Bitcoin is the main cryptocurrency in the world. It is a peer-to-peer currency and transaction system based on a decentralized consensus-based public ledger called a blockchain that records all transactions.
Now bitcoin was provided in 2008 by Satoshi Nakamoto, but it was the product of years of cryptography and blockchain research, not the work of one guy. The utopian dream of cryptographers and free trade advocates was to have a limitless decentralized currency based on a blockchain. Nowadays, their dream has become a reality with the growing popularity of bitcoins and other altcoins around the world.
Now the cryptocurrency was first deployed on the basis of a consensus blockchain in 2009, and in 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 much less compared to the tens of thousands now.
Within one year, the new alternative currency rose to $ 1 and became an interesting prospect for the future. Mining was relatively easy and people were making good money by making deals and even paying for it.
Within six months, the currency doubled again to $ 2. Although the price of bitcoin is not stable at some point, it has been demonstrating this pattern of insane growth for some time. In July 2011, at one point, the coin was lucky, and a record $ 31 was reached, but soon the market realized that it was overvalued compared to the profits made on the ground, and returned it to $ 2.
In December 2012, healthy growth increased to $ 13, but soon enough the price was to explode. In the four months to April 2013, the price rose to a whopping $ 266. It later went up to $ 100, but this astronomical price increase first brought it to fame, and people began to discuss the real real scenario with bitcoins.
Around that time I was introduced to the new currency. I had my doubts, but the more I read about it, the more it became clear that the currency is the future, because it has no one to manipulate and impose it. Everything had to be done with full consensus, and that is what made it so strong and free.
Thus, 2013 was a breakthrough year for the currency. Large companies began to publicly prefer bitcoin, and the blockchain became a popular subject for computer science programs. Then many thought that bitcoin served its purpose, and now it will calm down.
But the currency became even more popular: ATMs for bitcoins were created around the world, and other competitors began to exert their forces at different angles of the market. Ethereum developed the first programmable blockchain, and Litecoin and Ripple began themselves as cheaper and faster alternatives to bitcoin.
The magic figure of $ 1,000 was first broken in January 2017, and has since quadrupled by September. This is a really great achievement for a coin that cost just 8 cents just seven years ago.
On August 1, 2017, bitcoin even survived the hardfork and has since grown by almost 70%, while even bitcoin cash has managed to achieve some success. All this is due to the attractiveness of the coin and the stellar blockchain technology behind it.
Although ordinary economists claim it’s a bubble and the whole crypto-world will collapse, it’s just not true. There is no such bubble, as it is obvious that he actually ate the shares of fiat currencies and corporations on money transactions.
The future is extremely bright for bitcoin, and it’s never too late to invest in it in both the short and long term.