17 November 2013

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Revision as of 12:29, 17 November 2013 by Nad (talk | contribs) (News: Bitcoin hit $500 today!!!)
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Bitcoin hit $500 today!!!

Bitcoin hits $500!.png

The Bitcoin cryptocurrency's value hit USD $500 today. Many people believe this outrageous price increase to be a temporary bubble, but there are many reasons for it to be going up like this, the main reason for the continual rise in price is that the coins which have a limited supply acts like a share in the Bitcoin economy which is growing much more rapidly than the availability of the coins. The Bitcoin economy as a whole is at about seven billion dollars, but us expected to eventually reach the trillion dollar scale is it becomes more widely accepted and hits mainstream financial businesses and institutions - this would easily push the coin price into the tens of thousands of dollars.

The picture above is a screenshot from the Bitcoinity chart site. When the price hit $500, Kermit the frog appeared shouting "YAAAAAY!!" :-)