Looking back at 2017…
Bitcoin- the term is familiar now even to the not-so-tech-savvy layman; the internet is so full of success stories of people who have made their fortune by trading in Bitcoin.
Rapper 50 Cent (whose real name is Curtis Jackson) had inadvertently made a fortune out of Bitcoin when he allowed his fans to get a copy of his album Animal Ambition using Bitcoin. That earned him around 700 Bitcoins, which made him a millionaire.
Apple co-founder Steve Wozniak too accidentally made big money out of Bitcoin trading; after trading for some time, he was stressed out with it and decided to pull out, which happened at a time when the cryptocurrency traded high.
2017 saw Bitcoin become real popular; we all seemed to be personally knowing people who were engaged in cryptocurrency trading. Cryptocurrency purchasing had become easy, thanks to user-friendly virtual money exchanges like Coinbase. 2017 also saw Bitcoin increase its value 20 times and eventually becoming the 6th most valuable currency on the global level.
Well, 2017 was thus the year of Bitcoin, despite many experts emphatically stating that the cryptocurrency trend would finally end up the wrong way. As 2017 progressed, we witnessed Bitcoin losing half of its gains, but still, when the year ended, the value of the cryptocurrency was about ten times that when the year started.
Bitcoin had got immense attention in 2017 and this popularity also paved the way for other cryptocurrencies- Bitcoin Cash, Litecoin, Ripple, Ethereum, Monero etc. These currencies too registered good growth percentages.
Cryptocurrency in 2018
Experts believe that cryptocurrencies will continue to play an important role in 2018 as well. There are issues that the cryptocurrency business is facing. These include high volatility, lack of understanding etc, which are making investors stay away from the business. Similarly, exchanges are prone to hacks and there are no proper regulations. The lack of non-user friendly crypto-exchanges too are forcing people to avoid trading in cryptocurrencies. But things are changing; governments across the globe now understand that instead of fighting cryptocurrencies they could perhaps earn by taxing such transactions. Newer and stricter laws are coming into force, which is making it all more transparent, more regulated. Exchanges too are focused on making it all more user-friendly and secure. 2018, according to many experts, would see a boom in cryptocurrency trading.
Experts opine that 2018 could see Bitcoin getting more competitors; the other existing cryptocurrencies too could give tough competition to Bitcoin. All the same, Bitcoin would stick around, that’s what experts believe. It’s only that other cryptocurrencies with lesser transaction fees could gain more popularity. There are also indications that governments, in a bid to regulate virtual currencies, could even create their national cryptocurrencies.
Anyway, as for now, there are lots of risks involved in cryptocurrency trading. Those who engage in it have to fear hackers targeting their digital wallets and hence are forced to secure their devices/systems with security software, like antivirus programs (paid or free antivirus software). They are forced to be extra-careful because once a hacker lays hand on their digital wallet and steal their cryptocurrencies, it’s gone forever.