Bitcoin is the world’s leading cryptocurrency. It is a peer-to-peer currency and a system of transactions based on a decentralized consensus-based public ledger called a blockchain that records all transactions.
Now bitcoin was invented by Satoshi Nakamoto in 2008, but it is the product of many decades of research into cryptography and blockchain, and not just the work of one man. The utopian dream of cryptographers and free trade advocates was to have a decentralized currency without borders based on blockchain. Their dream is now a reality with the growing popularity of bitcoin and other altcoins around the world.
Now, the cryptocurrency was distributed for the first time through a blockchain based on consensus in 2009, and in the same year it was traded for the first time. In July 2010, the price of bitcoin was only 8 cents, and the number of miners and knots was quite smaller compared to tens of thousands currently.
Within a year the new alternative currency had risen to $ 1 and was becoming an interesting prospect for the future. Mining was relatively easy and people made good money by earning trades and even paying with it in some cases.
Within six months, the currency doubled again to $ 2. Although the price of bitcoin is not stable at a certain price point, it has been showing this pattern of insane growth for some time. In July 2011, at one point, the coin went crazy and reached a record high price of 31 US dollars, but the market soon realized that it was overvalued in relation to the profit made on the field and returned it to 2 dollars.
December 2012 saw a healthy rise to $ 13, but the price will soon explode. Within four months of April 2013, the price had risen to a staggering $ 266. It later corrected back to $ 100, but this astronomical price increase became a star for the first time and people started discussing the real-world scenario with Bitcoin.
Around that time, I was introduced to the new currency. I doubted, but as I read more about it, the more it became clear that the currency was the future, because there was no one to manipulate it or impose itself on it. Everything had to be done with complete consensus and that is exactly what made him so strong and free.
Thus, 2013 was a revolutionary year for the currency. Large companies began to publicly favor the acceptance of bitcoin and blockchain became a popular topic for IT programs. Many people then thought that bitcoin served its purpose, and now it will calm down.
But the currency became even more popular as bitcoin ATMs were set up around the world and other competitors began to strain their muscles at different market angles. Ethereum developed the first programmable blockchain, and Litecoin and Ripple began as a cheaper and faster alternative to bitcoins.
The magic figure of $ 1,000 was first broken in January 2017 and has since quadrupled by September. It’s a really remarkable achievement for a coin that was only worth 8 cents for just seven years.
Bitcoin even survived hard fork on August 1, 2017 and has since risen by almost 70%, while even fork bitcoin cash has managed to achieve some success. It’s all because of the appeal of the coin and the stellar blockchain technology behind it.
Although conventional economists claim that it is a bubble and that the whole crypto world would collapse, this is simply not the case. There is no such bubble, as it is a noticeable fact that he actually ate the shares of fiat currencies and corporations with money transactions.
The future is extremely important for bitcoin and it is never too late to invest in it, both in the short and long term.