Over the weekend, Bitcoin, the world’s most enormous and popular cryptocurrency, witnessed a significant surge in value, indicating a big win for digital currency owners worldwide.
According to reports, Bitcoin rose by 5.17% at 2013 GMT on Friday. This indicates a quantum leap to as high as $59,609/Bitcoin.
Also, reports show that the world’s biggest and best-known cryptocurrency is currently up 54.8%—a significant difference from the year’s low of $38,505, which was initially recorded on January 23.
As much as this is considered another big feat in the cryptocurrency ecosystem, Bitcoin owners across the globe have much more to be happy about. This is because when Bitcoin’s value appreciates, Bitcoin holders, often referred to as “HODLers,” gain in several ways, including an increase in portfolio value, enhanced purchasing power, and potential for strategic selling.
Multiple sources confirm that the key for HODLers is patience and resilience, especially during market volatility.
On the other hand, Bitcoin emerged as a response to the global financial crisis, aiming to create a decentralised digital currency that operates without a central authority like banks or governments.
It was introduced in 2008 by an anonymous individual or group using the pseudonym Satoshi Nakamoto.
Bitcoin’s founder, Nakamoto, published a whitepaper called “Peer-to-Peer Electronic Cash System.” It is upon this publication that the digital currency found it’s basis and remarkably builds on.
The whitepaper also outlines the concept of blockchain technology and ensures transparency, security and immutability of transactions in the blockchain ecosystem.
