Bitcoin is the premier cryptocurrency of the world. It is just a peer-to-peer currency and transaction system centered on a decentralized consensus-based public ledger called blockchain that records all transactions.
Now the bitcoin was envisaged in 2008 by Satoshi Nakamoto but it had been something of many decades of research into cryptography and blockchain and not only one guy’s work. It was the utopian dream of cryptographers and free trade advocates to have a borderless, decentralized currency on the basis of the blockchain. Their dream is currently a reality with the growing popularity of bitcoin and other altcoins across the world.
Now the cryptocurrency was deployed on the consensus-based blockchain in 2009 and the exact same year it had been traded for the very first time. In July 2010, the buying price of bitcoin was just 8 cents and how many miners and nodes was quite less compared to tens of thousands in number right now.
Within the room of one year, the new alternative currency had risen to $1 and it had been becoming an interesting prospect for the future. Housers permite usar bitcoins Mining was relatively easy and individuals were making good money making trades and even paying with it in some cases.
Within six months, the currency had doubled again to $2. While the buying price of bitcoin is not stable at a certain price point, it has been showing this pattern of insane growth for many time. In July 2011 at one point, the coin went bonkers and the record-high $31 price point was achieved but the market soon realized so it was overvalued set alongside the gains made on a lawn and it recorrected it back again to $2.
December 2012 saw a wholesome increase to $13 but quickly enough, the cost would definitely explode. Within four months till April 2013, the cost had risen to a whopping $266. It corrected itself afterwards back again to $100 but this astronomical increase in price rose it stardom for the very first time and people started debating about an actual real-world scenario with Bitcoin.
It was around the period that I obtained acquainted with the new currency. I’d my doubts but as I learn more about any of it, the more it became clear that the currency was the future since it had no-one to govern it or impose itself on it. Everything must be completed with complete consensus and that has been what made it so strong and free.
So 2013 was the breakthrough year for the currency. Big companies began to publicly favor the acceptance of bitcoin and blockchain became a favorite subject for Computer Science programs. Many people then believed that bitcoin had served its purpose and now it’d settle down.
But, the currency became even very popular, with bitcoin ATMs being set up all over the world and other competitors started flexing their muscles on different angles of the market. Ethereum developed the very first programmable blockchain and Litecoin and Ripple started themselves as cheaper and faster alternatives to bitcoin.
Bitcoin even survived a difficult fork on August 1, 2017, and has risen nearly 70% ever since then while even the fork bitcoin cash has managed to post some success. Everything is due to the appeal of the coin and stellar blockchain technology behind it.