Bitcoin is the most successful and trusted digital coin to date, with many online services and shopping places starting to accept this method of payment from their clients, even in New Zealand. For the moment, it seems more of a fun way to show that the business is in line with the trends, but the extent of the phenomenon can have serious implications in the future.
There are good examples when purchases with cryptocurrencies come with serious advantages, such as ensuring client anonymity. Thus, if you are from New Zealand (which has some restriction in place for online gambling) and want to search for a casino online New Zealand, you could pay with cryptocurrencies to fill up the balance anonymously. You could also buy a VPN subscription using a digital currency and stay absolutely anonymous.
There are dozens of cryptocurrencies currently on the market. While some of these have appeared only recently, others have been founded a while ago and can be credited to have pioneered the field. Here are the the top digital currencies to date:
Obviously, many integrate variations of the blockchain technology used to ensure the safety of the transactions even in a peer to peer environment.
Almost Identical Patterns In The Graphs
Analyzing the price evolution of these currencies in US dollars (a relatively stable currency when compared to digital ones) reveals huge spikes and variations with fluctuations of even several orders of magnitude from the moment of the introduction of the coin to the day of its peak value and to nowadays.
Strikingly, virtually all of the charts show a relatively low value before the first half of 2017, a huge peak during the second half of 2017 up to the first few months of 2018, and a sharp drop in the value in the first half of 2018. All these, along with the sheer magnitude of fluctuations, confirm a bubble that has happened in the past and affected virtually all cryptocurrencies.
Bitcoin Is Dictating The Evolution
Another important observation is that, in all of the cases, the phase of the very rapid growth in value followed a similar sharp increase in the value of Bitcoin. On top of this, all cryptocurrencies started losing value after this started happening to Bitcoin. All these suggest that it is likely that the sudden spike in Bitcoin value determined the rise in the value of all other currencies.
Considering all these, it is clear that cryptocurrencies have passed through a huge bubble and only recently the prices seemed to stabilize. This, however, does not abolish their utility and huge transformative role in the future.Date Of Update: 29 October 2018, 16:01