A brief history of Bitcoin

Bitcoin is the world’s main cryptocurrency. It is a peer-to-peer currency and operating system based on a decentralized public consensus called a blockchain that records all transactions.

Now, bitcoin was invented by Satoshi Nakamoto in 2008, but it was the product of decades of research on cryptography and blockchain, and not just one man’s work. It was a utopian dream of cryptographers and proponents of free trade to have a borderless, decentralized currency based on blockchain. With the growing popularity of bitcoin and other altcoins around the world, their dream is now coming true.

Now the cryptocurrency was first placed on a consensus-based blockchain in 2009 and traded for the first time that year. In July 2010, the price of bitcoin was only 8 cents, and the number of miners and nodes was very small compared to the current number of tens of thousands.

Within a year, the new alternative currency rose to $ 1 and became an interesting prospect for the future. Mining was relatively easy, and people made good money by trading, and in some cases even paid with it.

Within six months, the currency doubled again to $ 2. Although the price of Bitcoin is not stable at a certain price point, it has been demonstrating this crazy growth pattern for some time. In July 2011, the coin suddenly rose in price and reached a record high of $ 31, but the market soon realized that it was overestimated compared to earnings on the ground and revised it to $ 2.

There was a healthy increase to $ 13 in December 2012, but the price would soon explode. In the four months to April 2013, the price rose to $ 266. It was later raised to $ 100, but this astronomical increase in price increased its stardom for the first time, and people began to argue with Bitcoin about the real-world scenario.

About that time I got acquainted with the new currency. I had my doubts, but the more I read about it, the clearer it became that the currency was the future, because there was no one to manipulate it or apply it to it. Everything had to be done by full consensus, and it was he who made it so strong and liberating.

Thus, 2013 was a year of leaps and bounds for the currency. Big companies have begun to openly prefer bitcoin, and blockchain has become a popular topic for computer science programs. At the time, many people thought that bitcoin served its purpose and would now be located.

However, the currency became 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 launched Litecoin and Ripple as a cheaper and faster alternative to bitcoin.

The $ 1,000 magic figure was first broken in January 2017, and has quadrupled since then until September. This is a truly remarkable achievement for a coin worth only 8 cents seven years ago.

Bitcoin even survived the hard fork on August 1, 2017, and has risen nearly 70% since then, and even fork bitcoin cash has been somewhat successful. All this is due to the attractiveness of the coin and the star blockchain technology behind it.

Although ordinary economists claim that this is a bubble and the whole cryptocurrency world will collapse, this is not the case. There is no such bubble, because it is a fact that fiat currencies and money transactions corporations eat shares.

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