The rising price of a bitcoin has been breaking records and making headlines consistently since the price rally began back in December around Christmas time, 2016.
We’re going to go over some of the particular successes Bitcoin has had over the past year, as well as many of the big hurdles it has had to overcome, in order to give you a better view of what the future might hold for the popular cryptocurrency.
The first hiccup faced by Bitcoin enthusiasts came in January 2017, after briefly rising to near all-time-high prices during its most impressive run since 2013. On January 5th, the average price of a Bitcoin across most trading platforms sharply fell around $200 in one hour. This specific price drop was speculated to be linked to rumors of increased regulation on the digital currency by the Central Bank of China, and the free fall continued for a full week.
The next hurdle in our incredible story of Bitcoin over the past year is still fresh in the memory of many Bitcoin traders and enthusiasts. After hitting record highs, and even surpassing the price of gold for the first time ever, an unfavorable decision by the SEC regarding the eligibility of a Winklevoss Bitcoin Trust to be traded on the stock exchange put the entire future of Bitcoin at risk. But this is not what caused the rapid loss in value of nearly $300 in just 3 days. The cause of this hurdle came from within the Bitcoin community itself (along with more rumors of Chinese regulations), as Bitcoin miners and thought-leaders debated over complicated software and tech issues.
Shortly after the decision by the SEC rejecting the Winklevoss proposal, it was reported that the SEC had issued a statement agreeing to review their decision.
As a new law was passed in early April in Japan categorizing Bitcoin as a legal payment option within the country, demand for the currency began to steadily rise — the price followed. Increased Japanese and Russian demands are responsible for the rise we see from early April to May 25th, when the price of the cryptocurrency dropped sharply in order to correct itself. This reminded traders and enthusiasts how volatile the market can be.
On June 15 Bitcoin underwent a significant market correction. Dropping nearly $700 in about a week, this was one of the most significant corrections to date. In a great article written by Joseph Young, it is explained that Bitcoin markets seem to be cyclical, climbing and then sharply dropping, but reliably climbing to back to its previous peak and beyond.
Confusion and uncertainty plagued the month of July as miners, traders and enthusiasts speculated over the impending bitcoin split (hard fork). As a general consensus was reached, confidence returned to the community and Bitcoin returned to previous price levels, though many were still unsure how the split was going to happen or what it might mean for the future. Volatility persisted until the split happened in early August.
On August 1st the hard fork happened and Bitcoin split into two separate cryptocurrencies. Nobody knew what was going to happen, but many expected some short term downward pressure on bitcoin prices. The exact opposite happened as Bitcoin began to sore to new all-time highs and continue its upward trend over the past year.
Time will tell if the popular digital currency will continue to hike, though analysts have indicated a major upswell in confidence and a broad consensus that the upward march of bitcoin’s price could continue.
If you aren’t comfortable investing your own money, there are plenty of ways you can earn some around the web. Check out our comprehensive guide for earning free Bitcoin online to get started!
When you’re spending, transferring or exchanging your money with a company online, what you really need is trust. At SolidTrust Pay, we’re dedicated to not only building that trust with our members and daily users, but to extending it to our verified exchangers, as well as the merchants who use our services. Whether you’re buying or selling online, exchanging currencies and Bitcoin, or simply trying to send money to a friend or family member — the safety and security of each online transaction is essential.
SolidTrust Pay inspects and verifies the legitimacy of each exchanger, merchant, and member we choose to work with. We don’t see this as simply following the rules set for online payment processors, but also as an opportunity to get to know our users and to build a strong and reliable network for them. Our network of trust allows us to operate more smoothly and efficiently, as well as minimize fraud and credit card chargebacks.
With that in mind, we’ve put together a list of our verified exchangers, which is kept up-to-date for your convenience and security. Likewise, any merchant who offers SolidTrust Pay as a payment option has been verified by us, and is regularly checked for legitimacy. Even our ordinary members are required to pass certain levels of identification verification before being allowed to make most transaction types. This all contributes to the level of assurance and reliability you can expect from us.
Some other benefits of becoming a member of our network include:
- The easy facilitation of Bitcoin transfers and exchanges, allowing you to get your Bitcoin from your wallet, to your SolidTrust Pay account, to your bank account!
- The ability for merchants to receive direct bank deposits, even from users who are not signed up for a SolidTrust Pay account!
- And now even faster and more cost-efficient wire withdrawal options are available through Transpay, assuring you get your money where you need it, when you need it!
- An innovative way for users to instantly verify their credit card and begin making transactions via our micro-verification process — without losing peace of mind.
If you’re interested in joining the network and becoming one of our verified exchangers or merchants, or simply using our services for your online shopping and ecommerce needs, don’t hesitate to reach out to us to learn more about what we can do for you!
For general support, you may contact us via our online ticket/live chat system, which is located at support.solidtrustpay.com.
Merchants can contact us for support via email through [email protected]