A brief history of Bitcoin

Bitcoin is the leading cryptocurrency in the world. It is a peer-to-peer currency and transaction system based on a decentralized consensus-based public ledger called blockchain that records all transactions.

Now bitcoin was conceived in 2008 by Satoshi Nakamoto, but he was the product of decades of cryptography and blockchain research, not just one man. It has been the utopian dream of cryptographers and free trade advocates to have a decentralized borderless currency based on blockchain. Their dream is now a reality with the growing popularity of bitcoin and other altcoins around the world.

Now, cryptocurrency was first implemented through a consensus-based blockchain in 2009, and was first traded in the same year. In July 2010, the price of Bitcoin was only 8 cents, and the number of miners and nodes was quite small compared to the tens of thousands in the number it is today.

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 earning trades and even paying with it in some cases.

Within six months, the currency had doubled again to $2. Although the price of bitcoin is not stable at a certain price, it has been showing this crazy growth pattern for some time. At one point in July 2011, the coin went crazy and hit a record high of $31, but the market soon realized that it was overvalued compared to the gains made in the field and brought it back to $2.

In December 2012, there was a healthy increase to $13, but soon the price will explode. Within four months to April 2013, the price had risen to a whopping $266. It later corrected to $100, but this astronomical price increase for the first time became famous and people started discussing the actual real-world scenario with Bitcoin.

It was around this time that I was introduced to the new currency. I had my doubts, but the more I read about it, the clearer it became that currency is the future because there is no one to manipulate it or impose itself on it. Everything had to be done by complete consensus and that is what made it so strong and free.

Thus, 2013 was a turning point for the currency. Large companies began to publicly favor accepting Bitcoin and blockchain became a popular topic for computer science programs. Many people thought at the time that bitcoin had served its purpose and would now settle down.

But the currency has become even more popular, with bitcoin ATMs popping up around the world and other competitors starting to flex their muscles in different corners of the market. Ethereum developed the first programmable blockchain, and Litecoin and Ripple started out as cheaper and faster alternatives to bitcoin.

The magic $1,000 mark was first breached in January 2017 and has quadrupled since then by September. That’s a truly remarkable achievement for a coin that was worth just 8 cents just seven years ago.

Bitcoin even survived the hard fork on August 1, 2017 and has grown nearly 70% since then, while even the bitcoin cash fork managed to find some success. It’s all because of the coin’s appeal and the stellar blockchain technology behind it.

While conventional economists argue that it’s a bubble and that the entire crypto world would collapse, it’s simply not the case. Such a bubble does not exist because the visible fact is that it has, in fact, eaten up the stocks of fiat currencies and money transaction corporations.

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