Ian King Banyan has been a successful financial analyst and trader for over 20 years. During his time as a financial analyst, he has been able to generate turns of up to 5000% in just a few months. Now he is a member of the Banyan Hill publishing company it is writing about the new exciting world of cryptocurrency assets. He has done this in order to help inform members of the general population on the technicalities that underlie the explosive growth of Bitcoin and related blockchain technologies.
Throughout its history Bitcoin has experienced growth and crashes several times over. In fact, it has had over six instances where it lost more than 30% of its value and is currently in the process of a market correction that has caused a reduction in value of greater than 70%. However, the success of Bitcoin is due to the ability of the technology to create a global network of users that are able to transact amongst themselves instantaneously. In the face of the incredible volatility displayed by the cryptocurrency markets the number of people who have invested in Bitcoin’s has continued to grow as of now there are 23 million wallets that have been opened which are trying to contain the total maximum possible 21 million Bitcoins. See This Page for more info.
Ian King believes that the growth experienced by the digital currency is indicative of growing distrust and modern banking and financial systems. People are becoming more and more interested in finding ways to store value away from centralized authorities. This has caused the price of Bitcoin to go from under one cent to greater than $10,000 in a span of fewer than ten years. A growth rate as fast as this is unheard of, but the world is more connected now than it ever has been in the past.
The idea behind cryptocurrencies is the same idea that is behind paper money. This idea is that individuals will value the currency equally making the currency usable as a store of value to that individuals can trade with the currency for things they consider to be of equal value. For a currency to be useful, it must be accepted by merchants payment. As the network continues to grow the value of Bitcoin will only continue to increase. Despite the market corrections experienced over the last nine years the overall size of the Bitcoin network has continued to expand. The volatility that has made many individuals afraid of the assets is actually what has helped fuel the growth of the new technology.