Bitcoins began making waves in the digital industry in 2008 during the financial crisis. However, bitcoins had little impact on the global landscape during this time. Investors were still trying to recover from their losses.
The 2008 financial crisis made many people lose their life savings, but the mainstream financial industry seemed to benefit greatly from the crisis. So investors started looking for a way to diversify their portfolio and bitcoins came with an answer that investors were looking for especially when the price began to rise. The rise in bitcoins value coupled with the fact that no financial company or government regulate bitcoins, made investors hop unto bitcoins. In simple terms, people were looking for a way to secure their funds from local banks and bitcoins came and made the promised investors a much more secured market.
Bitcoins soon began to make waves in the global market. Speculators and through the power of social media made bitcoins a very hot topic on top social media sites. Bitcoins rose from obscure virtual currency to a popular currency. Soon casino sites and online retailers began to accept bitcoins. In fact, many casino platforms deal mainly with bitcoins due to its anonymity.
Between 2010 and 2011, people began to mine bitcoins with their desktops and laptops. The size of the network began to grow, and soon it was not possible to mine bitcoins with laptops and desktops. Large mining cartels, equipment and hardwires began to emerge, and the mining community started to grow. Competition in the mining industry began to grow since miners were rewarded with a certain number of bitcoins.
After some time, investors started to hoard bitcoins; they were convinced that bitcoins were a store of value and a medium of exchange at the same time. They held onto their bitcoins in high hopes that the value of the currency will go up. More and more people began to hold onto their currency which leads to scarcity and drove the price of bitcoins up. With every milestone bitcoins overcome, investors held onto their bitcoin more.
The real value of bitcoins or the blockchain technology does not lie in hoarding. Instead, it lies in using it for the solution that it provides.
That is why at Iotcoresoft.com we develop IoT software solutions that provide actionable intelligence for different market segments and industries. We develop solutions to unsolvable problems using the power of the blockchain technology. Our IoT solutions provide you with data-driven decisions In simple terms, our primary focus at IoT core soft is to provide you with exceptional excellence using blockchain solutions. With us, your business will be more efficient, we value the relationship with our clients and will do everything in our ability to reduce your operational costs, and increase your profits.
We are helping clients to gain more visibility. Our solutions will take out the middlemen. We make decisions that not only improve your business but will take it to the next level.