By any quantifiable metric, and according to almost every financial institution in the world that has an eye towards the future, Bitcoin is the single most profitable commodity. This is especially true in this age, and more so this day, when Bitcoin is at an all time high. For some, the rise in value was expected, seeing as a number of cryptocurrencies recently shut down, and trading platforms closed in China.
But for the most part, this is an incredible occurrence, one that is met with celebration, especially for those who invested in the cryptocurrency actively at the start.
A Record High in Value
Bitcoin is now officially priced at $7,326, at the moment, which is a huge jump up from the previous value. However, this is not the highest point for the currency, which climbed up to $7,454 in the early hours of Friday. The $400 dollar spike took Bitcoin up to a record high.
According to Charles Hayter, CEO of cryptocurrency comparison website Crypto Compare, “This is bitcoin crossing the divide from the wild west of finance to the mainstream. Futures from an incumbent exchange bring bitcoin and cryptocurrencies into the regulatory fold. This allows more complex financial products to be created and will eventually open the doors to institutional money.”
Incoming Hard Bitcoin Fork
Bitcoin is expected to face an additional fork, which will be encountered towards the end of the month.
A number of involved parties are now divided in terms of opinions, regarding the current direction in which the cryptocurrency is moving. These involved parties include miners and investors, as well as volunteers who invite the aforementioned parties to the Blockchain.
As is well known, the mining of Bitcoin is a very long and tedious procedure, something that requires a considerable amount of time and effort, not to mention computing power. This is why miners, as well as people who belong to the Bitcoin community as a whole are trying to come up with ways by which the process can be simplified and sped up.
This will not only make the mining of Bitcoin easier, but it will also make it quicker, for the benefit of those who seek to develop their fortune quicker, as well as the developers who will be able to deliver new code, and make it actionable quicker.
Bitcoin has, in this year alone, endured not one but 2 hard forks, both of which eventually led to brand new cryptocurrencies being created. August was the month of the first hard fork, which led to Bitcoin cash coming out, in the form of a digital token. A second fork then led to the creation of Bitcoin gold. This second fork took place just last month. The third fork is expected in the later days of November.
Still Going Strong
In total, Bitcoin has climbed up 640 percent, since the beginning of the year. This basically means that despite all manner of hindrances, the cryptocurrency is showing no signs of shutting down any time soon.