Global Factors Influencing the Price of Bitcoins and other Crypto-Currencies
Rome wasn’t built in a day; neither was the phenomenon that is today known to be called Crypto-currencies. It is no doubt that Bitcoin is the brain child of Satoshi Nakamoto but what about the idea of virtual money? Were there other people/factors who had a say before Mr. Nakamoto, but failed? This article explores the factors that lead to the Bitcoin’s rise from virtual nothingness to the most expensive currency in this era and many eras that will follow. The workings of Satoshis and how they made bitcoins attractive to investors because of their ability to buy them in bits and pieces are discussed in the article along with how the idea was first conceived. Not only is the inception explained but so are all the factors that have led to the constant and indefinite increase in the price of bitcoins. Every event starting from the first transaction made in Bitcoins to events like the 2008 housing bubble that provoked people into revolting against banking systems which they could no longer trust, groups such as terrorist organisation that adopted it’s use because of anonymity, influence of countries and governments such as China and Japan that had an abundance in resource and failed economies like Venezuela who attempted to replace their currency with Bitcoins are discussed in detail.
The article will also explore the intricacies of every event as it unfolded before us in the past 10 years to show all the factors that played a hand in fortifying Bitcoin's stand on the throne – Bit, by Bit.
Author's Name: Manish Agarwal, Anshul Choraria and Dr.S. Kumar Chandar
Volume: Volume 14
Issues: Issue 4
Keywords: Crypto-currencies Bitcoin, Satoshi, Influence of Countries, First Transaction, Inception of the Idea, Anonymity.