Bitcoin’s innovative payment network is gaining traction as the price of one unit surpassed the $10,000 benchmark on Nov. 29, 2017.
Bitcoin hits $10,000. ???
Congratulations to all the hodlers! This is by far the strongest Bitcoin bull run I’ve seen in 6+ years.
Now take some profit off the table. You deserve it for believing when no one else around you did. ? pic.twitter.com/liukpusOZ8
— Charlie Lee [LTC] (@SatoshiLite) November 29, 2017
Bitcoin, which was introduced in late 2008, is a peer-to-peer electronic cash system that allows its users to transfer money without involving banks. The company initially began, at a share of 6 cents per bitcoin. Their initial growth was slow and steady, however, with the demand increasing so is the company’s stock.
Bitcoin is currently seeing their stock rise faster than ever. The cost of the bitcoin reached $5,000 on Sept. 2, 2017 and since then has doubled it’s worth within two months.
According to Bitcoin News, the company is seeing about 12,000 transactions an hour with an average of 99,000 BTC being sent per hour. The average transaction value is at 0.103 BTC which translates to approximately $1,100.68 at the moment.
Alongside the stock prices increasing, the popularity is vastly increasing as well. The cryptocurrency is currently garnering major attention on social media with approximately 80,000 tweets sent per day that pertain to bitcoin.
Bitcoin allows for people to create, send, and use money in multiple ways. The cryptocurrency is received, stored, and sent using a software known as the Bitcoin Wallet. This wallet can be accessed via a computer or any cellular device. Bitcoins also are allowing users to make purchases from online retailers who accept the cryptocurrency as a form of payment.
Bitcoin Games, also gives the consumer an alternate way to flip their bitcoin money into more money. They offer a plethora of casino-style games such as Video Poker, Blackjack, Roulette, Craps, Keno, and Slots.
Jervontae Shotwell, a 20-year old male from Memphis, TN, has recently invested in bitcoin earlier this month.
“The idea of a decentralized encrypted digital currency is what attracted me to it.” Shotwell said, “I trade on the foreign exchange markets, so I figured why not trade bitcoin too.”
Why does Bitcoin keep growing? Because it’s time to separate money and state.
— Erik Voorhees (@ErikVoorhees) November 28, 2017
Shotwell believes that everyone should invest in bitcoin, or some form of digital currency at this moment in time. Shotwell said, “Digital currency is the way of the future and the charts back up that claim. Even if you only have five or 10 dollars to invest, do it.”
Kadeem Phillips, CEO of Power Entertainment LLC and Power Enrichment Group LLC, has also invested into the cash system and agrees with Shotwell’s previous claim.
Due to his early involvement with Bitcoin, Phillips is well ahead of the game. “The more people that believe in bitcoin the richer I get.” Phillips said, “I’m putting everyone on that wave.”
With the popularity of Bitcoin rising, Phillips is capitalizing by helping his associates get acclimated to the process.
“Bitcoin was 32 dollars when I first started” Phillips said, “and I used bitcoin to sell unlocked phones and other tech in high school. Got to college and used it for other things. It has now become the way I’ll feed my family for life.”
Phillips himself began to use the cryptocurrency in late 2009. He also claims that at that time, it was the preferred way of payment in the tech community.
“The Crypto Market cap for Bitcoin is at $168 billion,” Phillips said, “so whether you believe it or not, this is real money.”