Short History of Bitcoin

Bitcoin is the world’s leading cryptocurrency. It is a peer-to-peer currency and a transaction system based on a consensus-based public book called blockchain that records all transactions.

Now bitcoin was envisioned in 2008 by Satoshi Nakamoto but was a product of many decades of research into cryptography and blockchain and not just the work of a son. It was the utopian dream of cryptographers and free trade defenders to have a borderless, decentralized currency based on blockchain. Their dream is now a reality with the growing popularity of bitcoin and other altcoins worldwide.

Now cryptocurrency was first placed on the consensus-based blockchain in 2009 and 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 lower compared to the tens of thousands in number now.

Within a year, the new alternative currency had risen to $ 1 and was becoming an interesting prospect for the future. Mining was relatively easy and people were making good money doing business and even paying with it on some occasions.

Within six months, the currency had doubled back to $ 2. While the price of bitcoin is not stable at a particular price point, it has long been showing this crazy growth pattern. In July 2011, at one point, the currency proved very good and reached a record high price point of $ 31, but the market quickly realized that it was overvalued compared to the gains made on land and brought it back to $ 2 .

December 2012 saw a healthy rise to $ 13, but soon, the price would explode. Within four months to April 2013, the price had risen to a whopping $ 266. He later corrected himself back to $ 100 but this astronomical price increase pushed him to the star for the first time and people started debating a current real world scenario with Bitcoin.

It was around that time that I became acquainted with the new currency. I had my doubts, but as I read more about it, the more it became clear that currency was the future as there was no one to manipulate or impose. Everything had to be done by complete consensus and that was what made it so strong and free.

So 2013 was the year of progress for the currency. Large companies began to publicly favor the adoption of bitcoin and blockchain became a popular topic for Computer Science programs. Many people then thought that bitcoin had served its purpose and now it would calm down.

But, the currency became even more popular, with bitcoin ATMs being deployed around the world and other competitors began to flex their muscles in different market corners. Ethereum developed the first programmable blockchain and Litecoin and Ripple started themselves as the cheapest and fastest alternatives to bitcoin.

The magic figure of $ 1000 was broken for the first time in January 2017 and since then it has increased four times until September. Truly is truly an extraordinary achievement for a coin worth only 8 cents just seven years back.

Bitcoin even survived a strong fork on August 1, 2017 and has grown almost 70% since then, while even bitcoin cash has managed to mark some success. All this is due to the pull of coin technology and the block of stars behind it.

While loyal economists argue that it is a bubble and the whole crypto world will collapse, it just is not so. There is no such bubble as it is an observable fact that he has, in fact, eaten the shares of fiat currencies and corporations of money transactions.

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