A brief history of Bitcoin

Bitcoin is the world’s leading cryptocurrency. Blockchain is a peer-to-peer currency and transaction system based on a decentralized public ledger book that records all transactions.

Now bitcoin was predicted by Satoshi Nakamoto in 2008, but it was the product of decades of research on cryptography and blockchain and not just the work of a boy. It was a utopian dream of cryptographers and proponents of free trade to have a decentralized currency without limits based on the blockchain. Their dream is a reality with the growing popularity of bitcoin and other altcoin around the world.

Now cryptocurrency was first spread over a blockchain based on consensus in 2009 and traded for the first time in the same year. In July 2010, the price of bitcoin was 8 cents and the number of miners and nodes was relatively lower right now compared to the number of tens of thousands.

Within a year, the new alternative currency had risen to $ 1 and was becoming an interesting option for the future. Mining was pretty easy and people made good money by doing trades and in some cases even paying for it.

Six months later, the currency doubled again to $ 2. Although the price of Bitcoin is not stable at a certain price point, it has been showing this pattern of crazy growth for a long time. In July 2011, at one point, the coin went crazy and reached a price point of $ 31, but the market soon realized that it was overvalued compared to its profits on the ground and headed for $ 2.

It was a good rise in December 2012 to $ 13, but soon the price would explode. Within four months of April 2013, the price had risen to a staggering $ 266. He later directed himself back to $ 100, but this astronomical rise in price made him famous for the first time and people started discussing a real-world scenario with Bitcoin.

It was at this time that I discovered the new currency. I had my doubts but as I read more, it became increasingly clear that the currency was the future because it did not have to be manipulated or imposed by anyone. Everything had to be done by consensus and that was what made him so strong and free.

So 2013 was a year of money advancement. Large companies began to publicly support bitcoin, and the blockchain became a popular topic for computer programs. Many people then thought that bitcoin had fulfilled its purpose and would now be established.

But, the currency became even more popular, bitcoin ATMs were set up all over the world, and other competitors began to flex their muscles in different corners of the market. Ethereum developed the first programmable blockchain and started with Litecoin and Ripple as a cheaper and faster alternative to bitcoin.

The $ 1,000 magic figure was first breached in January 2017 and has quadrupled since September. It’s a really remarkable achievement for a coin that cost just 8 cents at just seven years old.

Bitcoin survived a hard fork on August 1, 2017, and has risen nearly 70% since then, while bitcoin forks have also had some success. All of this is due to the appeal of the coin and star blockchain technology behind it.

Although traditional economists say that the bubble is a bubble and that the whole world of cryptography would fall apart, this is not the case. There is no such bubble, as can be seen, because it has eaten the shares of fiat currency and money transaction corporations.

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