In October of 2018, Bitcoin celebrated its tenth birthday. The original cryptocurrency paved the way for many other developments in blockchain technology over the past ten years, and it is still going strong. The following are some of the latest stories about Bitcoin in the news today.
Bitcoin Is Going Green
Bitcoin’s lack of energy efficiency has been a major concern. The verification of Bitcoin transactions takes a massive amount of computing power, which relies on electricity. In fact, scientists have predicted that the electricity used by Bitcoin computers will raise global temperatures by 2 degrees Celsius over the next thirty years. The good news, however, is that some of the biggest Bitcoin miners are now using hydro electricity, a much cleaner form of energy, and they are establishing a trend that others are likely to follow.
Institutions Are Investing
Recently the price of Bitcoin has been highly volatile, which has discouraged some potential investors. However, as 2019 approaches, it is predicted that institutional investors will be bringing the price back up. After investments from Ivy League university endowments in the summer of 2018, other institutions are likely to follow suit and reinforce Bitcoin as a store of value.
The Supply Is Dwindling
When Bitcoin was first introduced, its creator established a fixed limit of 21 million coins, with the rate of mining decreasing by half every four years. As of 2018, approximately 80% of all possible coins have already been mined. The built-in scarcity of the coins has increased their value over time. For example, one of the earliest transactions involved an exchange of 10,000 BTC for two pizzas from Papa John’s. Nowadays a single bitcoin is worth a little less than $4,000.
The Over-The-Counter Market Is Thriving
Big investors who believe in the power of cryptocurrency (sometimes known as crypto whales) are buying as many bitcoins as they can through over-the-counter (OTC) brokers. Large orders can have such an impact on the overall market that they are not considered safe for a traditional exchange. OTC brokers, however, can quote and honor a price, thus protecting clients from any negative impact of their transaction on the market price.
As technology develops and computing power grows, Bitcoin remains the leading cryptocurrency on the market. Visit this site for more Bitcoin news.