Bitcoin officially hit $1,200 today according to Coinbase.com pricing. Gold price is rising, but not as quickly as bitcoin. Bitcoin price has seen heavy demand the past year. Bitcoin, is a currency, just like the U.S. dollar.

However, Bitcoin is a fully digital and encrypted currency. People who mine bitcoin own hardware that conducts the transactions associated with bitcoin currency passing between users (buyers and seller, customers and stores).

The significance of having bitcoin valuable as gold price is bitcoin officially rivals the value of the U.S. dollar. Furthermore, if you can buy a real gold ounce coin for the same value in bitcoin as U.S. dollars, the legitimacy of bitcoin as a currency becomes more entrenched or main stream.

Bitcoin Mining Gold

Forget mining gold. People mine bitcoin for profit. Customers are buying the new Antminer S9 mining machinery. In addition, the rise in bitcoin price helps to solidify greater returns for bitcoin miners (learn about: bitcoin mining).

There are large bitcoin “farms” where people operate these bitcoin miners by the hundreds to thousands. Bitcoin mining machines transact and collect fees and rewards for doing so. Furthermore, the owners get paid those fees and rewards.

Future Bitcoin Price

Future bitcoin price is unknown. However, political and economic instability are driving forces aside from general growing popularity for the cyrpto-currency. The price broke trends and moved up further hitting this new latest benchmark of $1,200. Bitcoin valuable as gold price leaves the possibilities endless.

Because bitcoin has a set inflationary value as a decentralized currency, the value inevitably rises as more users buy bitcoin. Mining bitcoin is growing in popularity. The machinery is easy to set up and join a network pool to increase potential rewards (money).