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2020 Bitcoin News You Should Know About

12 Oct 2020

Bitcoin has been the most recognizable and popular coin in the market. Regardless of its age, it is still known in the cryptocurrency world. Most people found out about Bitcoin in late 2017 when the value of it skyrocketed and reached almost $26,000 AUD.  Also, it gained more popularity when every news program and news site featured it.

Bitcoin's popularity led to many people buying and mining it. This caused the market to crash and the value of Bitcoin plummeted. However, just recently, it has picked back up and is worth $15,000 AUD at the time of writing.

Anyone who trades in cryptocurrency or stocks will tell you that knowledge is power.  Also, knowing what's going on before it happens can lead to increased profits. So here are some of the news about Bitcoin in 2020 that you should know.

The Halving Event

Bitcoin has a finite amount of coins that exist (21 million) which means they can never create more. So, to compensate for this and to keep people invested in mining, they halve the number of Bitcoins you can get every four years or so. This past May was a halving event which made it harder for miners to get Bitcoins and as such, the price did go up. To find out more about this, check out our blog about Bitcoin Halving

Crypto Research Report (CRR) Predictions

This year the CRR came out with its predictions about what Bitcoin would be worth in the coming years. This news thrilled anyone who has Bitcoins.  Experts expected that Bitcoin would be worth almost $400,000 USD by 2030. This is insane which back in 2010 you could buy one Bitcoin for $0,08.

New GPUs (Graphics Cards)

The main tool that Bitcoin miners use are GPUs which help process transaction data on the Bitcoin blockchain and as such will be on the lookout for any new GPUs that come out. This year saw the release of several new GPUs which may not have been the best for Bitcoin mining, but the previous generation of GPUs which were more suitable for mining are now dropping in price.

Cashless Society

This idea has been talked about for years with all known currency becoming digital. While it has some of the older generation panicking, we did see how effective it could be during this pandemic with stores only taking card payments instead of cash. This is one of the things that early Bitcoin miners said would happen in the future. If this does become a reality, then Bitcoin will become even more heavily traded and increase in value.

All this news is so exciting for anyone who has invested in Bitcoin and incredibly enticing for those who are looking to start investing. Now is the best time to begin as there are so many blogs and videos to help those who are just starting out, and need some quick tips about what Bitcoin is and how to get started with it.

Interesting Information

  • The Nvidia GeForce RTX 2070 is the best card to mine with, and with the 2080 model coming out recently the price of 2070 has gone down.
  • Bitcoin mining is an expensive and time-consuming process.
  • Bitcoin currently has 79% of the market share of cryptocurrency

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