Bitcoin is the world’s number one cryptocurrency. It’s a peer-to – peer money and exchange network built on the blockchain, a shared consensus-driven digital ledger that tracks all transactions.
Now the bitcoin was designed by Satoshi Nakamoto in 2008 however it was a result of many decades of study into cryptography and blockchain and not just the job of one man.next Creating a borderless, digital currency founded on the blockchain was the revolutionary vision of cryptographers and free-trade proponents. Their hope is now a fact with bitcoin and other altcoins becoming common across the world.
Back in 2009 the cryptocurrency was first launched over the consensus-based network and exchanged for the very first time in the same year. Bitcoin’s price was just 8 cents in July 2010, and the amount of miners and nodes was much lower relative to hundreds of thousands in number right now.
The emerging digital currency had grown to $1 within the span of one year, and it was already an exciting potential possibility. Mining was fairly straightforward, and in some situations people made decent money making trades and even paying for it.
The dollar has risen to $2 again within six months. Although bitcoin’s price isn’t constant at a single price level, this trend of exponential inflation has been seen quite some time. During one point in July 2011, the coin went bonkers and the record-high price level of $31 was hit, but the sector quickly discovered it had been overvalued due to the profits achieved on the field and recorrected it down to $2.
December 2012 saw a healthy rise to $13 but the price was about to explode soon enough. The level had risen to a staggering $266 within four months, before April 2013. It corrected itself later back to $100 but for the very first time this astronomical price increase rose it stardom and people began debating with Bitcoin about a real-world scenario.
I got acquainted with the new currency at around that time. I had my reservations but when I thought all into it, it was apparent that the money was the future and no one wanted to exploit it or force it. It all needed to be achieved in complete consent and it was what made things so vibrant and open.
And 2013 was the currency’s Breakthrough Season. Big companies have started to publicly favor bitcoin acceptance, and blockchain has become a popular topic for computer science programmes. Then, many people believed Bitcoin had fulfilled its function so it should calm down now.
But, the currency became even more popular, with Bitcoin ATMs set up around the world and other competitors began flexing their muscles at different market angles. The first programmable blockchain was developed by Ethereum and Litecoin and Ripple started out as cheaper, faster alternatives to bitcoin.
In January 2017, the mythical number of $1000 was infringed for the first time and since then it has only risen four times till September. It is also a fantastic accomplishment for a coin that only priced 8 cents only seven years ago.
Bitcoin has defied a hard fork on August 1, 2017, and since then has grown by almost 70 percent as only the bitcoin cash fork has continued to show some progress. All this is due to the appeal of the behind it coin and stellar blockchain technology.