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 conceived by Satoshi Nakamoto in 2008, but it was the product of decades of research into cryptography and blockchain, not just the work of one man. It was the utopian dream of cryptographers and free trade advocates to have a decentralized, borderless currency 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 much smaller compared to tens of thousands at the moment.
Within a year, the new alternative currency had grown to $ 1 and was becoming an interesting prospect for the future. Mining was relatively easy and people made good money by earning trade, and even paid with it in some cases.
Within six months, the currency doubled to $ 2 again. Although the price of bitcoin is not stable at a certain price, it has been showing this pattern of crazy growth for some time. At one point in July 2011, the coin went crazy and reached a record high price of $ 31, but the market soon realized that it was overvalued in relation to the gains made on the field and returned it to $ 2.
There was a healthy increase to $ 13 in December 2012, but the price will soon explode. Within four months of April 2013, the price had risen to a whopping $ 266. It later straightened back to $ 100, but this astronomical price increase became famous 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 it, but the more I read about it, the clearer it became that the currency was the future because there was no one to manipulate it or impose itself on it. Everything had to be done by complete consensus and that is what made him so strong and free.
Thus, 2013 was a turning point for the currency. Large companies have begun to publicly favor the acceptance of bitcoin, and blockchain has become a popular topic for computer science programs. Many people at the time thought that bitcoin had fulfilled its purpose and would now calm down.
But the currency became even more popular, with bitcoin ATMs being set up around the world, and other competitors began to flex their muscles in different corners of the market. Ethereum developed the first programmable blockchain, and Litecoin and Ripple began as cheaper and faster alternatives to bitcoin.
The magic figure of $ 1,000 was first broken in January 2017 and has quadrupled since September. It’s a truly remarkable achievement for a coin that was only worth 8 cents just seven years ago.
Bitcoin even survived hard fork on August 1, 2017 and has grown by almost 70% since then, while even fork bitcoin cash has managed to achieve some success. It’s all because of the appeal of coins and the stellar blockchain technology behind it.
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While conventional economists claim it is a bubble and that the entire crypto world would collapse, it simply isn’t. There is no such bubble because the visible fact is that he, in fact, ate the shares of fiat currency and corporations for money transactions.
The future is extremely bright for bitcoin and it is never too late to invest in it, both in the short and long term.