Bitcoin is the world’s leading cryptocurrency. It is a peer-to-peer currency and transaction system based on a decentralized consensus-based public ledger called a blockchain that records all transactions.
Now bitcoin was envisioned in 2008 by Satoshi Nakamoto but it is a product of many decades of cryptography and blockchain research and not just the work of one man. This is the utopian dream of cryptographers and promoters of free trade with an unlimited, powerless blockchain -based currency. Their dream is now a reality with the growing popularity of bitcoin and other altcoins around the world.
Now the cryptocurrency was first deployed on the consensus-based blockchain in 2009 and in the same year it was sold for the very first time. In July 2010, the price of bitcoin was only 8 cents and the number of miners and nodes was much smaller compared to the tens of thousands today.
Within the space of a year, the new alternative currency had risen to $ 1 and it became an interesting prospect for the future. Mining is easy and people make a profit by doing business and even paying for it in some cases.
Within six months, the currency also doubled to $ 2. While the price of bitcoin has not been stable at a certain price point, it has shown a pattern of insane growth at some point. In July 2011 at one point, the coin was bonkers and the record high price of $ 31 was reached but the market soon realized that it was overvalued compared to the gains taken on the ground and turned it back on. $ 2.
December 2012 saw a healthy increase of $ 13 but soon enough, the price will explode. In the four months to April 2013, the price climbed a whopping $ 266. It later corrected itself to a value of $ 100 but this astronomical price increase raised it for the first time and people started debating about a real world situation with Bitcoin.
This time I learned the new money. I had my doubts but the more I read about it, the more it became clear that money was the future because it didn’t have anyone to manipulate or impose itself on it. Everything has to be done with complete harmony and that is why it is powerful and free.
So 2013 was a successful year for the money. Large companies are starting to favor the public in accepting bitcoin and the blockchain has become a popular topic for Computer Science programs. Many people used to think that bitcoin served its purpose and now it will settle.
However, money has become increasingly popular, with bitcoin ATMs being set up around the world and other competitors starting to move their muscles in different market angles. Ethereum developed the first programmable blockchain and Litecoin and Ripple started their own cheaper and faster alternatives to bitcoin
The mysterious $ 1000 figure was first broken in January 2017 and has since risen fourfold through September. It is true that it was a surprise to be made for a coin worth only 8 cents just seven years ago.
Bitcoin even survived a tough fork on August 1, 2017, and has risen almost 70% since then while even the bitcoin cash fork has managed to post some success. All of this is due to the attraction of stellar coin technology and the block behind it.
While economists are arguing that it’s a bubble and that global crypto will collapse, that’s not all. There’s no such thing as a bubble because it’s a noticeable one that, in fact, eats away at the shares of fiat money and corporate money transactions.
The future is much brighter for bitcoin and it’s never too late to invest in it, for the short and long term.