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Author Topic: What Caused the Boom in Bitcoin  (Read 3250 times)
tuikindu01
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May 17, 2018, 01:53:15 AM
 #301

One of the main reasons is that many people have no confidence in the money issued by their governments. They want to use bitcoin as a hedge against their own currencies, to avoid inflation.

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May 17, 2018, 02:01:49 AM
 #302

The main reason is its revolutionary technology and a lot of enthusiasts who started new projects on the blockchain. There is a great potential in bitcoin so nothing strange that it has boomed

I agree, so Bitcoin boom is because many will invest in it because its price drops. So the bitcoin price is rising gradually. And everyday many people will become interested in btc because they see they can get big profit by buying a btc. And also rising of btc is normal after the dump of it.

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May 17, 2018, 03:21:05 AM
 #303

People like to embrace new technology and that caused for the boom in bitcoins as every day new users are entering the bitcoin community, in the early stages only the technocrats had idea of the bitcoins and the bitcoin and block chain technology inventor is a genius and a brainy developer as this bitcoins has brought a revolutionary change in the financial markets and it is also known as the future of finances. Like in the early stages of internet, the use of internet was constricted now all business runs on internet like wise bitcoins started 9 years ago and so still in its early stages and more chances for the prices to go up. The word of bitcoins spreading so fast far and wide which leads to mass adoption of bitcoins causing the boom of bitcoins in the crypto market.
I agree what you said above since the curious of the people want to join new thing impact to great attraction of the crypto specially bitcoin. In this case, only the people have more insting to grow their money and investment will make noisy in bitcoin. Its good to make this great technology award with very high hype.

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May 17, 2018, 03:40:36 AM
 #304

It started in 2008 when a design paper titled "Bitcoin - A Peer to Peer Electronic Cash System" was submitted by a Satoshi Nakamoto to a forum about cryptography. The first block ("The Genesis Block" or "Block 0") was mined in 2009. The first value it was given was 1 USD = 1,309.033 bitcoin (the exchange rate was computed by calculating for the electricity consumption that a computer used to mine bitcoin). The first transaction was in 2010.

As for how it became such a big thing, it was probably cause it was something new and exciting. And then as more people got into it, it got to be more popular. It remains to be such a big thing because of the tight-knit community that it has and the worldwide news that is spread about it everyday.
judemarco1996
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May 17, 2018, 04:09:05 AM
 #305

It is true that bitcoin is one of the stable, well appreciated and known cryptocurrencies that makes it very popular and trusted digital currencies. Based on the principles of demand and supply the higher the demand would lead to appreciate its value and trustworthy. Another thing that i believe contributed o its popularity are some of its features to name a few are; bitcoin trading is decentralize and no middle man needed to make the transactions, it has a system that make it easier to convert it in fiat money and no need to pay taxes since government is not controlling it. With these reasons, more and more enthusiast like to be in it because it would be easier for them to turn assets into cash. All f these reasons makes bitcoin exist in this digital technology.

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May 17, 2018, 04:15:16 AM
 #306

I've been watching and monitoring bitcoin for close to 3 or 4 years and I can say this year has been the best year for the crypto and all the investors in the market, firstly, the coin witnessed unpredicted increase in value this year more than any other year before.

I know that the value is based on the principle of demand and supply but I'd like to know what else contributed to the price value and the popularity bitcoin has right now globally.

Bitcoin price increase is mainly cause by the principle of supply and demand. Another thing is that big companies patronize the yse of bitcoin such as restaurants and KFC. On the other hand, one of the causes why it decrease is the bad news referring to bitcoin such as the banning of facebook and google of bitcoin ads, it really affects the price of bitcoin early this year.

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May 17, 2018, 04:21:21 AM
 #307

The popularity of bitcoin, this is like the phenomenon the word of mouth. When many people are talking about bitcoin especially in cyberspace, it will make more and more curious people. Then, the people will find out about bitcoin, especially when people are increasingly aware how beneficial bitcoin is. So many people wanna dabble and invest in bitcoin. If the chain makes a lot of people want to know so the popularity of bitcoin will increase.

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May 17, 2018, 04:23:19 AM
 #308

Unfortunately 2018 has been very bad as compared to 2017. I think the biggest reason for fast growth in 2017 was media coverage.
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May 17, 2018, 04:36:48 AM
 #309

most importantly affecting the coin in the global market is the demand for increased coins. other than that the value of confidence in the coin also affects. and global economic conditions also affect the price of coins in the trading market. other than that the value of the dollar against the currency in each country is also influential.

