Bitcoin is the world’s first cryptocurrency. It is a peer-to-peer currency and operating system based on a centralized consensus-based public book called a blockchain that records all transactions.
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Now bitcoin was coined by Satoshi Nakamoto in 2008, but has been the product of decades of research on cryptography and the blockchain, and not just a boy’s business. It was a utopian dream of cryptographers and proponents of free trade to have a borderless, decentralized currency based on a blockchain. Their dream is now a reality with the growing popularity of bitcoin and other altcoins in the world.
Now the cryptocurrency was first built on a consensus-based blockchain in 2009 and traded for the first time that year. In July 2010, the price of bitcoin was only 8 cents, and the number of miners and nodes was tens of thousands less than today.
Within a year, the new alternative currency rose to $ 1 and became an interesting prospect for the future. Mining was relatively easy, and people made good money by trading, and in some cases even paid for it.
Within six months, the currency doubled again to $ 2. Although the price of Bitcoin is not stable at a certain price point, it shows an example of this crazy growth for some time. In July 2011, the coin suddenly rose in price and reached a record high of $ 31, but the market soon realized that it was overestimated compared to earnings on the ground and returned to $ 2.
In December 2012, a healthy increase was seen at $ 13, but the price would soon explode. In the four months to April 2013, the price had risen to $ 266. It later recovered to $ 100, but this astronomical rise in price became a star for the first time, and people began arguing with Bitcoin about a real-world scenario.
It was at that time that I became acquainted with the new currency. I had my doubts, but as I read more about it, it became clear that the currency was the future, because there was no one to manipulate or apply to it. Everything had to be done by full consensus, and that made him so strong and free.
Thus, 2013 was a leap year for the currency. Big companies began to openly accept the adoption of bitcoin, and blockchain became a popular topic for computer science applications. Later, many people thought that bitcoin served its purpose and would now be located.
However, the currency became more popular, bitcoin ATMs were set up around the world, and other competitors began to bend their markets. Ethereum developed the first programmable blockchain, and Litecoin and Ripple launched themselves as a cheaper and faster alternative to bitcoin.
The $ 1,000 magic figure was first broken in January 2017 and has quadrupled since then until September. It is a truly remarkable achievement for a coin that was only 8 cents just seven years ago.
Bitcoin even got rid of a hard fork on August 1, 2017, and has risen in price by about 70% since then, and even Bitcoin for cash has been a success. All this is due to the attractiveness of the coin and the star behind it blockchain technology.
Although ordinary economists claim that this is a bubble and the whole crypto world will collapse, this is not the case. In fact, there is no such bubble, as it can be observed that fiat currencies and monetary transactions eat the shares of companies.
The future is extremely bright for bitcoin, and it’s never too late to make both short-term and long-term investments.