Short History of Bitcoin

Bitcoin is the world’s leading cryptocurrency. It is an equivalent currency and transaction system based on a decentralized consensus public ledger called a blockchain that records all transactions.

Bitcoin was now predicted in 2008 by Satoshi Nakamoto, but it was the product of many decades of research in cryptography and blockchain, not just one person’s work. The utopian dream of cryptographers and free trade advocates was to have a limitless, decentralized blockchain-based currency. Their dream is now a reality with the growing popularity of bitcoins and other altcoins around the world.

The cryptocurrency was now first introduced on the basis of a consensus blockchain in 2009 and was traded for the first time that same year. In July 2010, the price of bitcoins was only 8 cents, and the number of miners and nodes was much smaller compared to the tens of thousands at the moment.

Within a year, the new alternative currency rose to $ 1 and became an interesting prospect for the future. Digging was relatively easy and people made good money by making deals and even paying with them in some cases.

Within six months, the currency doubled again to $ 2. Although the price of bitcoins is not stable at a certain price point, it has shown this pattern of insane growth for some time. At one point in July 2011, the coin collapsed and reached a record high price of $ 31, but the market soon realized that it was overvalued compared to the profits made on the ground, and restored it to $ 2.

In December 2012, there was a healthy increase to 13 dollars, but soon enough the price will explode. Within four months of April 2013, the price had risen to a whopping $ 266. It later adjusted back to $ 100, but this astronomical price increase raised it for the first time, and people began to discuss a real-world scenario with bitcoin.

It was at this time that I became acquainted with the new currency. I had my doubts, but when I read more about it, the more it became clear that the currency is the future, because there is no one to manipulate or impose on it. Everything had to be done by full consensus, and that is exactly what made him so strong and free.

So 2013 was a breakthrough for the currency. Big companies began to prefer the public acceptance of bitcoins, and the blockchain became a popular topic for computer science programs. Back then, many people thought that bitcoin had served its purpose and would now settle down.

But the currency became even more popular as bitcoin ATMs were set up around the world and other competitors began to shrink their muscles at different angles in the market. Ethereum developed the first programmable blockchain, and Litecoin and Ripple began as cheaper and faster alternatives to bitcoin.

The $ 1,000 magic figure was first broken in January 2017, and has quadrupled since September. This is a truly remarkable achievement for a coin that cost only 8 cents just seven years ago.

Bitcoin even survived a hard fork on August 1, 2017 and has since grown by nearly 70%, while even forked bitcoin money has managed to achieve some success. All this is due to the attractiveness of the coin and the stellar blockchain technology behind it.

While conventional economists claim that this is a bubble and the whole crypto world will collapse, this is simply not the case. There is no such bubble, as it is a noticeable fact that he actually ate the shares of fiat currencies and corporations for money transactions.

The future is extremely bright for bitcoins and it is never too late to invest in it, both in the short and long term.