From its first appearance in 2008 to it reaching its peak in 2021, the digital currency has led the world and the investors on a great ride. For these thirteen years, the cryptocurrency has spiked, crashed, reassembled, and fallen again only to attain the high value it has achieved today. To learn and start Bitcoin trading visit profitrevolution website.
Bitcoin is a decentralized peer-to-peer cryptocurrency that runs over blockchain technology. In simple words, it can say that it is an electronic medium of digital currency where people can send and receive money directly to each other without the involvement of any intermediary such as a bank, financial institutions, or government.
The virtual currency was designed so that the folks don’t have to depend on intermediaries to perform the financial transactions. The currency allows its users to make the transactions using the Bitcoin blockchain to get the proof-of-work and track and verify the transactions.
Today, Bitcoin is the world’s most popular digital currency. Therefore, it is expected to bring revolutionary change and replace physical cash in upcoming years.
Undoubtedly, Bitcoin’s growth has reassembled a passionate community of people excited about Bitcoin’s rise and the break it will give to current investors and businesses. The growth of the cryptocurrency has encouraged thousands of other cryptocurrencies to establish their exchanges successfully. Here’s how the cryptocurrency started-
When did Bitcoin originate?
Bitcoin produced out of the turmoil in 2008 as the distrust of people of banks and financial institutions grew. The anonymous creator Satoshi Nakamoto is a cryptocurrency developer. Many suggested that the creator issue a white paper describing the decentralized control of Bitcoin and the trust it needs for handling the investor and trader’s cash.
Although, the traditional financial system reverses and meddles with the transactions when needed by the intermediary or any third party. They can also add up the transaction cost, unlike Bitcoin. The cryptocurrency is presented as a medium to perform transactions without the interference of a third party.
Third parties can reverse or meddle with transactions in the traditional financial system, and transaction costs can add up. Bitcoin is presented as a way to transact without using a third party. Instead, the Bitcoin exchange uses a cryptographic method called blockchain to regulate the integrity and reliability of its blockchain network. It does not rely on any third person or groups like banks and financial institutions to have a say in their transactions.
The cryptocurrency launched and mined its first blockchain on 3rd Jan 2009, known as the genesis block. And the first experimental transaction took one week after the launch date. As Bitcoin is the first-ever cryptocurrency introduced on digital platforms, it was only obtained by miners for verification for the first few months.
However, the journey of the cryptocurrency took a major turn after a year when it had its first economic transaction in the exchange of two pizzas. Yes, that’s true; a Florida man gave 10,000 BTC on 22nd May 2010 at Papa John’s Pizza restaurant for his order. Since that day, Bitcoin officially entered the commercial market and established its real-world value at 4 Bitcoin per penny. To acknowledge the pivotal moment, the followers and fans of the cryptocurrency started to celebrate the date as Bitcoin’s Pizza-day.
El Salvador became the first country to launch the legal tender of Bitcoin in their country in September 2021. However, many criticized their move, but the nation ignored them all.
Price History of Bitcoin
Bitcoin is often popular for its volatility worldwide. Its price value has continuously fluctuated since it was launched in 2009. In February 2011, the price of Bitcoin crossed the $1 threshold. Later on, in June 2011, the price value of Bitcoin raised to $31. Two years later, in April 2013, the price value again increased to $200 and $1000 by November 2013. It then increased to $10000 in November 2017. And then, Bitcoin’s price value reached its peak at $68,990 in November 2021.
So, what’s in store for cryptocurrency? No one can perfectly define that as Bitcoin is a decentralized cryptocurrency that continuously witnesses fluctuation in its price value. Although, the growing role of the digital currency as a unit of account will assist the investors and traders in making their investments using crypto exchanges more accessible and reliable than before.