There’s a new meme circulating around crypto-land these days, and it’s the one about the cryptocurrency rising to the forefront of the global economic landscape.
In 2016, bitcoin was just a little more than a year old, and the bitcoin community had been living in relative bliss for the better part of the past few years.
But then things changed, and in 2017, bitcoin fell off the map.
“What happened was the price went down to the $500 mark, and then, of course, the price got up again and up again,” says Brian Armstrong, a professor at the University of British Columbia and co-author of The Bitcoin Crash: The Fall of the First Crypto-Stocks.
“It’s like, hey, that was the start of this trend, and now it’s gone on a trajectory where it’s actually moving up.”
Armstrong’s research has been tracking the rise and fall of bitcoin since it was launched in 2009.
He says bitcoin is now trading at over $2,700 at time of writing, which is a pretty good return for a currency that’s been on a downward trajectory since its debut.
That’s not all bitcoin has accomplished since its introduction, though, thanks to the continued efforts of its creator, Satoshi Nakamoto.
It’s also been doing a pretty impressive job at keeping the price in check.
“You can do this on your own, but then you’ve got to pay attention to it,” Armstrong says.
“So you’re going to have to pay a lot of attention to how many blocks it’s got.
And that’s a real difficult thing to do.”
Armstrong, who is an associate professor of finance at the university, says bitcoin has a number of advantages that other currencies don’t have.
First, the cryptocurrency is designed to be decentralized, meaning it can’t be controlled by any single entity.
It has no central authority to censor or censor.
Second, it’s built using the same technology that powerhouses like PayPal and Amazon use, meaning that it’s very resilient to any kind of attack.
Lastly, bitcoin has no transaction fees and transactions can be made on a global scale.
That means that even if you’re the only person in the world who wants to buy bitcoin, it won’t charge you for it.
Bitcoin has also had a reputation for being a currency with very low volatility.
But that has changed over the past year, thanks in part to the bitcoin crash.
While bitcoin was down nearly 2,000 per cent over the course of one year, bitcoin’s price was up more than 200 per cent.
That spike in value was a direct result of the collapse of the Silk Road, a website where users would sell drugs on the dark web.
In March 2018, the FBI raided the operation, arresting several people.
“We were all just so shocked by that, and I think people have been shocked by it as well,” Armstrong said.
There were lots of speculators who got rich off that.” “
Bitcoin was going down and then it was up and up and down.
There were lots of speculators who got rich off that.”
The Silk Road was shut down in October 2018.
It was the first time in history that the price of a bitcoin was going to fall below $500 for the first of two consecutive days.
Armstrong says there are still some things to look forward to in the next year or two.
“For example, we’re starting to see some really interesting new things, like the blockchain,” he says.
But he warns that, as we know, there’s a limit to what bitcoin can do.
“I think we’re at the beginning of a new era for the bitcoin market,” he said.
“[But] we’re still in the early days of it.”
With files from The Canadian Press.