Every field and industry is filled with stories, some of which are happy and cheerful while others are full of sorrow. Bitcoin is no different; it has a mixture of noticeable stories from users and the globe. The meteoric rise of this crypto-currency has made millionaires out of people who loaded up on them early on. It is known for its unpredictability; therefore a series of stories is attached to it. In Southern California Bitcoin’s volatility crafted another story recently. The crypto-currency accidentally helped the buyer in question to take home a profit of $1.3 million during an exchange from Bitcoin to American dollars.
According to the Bitpay CCO Sonny Singh, his company was approached by a real estate developer that received an offer from a perspective customer who wanted to pay in Bitcoin. For the estate the two parties reached on a mutual agreement of $4 million value at that time. But when the transaction originally started, the crypto-currency was worth a mere $750. By the end of the transfer, Bitcoin had surged up to over $1,000 and earned him a profit of more than a million dollars.
Singh stated that the buyer ended up making about 25% in the currency exchange rate; which means he got the house 25% cheaper. With the extra money, he went and bought a Lamborghini.
Due to high unpredictability, Bitcoin is continuously on the verge of mainstream adoption. This technology is now making its way to the masses. For the first time, this technology has been introduced by Japan in the form of ability for users to pay their utility bills in Bitcoin.
Bitcoin in the last year has been pretty stable as a currency. It’s just in the last month that a big price increase has been observed which was contributed by certain factors. People are using Bitcoin all over the world as the fundamentals are great with Bitcoin. Few years ago there was only about half a transaction per second happening on the Bitcoin network and now three years later the network is doing about four transactions per second. This shows that the volumes have tripled now. Previously the price of Bitcoin was based on speculation whereas now the price is based on users making the transactions. Bitcoin is very popular in China.
It is dominating the market in trading and almost 93% of the Bitcoin transactions are happening in China. It is mostly being used in the Asian countries as it is cheaper and quicker than international wire. Bitcoin is now being worked upon to reach regular people all over the world.