknown developer in 2009. What makes Bitcoin so unique is it uses a technology called a block-chain to send and authorise payments, meaning intermediate parties such as banks or payment processing companies have no say. Bitcoin transactions are completely user controlled.
In recent months, Bitcoin has gained a vast amount of interest from people all around the world due to it's rapidly increasing price.
To give you an idea, On the 22nd April 2017, the price was £972! So in the space of a month, the price has increased by over £670. This means if you bought 1BTC on 22nd April, you could now sell it for a £670 profit (not considering fees*)
Exactly a year to the date, the price was £300.78! In 12 months the price has shot up more than £1300! Bitcoin is breaking records left right and centre and is quickly becoming more and more popular as the price skyrockets past the all time high.
Why is the price increasing as such a rapid rate?
Bitcoin price is now higher than Gold! As it's popularity increases and more people become aware, businesses are starting to take advantage. People from around the world like China and Japan are investing in Bitcoin amid fears of unstable, centralised local currencies. Countries all around the world have recognised Bitcoin as legal tender, with many businesses announcing they accept Bitcoin as payment.
Bitcoin ATM machines are being installed all around the world and probably in a town near you with at least 59 in the UK alone.
Being an online based currency, funds can instantly be transferred from wallets all around the world. Bitcoin allows simple, contactless, cashless payments and it's popularity is increasing more than ever.
Nothing comes without risk
Of course there is the possibility that Bitcoin prices could one day take a tumble. It did in 2013 when Mt Gox, a Bitcoin exchange which handled over 70% of all Bitcoin transactions pulled what can only be described as an exit scam. They filed for bankruptcy and suspended all trading, still with 850,000 of its customers Bitcoins. The price after this tumbled, and it was speculated whether or not Bitcoin would ever recover. Now it has surged past the high it was at and at the current rate, many experts expect the price to reach at least £3000 by the end of 2017.
*Fees: There are many Bitcoin exchanges to choose from when it comes to buying and selling your Bitcoin, all of which charge a small but varying fee.
I use Local Bitcoins, they're one of the biggest and most trusted, handling billions of pounds worth of Bitcoin transactions. Click here to buy Bitcoin
MyLuxuryBed Ltd will soon be accepting Bitcoin as a method of payment for all our products. Buy a new bed online using Bitcoin View range