Bitcoin in 2016 – Analyzing the Scene for the Steadily Rising Cryptocurrency

Jan 15, 2016

Having faced a volatile 2 year period in 2013 and 2014, Bitcoin finally got some price stability in the year 2015. Bitcoin’s ascendancy into the mainstream in the current year would largely depend on how smoothly businesses rely on this cryptocurrency as a cost-efficient payment medium. Despite the existing stigma associated with cryptocurrency, governments and merchants are fast recognizing Bitcoin’s value and have almost accepted it as a valid payment form.

Fluctuations in Bitcoin Value over the Years...

In 2013, Bitcoin’s value surged to a new high at $979.45 which marked a favorable period for the cryptocurrency indeed. However, the value went down drastically in early 2014 as prices fell below 75% due to reasons like new government restrictions, Bitcoin’s connection with the Dark Web etc. The year 2015 by far became a favorable year for the cryptocurrency as December 2015 marked the beginning of a sustainable recovery with prices enjoying a steady uptrend. At present, Bitcoin’s yearly gain has surged to more than 40% - a promising sign for the cryptocurrency in 2016.

So, what’s in Store for Bitcoin in the Current Year?
As is evident from the fall & surge in Bitcoin’s value over the past few years, any sort of forecasting on where this cryptocurrency will land in the coming few years may not be quite accurate. Though 2015 end has shown some glimpses of an upside moving trajectory for Bitcoin, it’s not quite easy to predict the market price accurately in 2016.

Considering the scene existing for Bitcoin in 2016 where corporations, startups as well as government are keen to explore the cryptocurrency’s underlying technology – the blockchain; it can be said that the prospects may be favorable this year. 100,000 merchants worldwide accept Bitcoin as a form of payment while government in countries like US, Canada, and Australia have also given a positive nod to such form of payment.

Demand for Bitcoin Cryptocurrency to Rise Steadily... Businesses prioritize cost-effective & secured ways to conduct transactions and this is something leading to the rising demand for cryptocurrencies. A number of global reputed businesses like Microsoft, Wikipedia, PayPal etc., have also expressed their faith in Bitcoins. It signifies the impact Bitcoins have made in the world of e-commerce. Bitcoin has the potential to lower down transaction costs and that’s something that will take its popularity to a new high in 2016. Also, the fact that only 21 million Bitcoins will be in circulation indicates that the value of this cryptocurrency is expected to positively see an upward trend in 2016.

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