After an exciting 2017 where Bitcoin prices broke all records, 2018 was completely the opposite. Bitcoin prices fell consistently all through the year but unknowingly there was a lot happening behind the curtains. Bitcoin platform saw some of the major developments and now it’s the time to feel its effect. Developers worked tirelessly to bring in new changes; this will surely help take Bitcoin back on course. True Bitcoin believers have been waiting for this patiently. They even tied up with the best Bitcoin trading platform in Australia to check the current coin’s volume and price. What about you?
Despite getting all rave reviews for years, Bitcoin is slowly making its way to mainstream platforms. Institutional investors are now showing interest in Bitcoin, in the coming years, these results can be seen. The long term impact of recent developments and changes will be magnificent. Ever since inception the main purpose of Bitcoin was to replace traditional currencies, governments and financial institutes said this initiative as a threat. Cryptocurrency use and trading as banned in many counties, even today developing nations are against the implementation of Bitcoin. But Bitcoin perception is changing very fast, in the last few years major developments have taken place around cryptocurrencies.
In nations with a weak economy, corrupt government and falling local currency value, Bitcoin is seeing huge demand. The benefits of Bitcoin and other popular digital currencies are immense in these countries. Already nations like Venezuela, Argentina, Brazil, Zimbabwe, etc are seeing huge crypto adoption. Using trading platforms locals trade cryptocurrency to make the most out of it. Looking at the benefits Bitcoin is offering in these nations, some governments have started reconsidering the initial decisions of Bitcoin ban. In India, the governments have already set up an expert committee to study crypto behaviour and soon a judgment is expected. Following 2017 crypto Bull Run, the Indian government termed crypto transactions illegal, but the recent report submitted by the expert committee is believed to favour Bitcoin regulation.
Already developed nations like the United States have recognized Bitcoin as a legal currency, which is facilitating mainstream use of different cryptocurrencies. Using popular crypto trading platforms and Bitcoin ATMs, users can easily buy and sell bitcoin in Australia anytime. Seeing wide acceptance, developers are bringing in new changes and working on a series of new tests. In the last few months when crypto prices were falling consistently lots of development took place behind the scenes. Reinforcement of Bitcoin infrastructure has happened to the network which shows its maturity.
Bitcoin mining is very intensive and it requires a lot of electricity. Following Bitcoin’s price fall, mining is no more profitable now. 2020 may see total mining power going down considerably. Interestingly Bitcoin network’s total hash power has increased all through the year even though its profitability has declined. One good thing about hash power increase is that it will further increase Bitcoin network security. To date Bitcoin is the most secure and well-maintained cryptocurrency network, hackers need superpower and an insane amount of hash power to launch a massive attack on the network. Added hash power made things difficult for Bitcoin hackers, one looking to hack the network will need an insane amount of hash power making Bitcoin network hack next to impossible. This recent maturity of the Bitcoin network will help its reputation and gain the trust of enthusiasts for sure.
Though the year 2018 won’t be remembered for crypto price surge series of events that took place behind the scenes over a span of one year. 2019 will surely be marked a year of changes, where lots of new features were implemented. For such a huge network it’s tough to see results so fast, one can expect 2020 to be the year where all these hard works will bring colours.
Apart from that, there are a bunch of new features which are getting developed and slated to be implemented in a few month’s time. Aren’t you excited knowing about new features? Share your views with us.