If I can only choose one word to describe the state of Bitcoin in the past as internet currency, I would definitely use the word “volatile.” Just for the sole reason that it is. Several years back, when BTC was first introduced to the world, this volatility can get pretty insane. It can escalate and plummet in a matter of days or even just hours. This gave people the impression that Bitcoin was a rather unstable type of currency.
However, this never stopped people from seeing the promising potential behind Bitcoin.
If you really think about it, the only way this world will be moving is forward. This is probably the number one reason why many people are in support of online cryptocurrency systems. Not only is it convenient, but it’s also a straightforward way of advancing to futuristic methods of exchanges as well. Instead of being roundabout about online purchases (e.g. depositing money to a card just so you can purchase something online), why not use virtual money to transact virtually as well, right?
At first, it was a hard thing to consider. After all, people feel more secure when they are holding tangible cash in their hands. When money is kept in cyberspace, some people just can’t shake off the feeling that it can disappear with the wind anytime soon. Like, everything can go up in smoke because someone somewhere might meddle with online security and rob everyone of their virtual assets. Well, I can understand such fears. However, these fears mostly root from ignorance.
When people don’t understand something, they become afraid. That much is to be expected. In fact, we can all relate and understand that kind of feeling. However, these fears can be easily put to rest as soon as things are cleared up.
Most cryptocurrency platforms, including the ones that operate for trading, are stored in the Cloud – an online storage drive that can house a millions bytes of data. The security of Cloud is top-notch (read more). There is literally no force on earth that can meddle with it. It’s simply built that way. It is resilient, indestructible, and fail-proof. This is why you can be sure that your money stored online is kept safe 24/7. How is this possible?
Well, everything is made possible thanks to a method called “redundancy.” The Cloud is still run by physical hard drives. However, contrary to what many people assume, the Cloud is not just run by a one or two server farms (a term used to signify a collection of industrial hard drives, btw), it is run by hundreds of server farms scattered all over the globe. What happens is that the data of a single company is copied over and over across these server farms. This is to make sure that even if one server farm catches fire, gets hit by a meteorite, or bombed to oblivion, the data will still be available in other server farms.
This, my friend, is how your money is kept safe despite being just raw data floating online.
Anyway, back to business.
How Is Bitcoin Doing These Days?
While Bitcoin may not be valued the same way as it was several years back (The hype made the exchange rates skyrocket at the time), it is still a substantial currency in the crypto market. In fact, it has never lost its place as one of the most popular cryptocurrencies ever introduced. Many people are still trading Bitcoin solely because they still have faith in its growth as an online currency. You can check out more on Rubix.
If you are thinking of trying crypto trades, then Bitcoin should still definitely be in your list.
What Is The Current BTC to USD Exchange Rate?
The current going rate is 1 Bitcoin equals 9,419.99 United States Dollar. That’s still pretty high up if you ask me. The good thing about BTC these days is that it is not as volatile as it was before. Yes, there are still occasional highs and lows but it is not as drastic as it was several years back. For traders, especially swing traders, this is good news.
To trade or not to trade, that is your decision to make. Other than trading, there are plenty of other things you can use Bitcoin on, like online transactions. Just give it a try!