Economists have pointed out that a currency should not have an intrinsic value. For instance, it costs less than 10 cents to produce any U.S. banknote. However, there is a limited number of Bitcoins in circulation. In fact, only 21 million Bitcoins will ever exist. So, when demand exceeds supply, the price will rise.
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Bitcoin is current the world’s biggest digital currency. It was introduced to the world in 2009, and is the longest-standing, best-known, and most widely-traded digital currency. There are other digital currencies out there; but bitcoin leads the pack.
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The value of Bitcoin has been indisputably volatile since its inception. Rising from only a few cents in 2010 to over $1,200 in 2013 then dropping down to $400 where it has remained for much of 2014 to around $250 for 2015. A large part of this volatility comes from speculative investors. However, as a new concept, it is finding its way. This is to be expected. As market acceptance increases, as more investors become involved in this asset class, as more merchants begin to accept Bitcoin, the market will mature and volatility will decrease.
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