A Brief History of Bitcoin

Brief History of Bitcoin

As you are probably aware, Bitcoin is the most popular and most used cryptocurrency in the world. This is a P2P cryptocurrency that acts as a transaction system too. The Blockchain or the public ledger that doesn’t have a centralized authority behind it is the thing that keeps a record of all Bitcoin transactions.

Satoshi Nakamoto is the mysterious person who forged the concept of bitcoins back in 2008. However, he didn’t do this from scratch because this cryptocurrency relies on blockchain and cryptography. In other words, many people have worked on the basic elements of this system for many years. The ideas of free trade and global currency have become a reality thanks to Bitcoin, the world’s first decentralized currency.

The official start of Bitcoin was back in 2009 when the first transaction was made. You should know that by the middle of 2010, the price of bitcoin has reached $0.08 or just eight cents. There were just a few dozens of miners that were developing this currency.

But, it didn’t take much time before people have realized that this currency has a huge potential. One year later, Bitcoin has reached $1. Another thing that is important for this period is that mining bitcoins back then was very simple and easy and you didn’t need the most powerful computer to mine bitcoins.

Less than half a year later, Bitcoin reached $2 and in the middle of 2011, it reached stunning $31. However, there was a huge drop after that, and by the end of 2011, bitcoin was worth $2 again. The real change started in 2013. By April 2013, bitcoin was worth over $250. Once again, after a few weeks, the price dropped to $100, but this was definitely a huge boost. This is the time when “ordinary people” started noticing Bitcoin. The same goes for the experienced financial experts.

2013 was one of the most important years for this cryptocurrency. Some reputable companies have decided to start using Bitcoin as one of the payment methods, a move that gave Bitcoin better reputation. At this point, many people were convinced that Bitcoin has reached its maximum. However, they were wrong because in January 2017, Bitcoin has reached $1000 and in November 2017 it reached stunning $10000.

Today, some economists claim that Bitcoin is a bubble that is about to burst, but the things we’ve mentioned point out that this cryptocurrency is here to stay.

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