Bitcoin is the world’s most important cryptocurrency. It is a peer-to-peer currency and transaction system based on a decentralized consensus-based public account called Blockchain in which all transactions are recorded.
The bitcoin was conceived by Santoshi Nakamoto in 2008, but it was the product of decades of research on cryptography and blockchain, not just one man’s work. It was the utopian dream of proponents of cryptographic and free trade to have a blockchain-based borderless, decentralized currency. With the growing popularity of bitcoins and other reverse coins around the world, their dream has now become a reality.
The cryptocurrency was first deployed on the consensus blockchain in 2009 and was traded for the first time that year. In July 2010, the bitcoin cost only 8 cents, and the number of miners and nodes was still much lower than the tens of thousands.
Within a year, the new alternative currency had risen to $ 1, and this is becoming an exciting prospect for the future. Mining was relatively easy and people were making good money and in some cases paying with it.
Within six months, the currency doubled to $ 2. Although the price of the bitcoin is not stable at any particular price point, it has been showing this madness for some time. In July 2011, on one occasion, the coin went to borrowers and reached a record high of $ 31, but the market soon realized that it was worth more than the benefits on the ground. Has been done and it has been recreated at $ 2.
December 2012 saw a healthy rise to to 13, but prices soon began to explode. Within four months to April 2013, the price had risen to a total of 26 266. It later adjusted to 100 but this astronomical rise in price made it a stardom for the first time and people started arguing with the bitcoin about the real world scenario.
It was then that I became acquainted with the new currency. I had my doubts but as I read more about it, it became clear that currency is the future because there is no one to manipulate it or impose itself on it. Everything had to be done with complete consensus and that was what was making it so strong and free.
So 2013 was a year of progress for the currency. Large companies began to publicly support the acceptance of bitcoins, and blockchain became a popular article for computer science programs. Then many people thought that bitcoin has achieved its goal and now it will be decided.
But, as the currency became more popular, bitcoin ATMs began to appear around the world and other competitors began to flex their muscles at different angles of the market. Ethereum developed the first capable blockchain program, and Litcoin and Ripple launched themselves as a cheaper and faster alternative to Bitcoin.
The magic figure of ical 1000 was first violated in January 2017 and has since quadrupled since September. This is truly a remarkable achievement for a coin that cost only 8 cents seven years ago.
Bitcoin also escaped a severe fork on August 1, 2017, and has grown by almost 70% since then, while fork bitcoin cash has also managed to post some success. This is all due to the appeal of the coin and stellar blockchain technology behind it.
Although economists argue that this is a bubble and the whole corrupt world will fall, this is not the case. There is no such bubble because it is a visible fact that it has in fact eaten up the shares of Fight Currencies and Money Transaction Corporations.
The future is very bright for the bitcoin and it is never too late to invest in it, both in the short and long term.
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