The world is becoming more and more aware of Bitcoin. In the same way that shortly after its appearance The Internet has taken over our lives, Bitcoin’s first beta versions are now beginning to appear anywhere you look. A recent study by the German Federal Association for Information Technology has proven that in Germany the interest in Bitcoin has doubled since 2016, meaning that now 64% of Germans now know about Bitcoin. This is also four times as much as in 2013.
We remind you that after South Korea decided to relax about Bitcoin little with South Koreas Financial Supervisory Service stating they will support cryptocurrency development now, it seems the cryptocurrencies are now on the rise, almost doubling in price today against a shocking low of just over $6914 at the beginning of the year.
The Bitcoin how confidently hovers at almost $11 000, which is reason enough to predict that it will keep rising. There seems to be a connection between the fact that South Korean authorities are now a lot more relaxed about Bitcoin regulation and the fact that people seem to be feeling a lot more comfortable now buying them.
Why the world is more enthusiastic about Bitcoin now
Dennis De Jong, a prominent managing director of a brokerage firm called UFX, commented:
“While the threat of heavy regulation, or even a total ban on exchange trading, has hovered over bitcoin in recent weeks, reports this morning that the South Korean government are softening their stance have given traders confidence to buy.”
We hate to be the we told you so kind of guys but we did predict that Bitcoin’s drastic fall earlier was due to the fact that the world wasn’t ready for so many transactions happening so fast. The lack of infrastructure was to blame for the statements like this issued when Kraken, CEX.io, and others stopped processing new customers because their servers couldn’t cope with the pressure:
“We have received an enormous number of new account registrations over the past few weeks,” Bittrex stated, “Unfortunately, we have to make a few upgrades to our support and backend systems to handle the increased traffic and load.” At the time Bittrex was the third largest exchange around.
We also pointed out the same thing happened with MTGox four years ago when it failed to handle Bitcoins, claiming that “Bitcoin was the victim of its own success”.
It turned out that the industry simply did not have the capacity to handle something this fast in such large volumes – but then cryptocurrency came back. Everything moves in waves, we said, and the fact is that the December drop in Bitcoin’s value is just another part of the flow of the tide. Bitcoin debit and credit cards are back in fashion. Many more businesses are now accepting Bitcoins. The people are more aware of the new means too. It’s looking very much like Bitcoin is coming back, stronger than ever, and we wish it every success in the future.
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