On Sunday, January 3, 2021, the price of the virtual currency Bitcoin surpassed the level of $ 34,000, achieving an unprecedented record, in light of the growing interest from dealers and investors who believe that the digital currency is on its way to becoming a mainstream payment method.
Bitcoin's rising value
Reuters reported that the price of the most popular cryptocurrency in the world traded at $ 33099 during trading on Saturday, with almost all other markets closed during the first weekend in 2021.
While the numbers of one bitcoin trading today, Sunday, show that it reached 34,242, to continue this currency's very rapid rise continuously, as Bitcoin rose by more than 300% over the past year and 50% since it crossed the $ 20,000 barrier for the first time only two weeks ago.
The British Broadcasting Corporation (BBC) indicated that the value of Bitcoin has doubled, driven by a large turnout of investors looking to reap quick profits, as well as local belief that Bitcoin will continue to rise with the further decline of the dollar.
For his part, Germany-based independent analyst Timo Emden, director of Emden Research, said that the "risk appetite" in buying this cryptocurrency "remains stable," and that "in light of the price dynamics, more unprecedented levels will be recorded." For what was reported by the French news agency.
This surge in the value of Bitcoin began at the end of October 2020, when the giant electronic payments company "Pay Pal" launched a service for buying, selling and paying in cryptocurrencies. Investment funds are increasingly interested in this asset, which is characterized by sudden price movements, And this despite the caution that prevailed for a long time.
Analysts in the US market, such as "Citi", have begun to follow the fluctuations in the value of this cryptocurrency.
In addition, many believers see the value of this currency, that it derives its importance from the fact that it lacks a center to decide on it, as it emerged from a network launched by unknown people and remained unaffiliated with any financial institution.
Bitcoin is a highly volatile currency, and it often shows wide fluctuations in the price of the cryptocurrency, for example it decreased by 20% in less than an hour and a half in 2017.
How did the virtual currency start?
In 2007, a Japanese programmer began working on the virtual currency with a pseudonym, Satoshi Nakamoto , and in 2009 it was officially launched, and the idea behind this currency is to completely dispense with the central authority that issues the currency and monitors its movement and establish an anonymous and self-sufficient economy.
Obtaining Bitcoin: There are two ways to obtain virtual currency
Mining: Since there is no central bank to produce this currency, so it is produced through a process called "mining", and whoever performs it is called the name of the miners, and the process is available to everyone, but the mining process requires time and a strong computer to solve complex algorithms, and it is done by downloading Free mining program and install it on the operating system.
Upon launch, the program processes algorithms or algorithms and obtains them from the Bitcoin network. After completing this processing, the program issues the currency, and the amount of this currency is specified and its issuance ends on; That is, the last Bitcoin will be issued in 2140, and after this date no type of this digital currency will be issued.
The second way is to buy it directly against the US dollar from one of the online stores for that, and if you own bitcoin and want to convert it into dollars, the store itself does that.