Bitcoin is the world’s premier cryptocurrency. It is a peer-to-peer currency and transaction system based on a decentralized, consensus-based public ledger called the blockchain that records all transactions.
Bitcoin was now conceived in 2008 by Satoshi Nakamoto, but it was the product of many decades of research in cryptography and blockchain rather than the work of just one person. The utopian dream of crypto designers and free trade advocates was to have a decentralized, borderless, blockchain-based currency. Their dream has become a reality with the increasing popularity of Bitcoin and other digital currencies around the world.
Now the cryptocurrency was first published on the consensus-based blockchain in 2009 and in the same year it was first circulated. In July 2010, Bitcoin was only 8 cents and the number of miners and contract miners was much lower compared to the tens of thousands today.
Within one year, the new alt currency rose to $ 1 and became an interesting prospect for the future. Mining was relatively easy and people were making good money making deals and even paying with them in some cases.
Within six months, the coin had doubled again to $ 2. While the Bitcoin price is not stable at a certain price point, it has shown this crazy growth pattern for quite some time. In July 2011, at one point the coin became too expensive and a record price point of $ 31 was achieved, but the market soon realized that it was overpriced compared to the gains on the ground and corrected it again to $ 2.
December 2012 saw a healthy increase to $ 13, but soon the price was going to explode. In the four months to April 2013, the price had risen to $ 266. It later corrected itself to $ 100, but this astronomical price increase raised its stardom for the first time and people started discussing a true true scenario with Bitcoin.
It was around that time that I was introduced to the new coin. I had doubts but as I read more about it, it became clear that the coin was the future because it had no one to manipulate or force itself on. Everything had to be done with full consensus and that is what made it strong and free.
So 2013 was the year of the breakout for the currency. Big companies are starting to favor Bitcoin publicly and blockchain has become a popular subject for computer science programs. Lots of people thought afterwards that Bitcoin had served its purpose and now it will stabilize.
However, the currency is becoming more and more popular, with Bitcoin ATMs being established around the world and other competitors starting to flex their muscles in different corners of the market. Ethereum developed the first programmable blockchain and started Litecoin and Ripple as cheaper and faster alternatives to Bitcoin.
The magic number of $ 1,000 was first hacked in January 2017 and has since quadrupled until September. Really, an amazing feat for a coin that was only worth 8 cents seven years ago.
Bitcoin even survived the hard fork on August 1, 2017, and has risen nearly 70% since then, while even Bitcoin Cash Off the Fork has had some success. This is all due to the allure of the coin and the stellar blockchain technology behind it.
While traditional economists argue that it is a bubble and that the entire crypto world will collapse, this is not the case. There is no such bubble because it is a fact that can be seen that, in fact, the stocks of fiat currencies and financial transactions companies have eroded.
The future is very bright for Bitcoin and it is not too late to invest in it, either in the short or long term.