Bitcoin was the Best Performing Currency of 2016

Despite scalability concerns, Bitcoin ended 2016 with a recorded three-year high, as its value surged above $1,000. As impressive as this is for the digital currency, it also makes it the single best performing currency out of any for the entirety of 2016. Of course, Bitcoin still hasn’t managed to surpass its all time record, which it achieved back in 2013, but it certainly seems to be on track to do so.

Not the First Time

As previously mentioned, this isn’t the first time that Bitcoin has shown a rapid increase in its valuation. Back in 2013, Bitcoin’s value rose dramatically, building on increased popularity and speculation from investors. With more and more people becoming aware of Bitcoin, and an increasing number of businesses adopting the digital currency, it certainly seems poised to overtake its previous record of growth.

In fact, some people believe that Bitcoin’s next rise might be a direct result of the Chinese yuan’s drop in value. As people abandon other currencies, it’s only natural that they instead look to the digital cryptocurrency for their financial needs.

Accessibility Helps

One of the most important features of Bitcoin, at least to its users, is the rising scale of accessibility it provides. Although there are many reasons to adopt Bitcoin, one of the most popular seems to be its accessibility for transactions that would otherwise not be possible. When people want to make purchases over the Internet that aren’t supported by their traditional currency, or want to enjoy a few relaxing games at a digital casino, they’re now using Bitcoin. Bitcoin makes these types of transactions quick and, perhaps more importantly, secure.

This is especially relevant in today’s modern political scene. Governments across the globe have been actively volatile, and that uncertainty has helped to make Bitcoin a much more palatable option to people that just want to go about their lives. At least with Bitcoin, you can be much more confident in the currency’s stability, regardless of new economic policies that a government might unveil.

A Digital Safe Haven

This accessibility and security isn’t an exaggeration either, with some journals referring to the digital currency as something of a “digital safe haven.” In layman’s terms, Bitcoin provides the same type of financial security that investing in something like gold might have several decades ago.

Although there are currently debates going on between different analysts as to the long-term value of Bitcoin, what remains clear is that it shows no signs of slowing down. As more people become familiar with the system, and adopting it becomes easier and easier, it makes sense that its value would continue to rise.

As previously mentioned though, there are scalability concerns that Bitcoin is seeking to directly address this year. Once those concerns have been dealt with though, there will be nothing left to slow down Bitcoin’s rise. Once people from around the entire world are able to easily and quickly invest in Bitcoin, without having to worry about sacrificing their personal information, then it will be interesting to see just how high Bitcoin ends up being valued.

For now, there are plenty of things to consider when investing in Bitcoin. Its current benefits far outweigh those of traditional currencies, and that’s before its developers get to work building it for a larger audience. With that in mind, it’s the perfect choice for anyone who is interested in moving away from traditional currencies and instead focusing on the future of digital currencies. Bitcoin’s value already rose substantially in 2016, now it’s time to see how it does in 2017.

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