Brief history of Bitcoin

Bitcoin is the world’s largest cryptocurrency. It is a peer-to-peer currency and transaction system based on a consensus-based decentralized general ledger called a blockchain that records all transactions.
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Now bitcoin was planned in 2008 by Satoshi Nakamoto, but it was the product of many decades of research on cryptography and blockchain and not just the work of a man. It was the utopian dream of cryptographers and free trade advocates to have a decentralized, borderless currency based on the blockchain. His dream is now a reality with the growing popularity of bitcoins and other altcoins around the world.

Now, the cryptocurrency was first deployed through 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 that time.
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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 good money doing business and even paying with it in some cases.

In six months, the currency had doubled again to $ 2. While the price of bitcoin is not stable at a particular price point, it has long been showing this crazy growth pattern. In July 2011, at one point, the currency went crazy and reached a record price of $ 31, but the market soon realized that it was overvalued compared to the gains made on the ground and returned it to be corrected to $ 2.

December 2012 saw a healthy rise to $ 13, but soon the price was going to explode. In four months through April 2013, the price had risen to $ 266. It was later corrected to $ 100, but this astronomical price hike raised fame for the first time and people started debating a real-world scenario with Bitcoin.

It was around this time that I became familiar with the new currency. I had my doubts, but as I read more, it became clear that the currency was the future because I had no one to manipulate or impose it. Everything had to be done with full consensus and that was what made her 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 blockchain became a popular topic for computer programs. Back then, many people thought that bitcoin had fulfilled its purpose and would now be established.
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But, the currency became even more popular, with the creation of bitcoin ATMs 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 $ 1,000 magic number was first breached in January 2017 and has since quadrupled since September. It is truly a remarkable success for a currency that was only worth 8 cents seven years ago.

Bitcoin even survived a hard fork on August 1, 2017 and has risen by almost 70% since then, while even the cash from the bitcoin fork has managed to have some success. All of 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 world of cryptography would collapse, it is not. This bubble does not exist, as it is an observable fact that, in fact, the shares of fiat currencies and monetary transaction corporations have been eaten up.

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