Buying Cryptocurrencies Nowadays people seem more interested in owning Bitcoin (BTC) than selling what they have.
As we all know Google at this point thinks practically of a “search engine,” so Google Trends can provide interesting insight into what people's curiosity picks these days, and how it relates to pre-recorded curiosity. The thing we're interested in at this time is the world's number one digital currency.
This is especially intriguing given Bitcoin's recent rally since October, which reached an all-time high at the end of November, surpassing just $23,000 today and then correcting lower. Thursday morning, 8:31 UTC, bitcoin was trading at $22,666, still up about 17% on the day and 23% over the week.
Google Trends
The most interesting finding in buying cryptocurrency in Google Trends is that the search query “should I buy bitcoin” outperforms “should I sell bitcoin” — quite a lot. The uptick in these two terms can be clearly seen in the past day, especially for the former. Interest in buying Bitcoin reached a value of 100, the peak of popularity in the given time frame (one week in this case) on the evening of December 16, and has continued to rise several times since then. In comparison, interest in selling the coin was worth only 34 earlier today.
Interest in selling bitcoin was strongest in South Africa, the United States, Canada, the United Kingdom, and Australia. Meanwhile, people are more curious about the possibility of buying Bitcoin in most of the same countries, with Singapore taking the place of Canada.
When we expand the time frame to 5 years, we should see “Should I buy Bitcoin” peaking at 100 in December 2017, during the previous big rally. At the time, people were less curious to sell it at a rally. Compared to the $100 earned by the interest in buying the cryptocurrency, “Should I sell bitcoin” was $18.
Interestingly, compared to the massive peak of interest, the increase we see today is only 19 for “should I buy bitcoin” and 4 for “should I sell bitcoin” as industry figures claim, today, many people know what bitcoin is. . And how it can be purchased.
Great interest in Ethereum
Currently, people who have shown a strong interest in Ethereum have the most searches from North Macedonia, Slovenia, Turkey, Nigeria, and Canada. The largest number of Bitcoin searches are conducted from Nigeria, followed by South Africa, Switzerland, Austria and the Netherlands. The two clips have received a lot of attention around the world, including Australia, the United States, the United Kingdom, India, Russia, most of Europe, Asia and South America.
In addition to the terms “crypto” and “digital currency,” the first two terms are generally more popular, but both have risen today. Once again, the height cannot be compared to the giant who made the jump at the end of 2017/early 2018.
It is worth noting that the most important platforms for buying digital currencies are the Binance platform and the Houbi platform
There are many currencies that are worth following, such as VET, XLM, and ADA, which have a bright future.
Saudi Blockchain and its uses in general
Saudi Blockchain and its uses in general
Saudi Blockchain is an important topic that all citizens are looking forward to knowing. This technology has brought about many changes and the banking sector can no longer ignore it. It must reposition and adapt to technical developments so as not to lose the bet in its customer-dependent transactions. Banks should invest it quickly as Bitcoin, which is one of the most successful examples This technology and it is not excluded that Bitcoin will be traded in Saudi Arabia between companies and people in the near future.
Saudi Blockchain Concept
Bitcoin in Saudi Arabia
Blockchain is a common database to carry out financial transactions and deals and keeps them on computers in different places to be more secure and does not need the presence of a third party, and Bitcoin and digital currencies are one of the applications of this technology.
Blockchain features
The strength of a decentralized system: Information is not stored by only one place as this is what distinguishes it from traditional systems, everyone can see transactions and their history but it is impossible to change them.
Distributed: the data is not stored in one place so as not to be hacked.
Immutability: There is no way to tamper with the blocks as it adopts encryption technology, all transactions are encrypted
Transparency: The blockchain combines transparency and privacy at the same time, as the user's identity is hidden by many encryption algorithms, and identity can only be identified by the address.
Advantages of Blockchain for Banks
Reducing the costs of banking operations due to the abolition of centralization, and the bank's lack of approval or to be subject to the supervision of the Central Bank, due to the availability of transparency and confidence.
There will be more credibility as no one will be able to impersonate bank employees to get banking information.
A great advantage of commercial banks is to reduce costs and risks while making commercial remittances.
No possibility of forgery.
Disadvantages of Blockchain
51% Attacks: The proof of work algorithm, an algorithm responsible for protecting Bitcoin, has proven to be very effective, but caution should be exercised, as these attacks known as 51% are the most common in the cryptocurrency world that allow the network to be intentionally disrupted.
Data modification: Although some consider it wrong, there are those who favor it and consider it a strong advantage, as it is not possible to modify the data after recording it.
Storage: The growth of the blockchain is increasing over time as the Bitcoin blockchain currently requires 200 GB.
The importance of blockchain technology
Give confidence to users.
Spot any bug in a quick way.
It provides the highest levels of security and encryption, so hacking is impossible.
Economic benefits for Saudi Arabia
Saudi Arabia’s share of the blockchain economy in 2028 will be $250 billion, and it has been shown that in 2028 it will enrich an economy of $9 trillion, and the Middle East’s share will be half a trillion dollars.
Blockchain technology develops the business of importers and traders by reducing time and cost.
Also, this technology represents a digital reference documenting all shipping details, without the intervention of any external party, which helps in strengthening international cooperation and securing the movement of trade exchange.
General Blockchain Uses
Financial transactions Therefore, it is expected that digital currencies and Bitcoin will flourish in Saudi Arabia.
Supply and commercial transactions, where he is keen to prevent tampering with the characteristics of the product after its registration.
Property Management.
Issuance of a driver's license.
Lara Abdel-Malik, Editor-in-Chief of Unlock, said: “In the tenth year of the launch of Blockchain, this technology has become more reliable and a platform that allows the global economy better trade exchange, more cooperation and development, and according to a study on Blockchain issued by Deloitte, the momentum is shifting. From the state of learning and exploration, towards building practical solutions and applications, 74% of those surveyed see the use of blockchain technology as an obligation; While 34% believe that their companies have somehow started implementing some features of Blockchain, this shows that Blockchain will continue to grow as a tool for business and technology enablement, as more and more organizations are using this technology in their businesses.”
We hope that we have helped you at the end of the article, so we must keep pace with the times in order to achieve progress.