Are you willing to make your transaction using Bitcoin? Then you must know its current trends that can make your trading comfortable and feasible. The year 2019 was a positive year for bitcoin pricing.
The cryptocurrency value was doubling itself with a bang. But in the latter half of the year 2019, the price and the currency’s valuation slashed down drastically.
The year 2020 is an excellent year for Bitcoin trading, and the markets have opened up with a positive curve. Now, you need to know the recent changes and trends this year has for Bitcoin trading.
Let’s explore the trending bitcoin facts for the year 2020 to make your trading successful.
Bitcoin Trending Facts for the year 2020
The year 2020 brought a lot of changes in the bitcoin industry. Being a trader, you need to know these changes to prepare yourself for the same.
• Bitcoin Halving 2020: – The latest Bitcoin halving was done in May 2020. The prime objective of this process is to appreciate the bitcoin pricing. Now let’s get into the concept deeply. Every four years, this process takes place. According to it, the number of bitcoins generated within 10 minutes will get cut into a half. So, in place of 12.5 bitcoin, there will be 6.25 bitcoin available for the miners in every block; after this year, bitcoin halving.
This process mentioned above was initiated previously, and it resulted in the price appreciation of bitcoin. Online trading platforms like cfd trader software will narrate more broadly into this matter. You can take more reference from there if required.
• The transition of bitcoin to digital gold: – During the start of the year, 2020, traders have found similarities between physical gold and bitcoin. The similarities were in terms of their value, but later these facts were crosschecked more thoroughly.
Initially, the correlation between bitcoin and the physical gold theory was criticized. Facts revealed that they have a weak correlation between the two. After that, the central bank started issuing digital currencies, then people in the USA and its regulatory bodies started accepting bitcoin as digital gold for the traders.
• Tapscript, taproot, and schnorr:- Bitcoin does not have any upgradation, just like other cryptocurrencies. But in this current year, to upgrade the network of Bitcoin Taproot, Tapscript, and will be included in the bitcoin.
Developers are working on improving the scalability, smart contract functionality, and the privacy factor of bitcoin. Bitcoin is not accepted in many countries due to its security and privacy factors. So, once these features get updated, then you can easily use it in any country worldwide. Now, if you want to get more updated reports, you can take the help of various popular bitcoin sites to make your work easier.
• Adoption of liquid side chain and lightning network:-There will be an implementation of a lightning network for making faster, cheaper, and microbitcoin payments. For the past few years, we all have noticed drastic improvements. Due to the bitcoin transaction’s centralization, the blockchain transaction will become more liquid and accessible.
Liquid transactions of the bitcoin will reduce the amount of congestion, and micropayments will become possible. You can quickly get the required amount irrespective of the price fluctuation.
• Institutional Money: – The final and most crucial trend to look out in the Bitcoin trend is institutional investors’ adoption. Adoption of the Bitcoins by the institutional investors could lead to more investment in this currency.
We all witnessed in 2019 that the SEC approved the first 40 acts for the proper regulation of the bitcoin fund. Recently, grayscale approved the investment of $600million on this bitcoin. They are encouraging the new money investors to make investments to bitcoin. They are also encouraging the transfer of their assets on cryptocurrencies to ensure better returns.
Hence, from the above discussion, it has become clear how rapidly the Bitcoin trends are evolving rapidly. If you want to get more updated information about it, you can take the help of various sites to clarify your doubts.