Bitcoin is the main cryptocurrency in the world. It is a peer-to-peer currency exchange and transaction system based on a consensus-based decentralized public ledger called blockchain that records all transactions.
Bitcoin was conceived in 2008 by Satoshi Nakamoto, but it was the product of decades of cryptography and blockchain research, not the work of one person. It was the utopian dream of cryptographers and free trade advocates to have a borderless decentralized currency based on the blockchain. Their dream became a reality with the rise in popularity of Bitcoin and other altcoins around the world.
Now, the cryptocurrency was first deployed on the blockchain by consensus in 2009, and it was first sold that same year. In July 2010, the price of bitcoin was only 8 cents, and the number of miners and nodes was much less compared to tens of thousands at the moment.
Within one year, the new alternative currency rose to $ 1, which was an interesting prospect for the future. Mining was relatively straightforward and people made good money trading and even paying with it in some cases.
Within six months, the exchange rate doubled again to $ 2. Although the price of bitcoin is volatile in a certain price bracket, it has been showing insane growth for some time. At some point in July 2011, the coin went crazy and hit a record price of $ 31, but soon the market realized that it was overvalued compared to the profit earned locally and returned it back to $ 2.
In December 2012, there was a significant rise to $ 13, but the price soon exploded. In the four months to April 2013, the price rose to a whopping $ 266. It later corrected to $ 100, but this astronomical rise in price made it a star for the first time, and people began to argue about the actual Bitcoin scenario.
Around the same time, I became familiar with the new currency. I had my doubts, but the more I read about it, the clearer it became that the future was in the currency, since it had no one to manipulate it or impose itself on it. Everything had to be done in full agreement, and that made him so strong and free.
So 2013 was the breakout year for the currency. Large companies began to publicly advocate the adoption of bitcoin, and blockchain became a popular subject for computer science programs. Many people then thought that bitcoin had fulfilled its task and now it will calm down.
But the currency became even more popular: Bitcoin ATMs were installed all over the world, and other competitors began to flex their muscles on different sides of the market. Ethereum developed the first programmable blockchain, and Litecoin and Ripple have established themselves as cheaper and faster alternatives to Bitcoin.
The magic figure of $ 1,000 was first broken in January 2017 and has quadrupled since then until September. This is truly an outstanding achievement for a coin that only seven years ago was worth only 8 cents.
Bitcoin even survived a hard fork on August 1, 2017 and has grown by almost 70% since then, while even the Bitcoin Cash fork has managed to show some success. It all has to do with the coin’s appeal and the stellar blockchain technology behind it.
While cunning economists argue that this is a bubble and the entire crypto world will collapse, this is not the case. There is no such bubble, since it is an obvious fact that it actually ate the stocks of fiat currencies and corporations that carry out monetary transactions.
The future of Bitcoin is very bright and it is never too late to invest in it, both short and long term.