Bitcoin is the world’s leading crypto-currency. It’s a peer-to-peer money and exchange system based on the blockchain, a shared consensus-based digital ledger that tracks all transactions.
Now the bitcoin was designed by Satoshi Nakamoto in 2008 but it was a result of several decades of research into cryptography and blockchain and not just the job of one man. Creating a borderless, digital currency based on the blockchain was the utopian dream of cryptographers and free-trade proponents. Their vision is now a fact with bitcoin and other altcoins increasingly popular around the world.
Now in 2009 the asset was first launched over the consensus-based network and exchanged for the very first time in the same year. Bitcoin’s price was just 8 cents in July 2010, and the number of miners and nodes was quite smaller compared to hundreds of thousands in number right now.By clicking we get More about the author.
The latest digital currency had grown to $1 within the span of one year, and it was already a fascinating potential prospect. Mining was relatively easy, and in some cases people made good money making trades and even paying with it.
The currency has risen to $2 again within six months. Although bitcoin’s price isn’t fixed at a specific price level, this trend of wild inflation has been shown for some time. During one point in July 2011, the coin went bonkers and the record-high price level of $31 was reached, but the sector quickly discovered it had been overvalued due to the profits achieved on the field and recorrected it down to $2.
December 2012 saw a small spike to $13 but the market was about to explode soon enough. The price had risen to a staggering $266 within four months, before April 2013. It reversed itself later down to $100 but for the very first time this unprecedented price spike raised it stardom and citizens started arguing with Bitcoin over a real-world scenario.
I got acquainted with the new currency at around that point. I had my reservations but as I read more about it, it became obvious that the money was the future because no one had to exploit it or force it. It all had to be achieved in complete consent and that was what made it so powerful and open.
And 2013 was the currency’s Breakthrough Season. Big businesses have begun to openly support bitcoin acceptance, and blockchain has become a common subject for computer science programmes. Then, many people thought Bitcoin had served its purpose and it would settle down now.
But, the currency became even more common, with Bitcoin ATMs set up around the world and other players started flexing their muscles at different market angles. The first programmable blockchain was created by Ethereum and Litecoin and Ripple began out as simpler, quicker alternatives to bitcoin.
In January 2017, the mythical number of $1000 was infringed for the first time and since then it has only risen four times till September. It is really a remarkable achievement for a coin that only priced 8 cents only seven years ago.