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May 17, 2018, 05:02:21 AM
 #310

The causes why bitcoin dumping because of the spreading of fake news that it helps from the traders to buy at lower price. But the investors helps the price pump. In the few year bitcoin will be popular around the world that makes more new users and invest in bitcoin.

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May 17, 2018, 05:13:50 AM
 #311

I've been watching and monitoring bitcoin for close to 3 or 4 years and I can say this year has been the best year for the crypto and all the investors in the market, firstly, the coin witnessed unpredicted increase in value this year more than any other year before.

I know that the value is based on the principle of demand and supply but I'd like to know what else contributed to the price value and the popularity bitcoin has right now globally.

Aside from the concept of supply and demand, the media plays an important role in the popularity of bitcoin and the whole crypto industry. The articles circulated about cryptocurrencies have opened the eyes of the public to see this online world and also saw the potential it has. This made the market for crypto to expand and successful. Hopefully, we will see more about bitcoin and the increasing number of companies linking with it.

But the main FUD spreaders and source of fake news are those media people that got paid whenever they spread FUD about Bitcoin. But even with this struggles  and hardships on Bitcoin it still manage to survive and surpass this difficult situation. Each year more and more people are getting curious about this digital currency called Bitcoin and we all know that we are already living in the digital age and crypto currencies are part of this era, even a lot of people will be against this kind of technology, they will not have the power to stop it or destroy it. Bitcoin is one of the best innovation when it comes to our monetary and payment system and it will continue to grow as time goes by.  Cool

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May 17, 2018, 05:18:22 AM
 #312

Well it must have been a combination of things, positive relays from the Media, more people who worked online went from just being online marketers, to crypto day traders and those who wanted the fast money came pouring in and buying up all the coins. Many of those people though sold out and left crypto as the whales started to dump everything and they panic sold and left. Now we are waiting for REAL investors into Bitcoin and Blockchain who believe in the tech long term to grow the bags for us.  Grin

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May 17, 2018, 05:20:49 AM
 #313

pure speculation caused the boom. It's not we can go to everyday shops and use btc yet.. in japan yes but in Australia where I live, not yet..

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May 17, 2018, 05:20:54 AM
 #314

Bitcoin FUD spreaders and social media fake news greatly affects potential customers
Twitter, tumblr, youtube, instagrap and snapchat have thousands of users so they greatly affect the ups and downs of bitcoin. It can increase the demand or lower it
Depends on the news people have been seeing
Not just this one but also the word of mouth

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May 17, 2018, 05:28:12 AM
 #315

This year may be the year for BTC. I was able to monitor its value for the last 5 months and its clearly climbing up, if this continues BTC could end this year with over $9,000 in exchange per coin. And I think its demand is slowling going up too.
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May 17, 2018, 05:45:32 AM
 #316

Bitcoin is one of the most famous digital currencies in the world. It's classified as a safe, respectful, decentralized digital asset that has helped to help its popularity and value. The popularity of bitcoin can be another example than what you speculated above. Simple math, more investors mean more money flooding the crypto world and especially to bitcoin. This has led to a remarkable increase in bitcoin market capitalism.

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May 17, 2018, 05:50:51 AM
 #317

Bitcoin is one of the most famous digital currencies in the world. It's classified as a safe, respectful, decentralized digital asset that has helped to help its popularity and value. The popularity of bitcoin can be another example than what you speculated above. Simple math, more investors mean more money flooding the crypto world and especially to bitcoin. This has led to a remarkable increase in bitcoin market capitalism.


Bitcoin boomed because of its popularity in the internet. Not just the first cryptocurrency that exist but also it already built a strong foundation in the industry. It's reputation is known to be good. Even in the tight competition in the market it still rise because of its increasing number of supporters and users.

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May 17, 2018, 06:12:30 AM
 #318

The more advanced technology, the more Bitcoin Booming. Due to the many advanced technologies that many people hold, Bitcoin can be utilized for widespread use. Imagine if Technology is not progressing as it is now and the number of people holding Smart devices is small, Bitcoin can not be boomed now.


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May 17, 2018, 06:35:15 AM
 #319

Mining can also affect the value of bitcoin. As we know, bitcoin is made limited, so the more coins are mined the fewer coins left in the market. This keeps the rest of the coins scattered in the market soaring, but when people try to sell them at high prices simultaneously, the bitcoin value will drop dramatically.

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May 17, 2018, 06:49:58 AM
 #320

Yes because Bitcoin is the first kriptocurrancy currency and its acceptance is now widespread all over the world, the main reason why the value and popularity of Bitcoin is a hit. The value of Bitcoin appreciation is one of the reasons why people are attracted to cryptos and as long as it continues to appreciate it will still be a big name in the crypto market. It is not possible to suppress it.
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