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 Blockchain that records all transactions.
Now Bitcoin was designed by Satoshi Nakamoto in 2008 but it is a product of decades of research into cryptography and blockchain and not just the work of one person. The dream of cryptographers and free trade proponents to have a borderless, decentralized currency based on blockchain. With the growing popularity of Bitcoin and other altcoins around the world, their dream has now become a reality.
Now in 2009 cryptocurrency was first placed on a consensus-based blockchain and in the same year it was traded for the first time. In July 2010, the price of Bitcoin was just 8 cents and the number of minors and nodes is much lower than the thousands at the moment.
Within a year, the new alternative currency has risen to 1 and is becoming an attractive prospect for the future. Mining was relatively easy and people made good money doing business and in some cases even paid for it.
In six months, the currency has doubled 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. At one point in July 2011, the currency went bankrupt and reached a record-high $ 31 price point but the market soon realized that it was worth more than the gains made on the ground and corrected it back to $ 2.
December 2012 saw a healthy rise to 13 13 but soon, the price is about to explode. In the four months to April 2013, prices rose to 26 266. It later corrected itself back to $ 100 but this astronomical rise in price raised it to stardom for the first time and people started arguing with Bitcoin about a real real-world scenario.
That’s when I got acquainted with the new currency. I was skeptical but as I read more about it, it became clear that the currency was the future because there was no one to manipulate it or force itself on it. Everything had to be done with complete consensus and that is what made it so strong and free.
So 2013 was a landmark year for the currency. Big companies began to publicly accept Bitcoin and blockchain became a popular topic for computer science programs. Many then thought that Bitcoin had fulfilled its purpose and now it would be settled.
But, as the currency became more popular, Bitcoin ATMs were set up around the world and other competitors began to flex their muscles in different corners of the market. Ethereum created the first programmable blockchain and Litecoin and Ripple launched themselves as a cheap and fast alternative to Bitcoin.
The 1000 1,000 magical figure was first breached in January 2017 and has already quadrupled since September. This is a truly remarkable achievement for a coin that was worth only 8 cents seven years ago.
Bitcoin even survived a tough fork on August 1, 2017 and has risen nearly 70% since then, even fork bitcoin cash has been able to post some success. It’s all about the application of coins and the stellar blockchain technology behind them.
While conventional economists argue that this is a bubble and the whole crypto world will collapse, this is not exactly the case. There is no such bubble as it is an observable fact that it has actually eaten up the shares of Fiat Currency and Money Transaction Corporation.
The future of Bitcoin is very bright and it is not too late to invest in it in both short term and long term.