THE RISE OF INTANGIBLE MONEY
Since its release and introduction to the world in 2007, digital currency has racked up attracted hordes of attraction and racked up plenty of fans that support this phenomenon. While many still doubt the security and fool proofness of crypto currency, many have come forward and accepted it with open arms. But with the passage of time, bitcoins have now become a widely accepted form of currency and is only set to rise to the top.
PRICE INDEX FROM 2014 TO 2016
I was able to find this chart on Chartist which perfectly displays the peaks as well as the surprising pitfalls of Bitcoins over the course of the past two years through a graphical illustration. The infographic does well to effectively showcase a congregation of the net prices of bitcoins each month for the two recent years.
2013: WHEN BITCOINS HIT THE JACKPOT
Bitcoins, when they hit the market sometime in 2011, were available at a rate of just a few cents in exchange for a unit. Looking back at those times, who would have thought what an absolute steal that deal was. With the significance and feasibility of intangible, online money dawning on people belonging to all walks and fields of life, the prices began to increase year by year and then month by month with the increase in demand, until it hit its ultimate high in 2013. A single bitcoin was priced as high as $1200 by the end of the aforementioned year!
THE PLUMMET OF 2014-15
But with the arrival of the next year in line, the prices seemed to have hit a slope in the downwards direction. The 2014 year opened with bitcoins going out for what was just above $600, exactly 50% of what it used to e at its peak time just a few months ago. With the passage of time, the prices only seemed to have one direction to go and that was down. By the end of the year and the beginning of 2015, the price index had reached its bottom peak, grazing at a measly $300 as compared to the potential it had previously shown.
2016: THE REINCARNATION
For those who were doubting that maybe bitcoins were just a one-time thing that disappeared once the hype died down, we have some bad news. The price index seems to have picked up from its depression and is now sitting at a solid $700-$800 per unit, which is nothing short of a reincarnation of sorts. There is still plenty of volatility and fluctuations to be seen, but so far the index has seemed to be able to hold its own.
Only time will tell whether or not digital currency has finally planted its feet and solidified its stance or if it is just a false dawn. We can only hope for the former!