The price of Bitcoin has been a little difficult to predict recently. Fluctuations have been all too common, caused partly by the activation of the Segwit2x by Segregated Witness which has promised to upgrade Bitcoin by using code optimisation affecting the way data is stored on the network and doubling the block size from 1MB to 2MB in the following months. While on paper this seems a good thing, allowing more transactions with shorter approval times, miners have been less than convinced by its proposals. The activation of which saw bitcoin prices fall below $4,000, its lowest value since April 15th.
But despite these considerable reservations, Bitcoin price changes are nothing new. The cryptocurrency is often at the whim of global events. At the start of the year its value had barely peaked above $1,000 but with mass media coverage it has surged to the current heights it sits at. At the time of writing, the value was a whopping $4,415.14. Quite a change from the value at the turn of the year when Donald Trump’s presidential win and subsequent inauguration resulted in a significant blip. This unexpected event had a global effect on all the world’s major currencies, cryptocurrency included it seems, with the Bitcoin value of $726.36 followed by a huge drop before investors rushed to grab commodities such as gold and silver. Bitcoin later rallied with an overall 2.5% increase, although the recovery took several days.
Some analysts believe that this latest dip in value is nothing more than bulls becoming tired. After all, the rise in value has been nothing short of meteoric over the past year. Japan declared Bitcoin as legal tender which legitimised the currency and this led to increased investments in the area which was followed by Bitcoin splitting into two block groups, Bitcoin and Bitcoin Cash adding hundreds of dollars to the currency’s value. It’s natural then that an air of caution follows as Bitcoin owners sit patiently as the currency finds more stable ground. Others have been less optimistic, stating that the official rollout of Segwit2x in November and the bullish market of recent times has caused a market peak with price falls sure to follow.
Either way, this doesn’t detract from the rising popularity of Bitcoin. Its usage is becoming more common as large-scale retailers such as Amazon and Microsoft have embraced the currency to pay for goods and services. Even small businesses such as pubs and florists have taken Bitcoin on because of its ease of use and added security thanks to its cashless nature. No industry has taken a shine to Bitcoin quite like online gambling though. Bitcoin has become the currency of choice for those in countries where gambling is still seen as taboo due to its anonymous nature which requires no personal details to utilise. If you’ve always wanted to try your hand at an online casino but are not sure where to start, we have collaborated with onlineroulette.org. So please click here to see their list of the best deals, many of which do accept Bitcoin on their site.