Crypto Tips

Bitcoin's Brief History

Bitcoin is the world's most popular cryptocurrency. It's a peer-to-peer money and transaction system built on the blockchain, a decentralized consensus-based public ledger that keeps track of all transactions.

Now, Satoshi Nakamoto came up with the idea for bitcoin in 2008, but it was the result of decades of cryptography and blockchain study, not simply one man's efforts. The creation of a borderless, decentralized money based on the blockchain was cryptographers' and free trade activists' idealistic ideal. With the growing popularity of bitcoin and other cryptocurrencies around the world, their goal has become a reality.

The cryptocurrency was originally put on a consensus-based blockchain in 2009, and it was exchanged for the first time the same year. The price of bitcoin was only 8 cents in July 2010, and there were many fewer miners and nodes than there are now, with tens of thousands.

The new alternative currency had increased to $1 in less than a year, and it was becoming a promising future promise. People were making good money-making transactions and even paying with it in some circumstances because mining was pretty easy.

Six months later, the currency had doubled to $2. While the price of bitcoin has not been stable at any point in time, it has been on a long-term trend of rapid rise. The currency went berserk in July 2011, reaching a record-high $31 price point, but the market quickly realized it was expensive in comparison to the gains made on the ground, and it was recorrected back to $2.

The price rose to $13 in December 2012, but it was only a matter of time before it exploded. The price has risen to a stunning $266 in just four months, till April 2013. It later corrected itself to $100, but this spectacular price spike catapulted Bitcoin into the spotlight for the first time, and people began debating whether or not Bitcoin could be used in a real-world setting.

Around that time, I began to learn about the new currency. I had my reservations at first, but as I learned more about it, it became evident that the money was the way of the future because it could not be manipulated or imposed on it. Everything had to be done unanimously, which was what made it so strong and free.

As a result, 2013 was a watershed moment for the currency. Big businesses began to publicly support bitcoin acceptance, and blockchain became a popular topic in computer science courses. Many individuals believed that bitcoin had served its function and would now stabilize.

However, the currency grew in popularity as more bitcoin ATMs were installed throughout the world, and other competitors began to flex their muscles on various aspects of the market. Litecoin and Ripple began as cheaper and speedier alternatives to bitcoin, with Ethereum developing the first programmable blockchain.

The magical number of $1000 was first broken in January 2017, and it has subsequently grown four times until September. It's an incredible accomplishment for a coin that was only worth 8 cents seven years ago.

Even after surviving a hard fork on August 1, 2017, Bitcoin has risen about 70% since then, while the spinoff Bitcoin Cash has seen some success. All of this is due to the coin's popularity and the excellent blockchain technology that underpins it.

While conventional economics claim that it is a bubble that will eventually burst, this is simply not the case. There is no such bubble because it is undeniable that the shares of fiat currencies and money transaction firms have been devoured.