Bitcoin Soars to a Record $109,588, Breaking Previous All-Time High

Bitcoin, the world’s leading cryptocurrency, has hit a new all-time high of $109,588, according to data from the Binance platform. This milestone represents a 3.63% increase as of 9:56 a.m. Moscow time (6:56 a.m. GMT).
The surge in price didn’t hold for long, as by 10:13 a.m. Moscow time (7:13 a.m. GMT), the cryptocurrency slightly narrowed its gains, trading at $108,973, marking a 3.45% increase.
The previous record for Bitcoin’s price was $108,353, achieved on December 17, 2024, cementing its dominance in the digital currency market.
A Revolutionary Digital Asset
Bitcoin was introduced in 2008 by an unknown individual or group using the pseudonym Satoshi Nakamoto. It operates as a decentralized digital currency, functioning without a central bank or administrator. Transactions occur directly between users through the peer-to-peer cryptocurrency network, bypassing intermediaries.
This new milestone underscores the cryptocurrency’s continued appeal to investors as a store of value and hedge against traditional market volatility. Its rise reflects increasing adoption by individuals and institutions alike, driving demand higher.
The cryptocurrency market, according to TASS, remains highly dynamic, with the coin consistently capturing headlines as the flagship digital asset. Investors and enthusiasts will watch closely to see how the market evolves following this latest high.
What You Should Know About Bitcoin
Bitcoin, often called the “money of the internet,” is the first and most popular cryptocurrency. It was introduced in 2009 by someone (or a group) who goes by the name Satoshi Nakamoto. Unlike the naira or dollar, the coin isn’t controlled by any government, central bank, or organization. Instead, it uses technology to allow people to send and receive money directly without the middleman.
Here’s a simple breakdown of what you need to know about Bitcoin:
1. No Government Control
Bitcoin is decentralized, meaning no single body like the Central Bank of Nigeria (CBN) controls it. It’s powered by a network of computers around the world, and this independence is why people trust it.
2. Blockchain: The Technology Behind the Coin
Bitcoin runs on a system called the blockchain. Imagine it as a giant digital ledger where every transaction is recorded for everyone to see. This transparency ensures that no one can cheat the system.
3. It’s Scarce
Unlike naira notes that can be printed endlessly, the coin is limited to 21 million coins. This means only a fixed number of Bitcoins will ever exist. As of now, about 19 million of this cryptocurrency have already been created, making it scarce and valuable.
4. How Bitcoin is Created
Bitcoin is “mined” using powerful computers that solve complex problems. Think of it like digging for gold, but instead of using shovels, miners use computers. Miners are rewarded with cryptocurrency for their efforts.
5. It’s Not Stable
This cryptocurrency’s price moves up and down like a rollercoaster. One minute, it’s worth millions; the next, it might drop. For example, in December 2024, the coin hit an all-time high of $109,588 (about ₦84 million per Bitcoin). Such price changes are why some people invest in the coin and others avoid it.
6. What Can You Use Bitcoin For?
- Payments: Some shops and online platforms accept cryptocurrency as payment.
- Investment: Many Nigerians buy the coin to hold as an investment, hoping the price will rise.
- Sending Money: The coin makes sending money abroad fast and cheap, especially for Nigerians dealing with strict bank limits or high transfer fees.
7. Advantages of Bitcoin
- Freedom: You can send or receive the coin anywhere in the world without asking for permission from banks or anyone.
- Security: Bitcoin uses cryptography, making transactions secure and hard to hack.
- Access: Anyone with a smartphone or internet can own the cryptocurrency, even in remote villages.
8. Challenges to Watch Out For
- Price Volatility: Bitcoin can make you rich today and broke tomorrow if you’re not careful.
- Regulation: The Nigerian government has issued warnings about the coin, and the CBN has restricted banks from dealing with it.
- Irreversible Transactions: Once you send Bitcoin, there’s no going back. Double-check before hitting “send.”
9. Adoption in Nigeria
Nigeria has become one of the biggest markets for Bitcoin in Africa. With issues like inflation and high remittance fees, many Nigerians are turning to the coin as a solution. Even with the government’s restrictions, people find ways to trade using peer-to-peer platforms like Paxful or Binance P2P.
Cryptocurrency is changing how people think about money. Whether you want to invest, save, or send money abroad, the coin offers opportunities. But like everything else, it has its risks, so be informed before diving in. For Nigerians, Bitcoin isn’t just tech talk—it’s becoming a way of life.
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