The most volatile currency in the world is now down to $9388, and it is rumored that its bubble has burst and the fashion will fade away soon.
Developed as a system of secure payments, bitcoin was brought to life by Satoshi Nakamoto in the year 2008. The first Bitcoin transaction was conducted in 2009 between Satoshi Nakamoto and an early user, and the first real-world transaction was when a miner bought pizza for 10,000 bitcoins in 2010. The currency is based on a blockchain with a public ledger for all the transactions in the network. The mining of bitcoins was difficult, and those who did that were hard to trace on the network.
The interest in the initial years for the currency was critically low, and so was its value. Started at less than $1, today, the cryptocurrency Bitcoin has a value of around $9400. This blockchain’s potential earned recognition from almost every corner of the globe, and its success stories can be found everywhere. This led the most important company in all of the technology to enter into the blockchain world, which is Google.
Google stuck up a partnership with Theta Labs, a venture blockchain company, offering services which allow users to run nodes of Theta’s blockchain network. Google Cloud will act as a validator serving the whole of Europe. However, Google Chrome faces strong competition from crypto-powered Brave.
Google has always been a distributed network of users where these users vote on a search result, which is then ranked so that advertisements could be sold against them. But coming together with a decentralized organization like Theta labs will take Google’s decentralization to another level, and this may also make Theta more decentralized.
All these deals are in heat nowadays, but the trends of bitcoin searches and related activities are important to look upon. As the cryptocurrency went through its third-ever reward halving, following which the per block reward will now be only 6.25 BTC from the current 12.5 BTC. The results of this will have unknown effects on the price of Bitcoin.
The interest over the web has risen because of this hauling, but no one knows if this interest has translated into actual purchases or not. It’s quite possible that this is only research and analysis. But people are restraining themselves from buying and dealing in BTC. The search result “buy bitcoin” has not seen much rise in recent times, and this increasing retail interest in hauling may not increase buying pressure on bitcoin by the next phase of this hauling.
The number of addresses holding 1 or 0.1 BTC has risen over the period, and withdrawals are not a frequent trend right now. The inflation and poor banking systems in the world have led people to shift from traditional currency to Bitcoins and this is the reason that its value has also risen in April and June,2020. People are now switching to BTC, and the trends are expected to get back normal in no time.
Google has been working on the blockchain world and has come up with many apps in the Play Store and widget extensions on chrome. The browser is continuously hustling to get better in all blockchain aspects and is expected to collaborate with many big brands in the future. Although, the fact that Google may vanish or take over bitcoin is an argument by many, it is supported by only a few.
Therefore, even if Bitcoin has a volatile market and so many prices and value barometers, it never fails to counter all the negatives combined. The 12 years of Bitcoin have shown that there will be more unprecedented actions in the market, but they all will be countered, and bitcoin will rise and the technology will be exploited continuously. Economies and banks are testing bitcoin and companies like Google are strategizing on the blockchain. The patterns are always unique and the stakes remain very high.