Major Happenings of 2017 in Crypto World
Jan 01, 2018 Posted / 3652 Views
2017 has been an eventful year and a major breakthrough in the Cryptocurrency world. Who knew that a topic so nerd as that of Cryptocurrency will now reach the 5th grader’s mobile screen and even he will wish to invest in one. Let's briefly go through some major milestones!
Bitcoin started at 900 USD in January and went on to reach 20,000$ in the early December before beginning to diminish back again. People ‘invested’ like anything looking for large profits in the crypto world. Even the wildest of predictions published on major crypto-blogs showed a maximum of $10,000 price by the end of the year. Like who could imagine such huge differentiations in the scenario?
Bitcoin ATMs are not ATMs in the traditional sense but more of a kiosk that allow insertion of cash in exchange for bitcoins. They look like traditional ATMs, but Bitcoin kiosks do not connect to a bank account and instead connect the user directly to a Bitcoin exchange.
According to Coin ATM Radar, there are more than 800 Bitcoin ATMs in the United States as of 2017. The day is just nearby when these Crypto ATMs will be as common as any other ATMs in your locality.
Bitcoin saw its major hard forks emerging this year. Forks are a better alternative to the previously existing crypto. For example, Bitcoin Cash has set its block size limit to 8 MB to increase the number of transactions to support its ledger. The first hard fork of Bitcoin happened on August 1st, 2017, resulting in the creation of Bitcoin Cash. And now there’s no stopping it.
Bitcoin Gold, Bitcoin Diamond, Bitcoin Hot, BitcoinX, BitEthereum, Bitcoin God, Bitcoin SegWit2X X11, Bitcoin Uranium, and Bitcoin Smart are just a few names of a hundred others.
September 2017 was a dark time for the crypto market as China came up with multiple laws curbing crypto exchanges that might be operating from China, one of the biggest emerging economies the world. These rulings even led to a sudden slowdown in the crypto prices which took time to re-emerge again.
JP Morgan Chase CEO Jamie Dimon made a statement on Cryptocurrencies which gained major highlights in the whole financial world, while he said he would fire any employee trading bitcoin for being “stupid.” Although according to Wikipedia, Zero Hedge claimed that the same day Dimon made his statement, JP Morgan also purchased a large amount of bitcoins for its clients. Such statements from the CEO of such a big firm led to a sudden fall in its market price by 6%.
These were the major lookbacks of the Year 2017. The cryptocurrency market has never been in the news from last so many years for all the right reasons. The year has seen people, ‘investing’ in the crypto space. Every other day Twitter flashes news of bitcoin soaring new highs and trending with hashtags like #cryptocurrencies and #DigitalGold. A lot more is yet to be unfurled. Lucky us to have born into this generation as we have witnessed quite a lot of change!
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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