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Bitcoin reaches an all-time high of more than $1400

As one of the most popular forms of cryptocurrency, Bitcoin has recently peaked at an all-time high price of more than $1400. Bitcoin is a form of digital currency that is changing the way that people are transacting worldwide.  Bitcoin can be stored offline and securely and it can easily be converted to other currencies. It can also be used for making global payments. It is controlled only by a decentralised network of users, and is not controlled by central banking authorities.

Bitcoin is an innovative payment method that allows users to complete financial transactions without revealing their identity or sensitive data.

The cryptocurrency operates on a blockchain. Blockchain essentially allows consumers and suppliers to connect directly, removing the need for a third party. It also provides a decentralised database or “digital ledger” of transactions that everyone on the network can see. This way the technology stops the same Bitcoin being spent more than once.

The upward trend is supported by an increasing demand in the South Korean and Japanese markets.

Blockchain billed to overtake popularity of Bitcoin

The development of blockchain is the finance industry’s counter-project to bitcoin. By replicating a part of the Bitcoin protocol, banks and financial institutions aim to create a decentralised tech that could be used to reduce their operating costs and optimise existing infrastructure.

The Federal Reserve Bank in the U.S announced that blockchain has more potential than bitcoin, sparking more interest in blockchain technology in the process.

European parliament releases a report on blockchain technology

The report is titled “How blockchain technology could change our lives” and is a summary of capabilities and challenges of blockchain technology as well as its possible impact on social values.

The report noted that blockchains are especially helpful for situations where it is important to know ownership histories, such as when managing supply chains. It also noted that it may be useful for public administration purposes.

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