A brief history of bitcoin

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 the blockchain, which records all transactions.

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

The cryptocurrency was now first introduced through the consensus-based blockchain in 2009 and traded for the first time that year. In July 2010, the price of bitcoin was only 8 cents and the number of miners and knots was much smaller than 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 it in some cases.

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

December 2012 saw a sharp increase to $ 13, but soon the price would explode. Within four months of April 2013, the price had risen to a staggering $ 266. It later adjusted to $ 100, but this astronomical increase in price raised it to fame for the first time, and people began discussing a real-world scenario with bitcoin.

It was at this 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 the currency was the future, because there was no one to manipulate or force it. Everything had to be done by full consensus and that made him so strong and free.

So 2013 was a breakthrough year for the currency. Big companies began to publicly support the adoption of bitcoin, and the blockchain became a popular topic in computer science programs. At the time, many people thought that bitcoin had served its purpose and will now be established.

But the currency became even more popular as bitcoin ATMs were created around the world and other competitors began to flex 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 truly a 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 fork bitcoin cash has managed to achieve some success. All this is due to the attractiveness of the coin and the star blockchain technology behind it.

While conventional economists say it’s a bubble and the whole crypto world is going to collapse, it’s just not true. There is no such bubble, as it is a noticeable fact that it has actually eaten up the shares of fiat currencies and corporations for money transactions.

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