Bitcoin is the world’s leading cryptocurrency. It is a system of equivalent currency transactions based on a decentralized consensus-based public ledger called a blockchain that records all transactions.
Bitcoin was now designed by Satoshi Nakamoto in 2008, but it’s the result of decades of cryptocurrency research, not just the work of one boy. Cryptographers’s proponents of free trade dreamed of having a borderless, blockchain-based decentralized currency. Their dream is now a reality, with the growing popularity of bitcoin and other altcoins around the world.
The cryptocurrency was first launched on a consensus-based blockchain in 2009 and sold for the first time in the same year. In July 2010, the price of bitcoin was only 8 cents, and the number of miners և nodes was quite small compared to tens of thousands now.
Within a year, the new alternative currency rose to 1 $ 1, դարձավ it became an interesting prospect for the future. Mining was relatively easy, people made good money trading, and in some cases even paying for it.
Within six months, the currency doubled to $ 2. Although the price of bitcoin is not stable at a certain price point, it shows this pattern of crazy growth for some time. At some point in July 2011, the coin cheated, reaching a record high of $ 31, but the market soon realized that it was overpriced by local profits, returning it to $ 2.
December 2012 saw healthy growth to $ 13, but soon the price was going to go up. In the four months leading up to April 2013, the price rose to $ 266. It later went up to 100 $ 100, but this astronomical rise in price raised it to the star position for the first time և people started debating the real world scenario with bitcoin.
It was then that 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 no one had to manipulate it or force it. Everything had to be done by complete consensus, which was what made it so strong and free.
So 2013 was a turning point for the currency. Large companies began to publicly support the adoption of bitcoin, and blockchain became a popular subject in computer science software. Many at the time thought that bitcoin had served its purpose, and now it would be settled.
But the currency became even more popular as bitcoin ATMs were established around the world, and other competitors began to flex their muscles in different parts of the market. Ethereum developed the first programmable blockchain, and Litecoin and Ripple began to offer themselves as cheaper և faster alternatives to bitcoin.
The magic index of $ 1,000 was first broken in January 2017, after which it quadrupled until September. This is a remarkable achievement for a coin that cost only 8 cents seven years ago.
Bitcoin even survived the heavy fork on August 1, 2017, rising by almost 70% since then, while even the fork bitcoin cache was able to achieve some success. All this is due to the attractiveness of the coin and the stellar blockchain technology in it.
While traditional economists claim it’s a balloon, the whole crypto world will collapse, it just does not. There is no such bubble, as it is a noticeable fact that it has, in fact, devoured the shares of fiat currencies և money transactions corporations.
The future is very bright for Bitcoin, It’s never too late to invest in it, both short-term and long-term.