Virtual money is a trend nowadays. Especially, when it comes to financial investment, Bitcoins are gaining immense popularity between the financial investors. The hype is bitcoin. In 2009, Bitcoin was created by an anonymous person named Satoshi Nakamoto. First, Bitcoin was introduced as a decentralized crypto enthusiasts in the year of 2008.
The actual creator of this famous cryptocurrency is still unknown and decided to keep it a mystery. Since then, Bitcoins have been traded and invested with an immense popularity between financial investors. 21 million BTC circulating in the market. Bitcoin had its ups and downs too. Here is the history in brief-
A History of Bitcoin: The World’s First Cryptocurrency
Between 2007 to 2009, it was the peak time for people to look for an alternative. In those years, bitcoin was created. It introduced the first blockchain technology, which brought a revolution in the crypto industry. In the first few months, it mined about 1.1 million BTC. Today it is worth about 22 billion dollars.
The first transaction on bitcoin happened on May 22, 2010. The bitcoin community still celebrates this day as pizza day because the Florida man bought pizzas.
The black market started using cryptocurrency. Bitcoin was one of them to get used by scammers. So, the people’s bank of china took three steps to prevent it-
In the beginning, bitcoin had no virtual value. But today, it has values in billions.
5 Years Of Bitcoin: A 2011-2017 Retrospective
On the year of 2011, rivals started growing and the first alternative cryptocurrency, ‘altcoin,’ appeared. At that time, the bitcoin value was 1.06 USD, and this dropped down to 87 cents. From April of this year, the bitcoin value rose around 86 cents to 8.89 USD. These cryptocurrencies generally offer better speed with some more advantages. Today 1000 cryptocurrencies in the market are in circulation.
In 2013 bitcoin prices started crashing very quickly. Many peoples suffered losses. It took two years or more to reach it for 1000 dollars again. On 19th November 2013 price reached 755 USD and then crashed down to 375USD on the same day. Again, it rose to 1163 USD on November 30 and then again crashed down to 152 USD by January 2015
Criminals started targeting bitcoin for doing scams. In January 2014, Mt.Gox went offline. It was the world’s largest bitcoin exchange. The amount of bitcoin was 850000 BTC which just vanished overnight. If you calculate today’s date, it will be 4.4 billion USD.
In the year 2016, a huge scam happened. The bitfinex cryptocurrency was hacked. It was the second largest breach. A huge amount of bitcoin was stolen, 119,756 BTC, which was worth 72 million USD back then. This year Ethereum arrived in the market, which was a rival of bitcoin.
Over time Etherium also disappeared from the market. But by the end of 2018, bitcoin’s value dropped down to 3700 USD. But this price down was a temporary thing. By late 2020 bitcoin started shining. It started appearing more and getting famous. In 2021 its price got increased to 69000 USD. The bitcoin market was back again. It’s a record that in 2017 BTC hit the highest value of 20000 USD.
Conclusion
With the increasing demand for Bitcoins, these days, almost every financial investor looks forward to using it. People used to send money over the internet via bitcoin. But now, mining and trading are happening on bitcoin. People nowadays use real-time trading programs to trade. British Bitcoin Profit is one of them. You can use this software to sell, buy, and perform a various range of operations. However, the crypto market is still risky and has no guarantee. At the same time, it has the potential to make a huge change. The technology behind all this, the blockchain, has the power to change our daily life and society in many aspects. Famous personalities and celebrities trade on bitcoin. Bitcoin is the revolution of the era.