Bitcoin is the most important cryptocurrency in the world. It is a peer-to-peer transaction and currency system based on a decentralized consensual public ledger called a blockchain that records all transactions.
Now bitcoin was planned in 2008 by Satoshi Nakamoto, but it was the product of many decades of research in cryptography and blockchain and not just the work of a single man. It was the utopian dream of cryptographers and free trade advocates to have a decentralized currency without borders based on the blockchain. His dream is now a reality with the growing popularity of bitcoins and other currencies around the world.
Now the cryptocurrency was first deployed on the consensus-based blockchain in 2009 and the same year it was first traded. In July 2010, the price of bitcoin was only 8 cents and the number of miners and nodes was quite lower compared to tens of thousands at the time.
Within a year, the new alternative currency had risen to $ 1 and was becoming an interesting prospect for the future. Mining was relatively easy and people made money earning business and even paying with it in some cases.
Six months later, the currency had doubled again to $ 2. While the price of bitcoin is not stable at a particular price point, it has long shown this pattern of insane growth. In July 2011, the currency was beautiful and reached the record price of $ 31, but the market soon realized that it was overvalued compared to the gains made on the ground and corrected it back to $ 2.
In December 2012 there was a healthy increase to $ 13, but soon enough the price would explode. Within four months through April 2013, the price had risen to a whopping $ 266. It was later corrected to $ 100, but this astronomical price increase raised the stardom for the first time and people started debating a real world scenario with Bitcoin.
It was at that time that I met the new currency. I had my doubts, but as I read more, it became more clear that the currency was the future, as I had no one to manipulate it or impose on it. Everything had to be done with total consensus and that was what made him so strong and free.
Thus, 2013 was the year of the currency’s advance. Large companies began to publicly favor the acceptance of 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 as bitcoin ATMs were established around the world and other competitors began to flex their muscles at different angles of the market. Ethereum developed the first programmable blockchain and Litecoin and Ripple started as cheaper and faster alternatives to bitcoin.
The magic figure of $ 1,000 was first breached in January 2017 and has since increased fourfold until September. It’s really a remarkable success for a currency that was only worth 8 cents just seven years ago.
Bitcoin even survived a hard fork on August 1, 2017 and has risen almost 70% since then, while even Bitcoin cash has achieved some success. All this is due to the attractiveness of the currency and the stellar blockchain technology behind it.
While conventional economists argue that it is a bubble and that the whole cryptographic world would collapse, it is not. There is no such bubble, as it is an observable fact that it has, in fact, eaten away at the shares of fiat currencies and monetary transaction companies.
The future is extremely bright for Bitcoin and it is never too late to invest in it, both in the short and long term.