CREDIT TO: ERIC LIBOIRON
Bitcoin or (BTC) is a digital currency a digital or virtual currency. It was at the top of cryptocurrency market, but bitcoin market cap falls below $100 billion for first time since October 2017.
It is designed as a medium of exchange. It works as the money works in our life. It uses the cryptography to verify and secure the transaction and the look after the creations of new units. It uses P2P technology to manage transactions. BTC creations and transaction management is the function of open source peer 2 peer network. Bitcoin also referred to as a “cash for the internet”. It.is one of several popular digital payment currencies including Litecoin, Peercoin, and Namecoin. It has two words if Bitcoin is written in capital letters, it means a system, and in small letters like bitcoin, it means the name of the currency.
Many attempts have been made to create a digital currency during the 90s boom in technology, using different popular systems including beenz, but ery effort was not fruitful. There were many reasons behind the failure such as fraud, financial issues and friction between the company’s employees. In 2009, a programmer or maybe a group of programmers made a digital currency system. They named it Bitcoin. The bitcoin was launched under the alias of Satoshi Nakamoto. Satoshi said that it is a peer 2 peer e-cash system. The system was completely decentralized that means there was no server involved in the system and no control from any central controlling authority. The concept resembles to peer 2 peer networks for file sharing.
What are the Benefits of Cryptocurrency?
There are many benefits of cryptocurrency. You can do those things with cryptocurrency you can do it with money. It works as money, but the difference between in these is that your currency is a physical thing and have a value. It has a market value but not physical existence.
At the beginning of cryptocurrencies, it was hard to believe its working. Now, it has spread almost all fields of life. From a shop to market, you can buy anything from anywhere by paying with bitcoin. You can even apply for a degree by bitcoin.
You can now invest in the company you desire. The companies accept the investments paying in BTC.
The companies have started to pay through bitcoin. It has been at the top of cryptocurrencies. If there is a matter of b2b and b2c in all cases, the cryptocurrencies are used to pay.
BTC market cap falls
BTC is the biggest one in cryptocurrency by market cap, and first gold is facing a downfall continuously. There has been seen a downturn for a few months. The world biggest cryptocurrency has gone down to the lowest position of the year. According to CoinMarketCap, at press time, the cryptocurrency is trading at $5503 with a market cap of over $95 billion. The cryptocurrency has a trading volume of $8 billion and has plunged by 12.75% in the past 24 hours.The last 24 hours have not been good for the crypto industry. Yesterday, the market became a sea of red as prices dropped between 10-20 percent in value.
Bitcoin, which has been trading within the $6,200 and $6,800 range for several months, saw its vlaue drop to $5,600. However, it continues to fall in value. At the time of writing, it is trading at $5,572, according to CoinMarketCap.
As a result, its market cap has also seen a decline in value and is currently worth $96.8 billion. The last time it was under the $100 billion mark was last October. The highest it has been was $328 billion in mid-December when it was valued within touching distance of $20,000. Today, that figure feels like a distant memory. The cryptocurrency market wholly market’s capitalization dropped by $15billion aggregate cryptocurrency market capitalization declined by $15 billion over 24 hours.