Things To Know About Bitcoin – Bitcoin Timeline
What is Bitcoin?
Bitcoin cryptocurrency is a type of money that is virtual. In simple terms, it is a computer program that enables people to exchange the value of money directly with each other. Bitcoin is the first cryptographic commodity, a blockchain, that can be exchanged like cash protected through cryptocurrencies. Trading in Bitcoins is anonymous without any intervention from brokers and intermediaries.
Bitcoin was created by Satoshi Nakamoto in 2009, has gained millions of followers, touched a high value of over $68,000 for just one Bitcoin recently and remains the favourite of everyone in the world of cryptocurrencies in its more than a decade old journey.
Bitcoin was introduced for the first time in 2008, it used peer-to-peer electronic systems and was originally aimed to be a transparent and decentralised asset. Bitcoin creator, Satoshi Nakamoto.
A paper called Bitcoin – A Peer to Peer Electronic Cash System was posted to a mailing list discussion on cryptography. It was posted by someone calling himself Satoshi Nakamoto, whose real identity remains a mystery to this day.
In January 2009, Satoshi Nakamoto, created 50 Bitcoins using the blockchain systems ensuring the initial 50 Bitcoins would always remain in the system. So, these 50 Bitcoins can never be used or spent.
In the world’s first P2P Bitcoin transaction, Satoshi Nakamoto sends 10 Bitcoins to Hal Finney, a computer scientist and early adopter of Bitcoin and he was the first person to tweet about Bitcoin.
The journey for trading Bitcoins begins finally after many got into it and started to trade. The Bitcoin value jumped from US$0 to $0.0008 and by the end of 2010, it was $0.83.
Cryptocurrencies such as Litecoin were launched after Bitcoin’s popularity as it was used for online transactions between individuals with some global e-commerce providers allowing transactions in Bitcoins for their services.
It gained value and touched a high of $250. It was also the introduction of the new measurement system called milliBitcoins (mBTC), microBitcoins (uBTC) and Satoshis.
This year, more people came on board seeing the rise in the value of Bitcoin, and by December 2013, it touched a high of $1,164.
The prices of Bitcoin crashed to a low of $760. This was the first instance of a price crash for Bitcoin.
Extreme volatility in prices saw it dropping to $315 from $760 in 2014 which was a whopping 241 percent loss.
A game-changer year for the cryptocurrency market and for Bitcoin as prices jumped to $433 and touched $959 in December 2016. Bitcoin saw a 121 percent increase in value this year.
It crossed the $1000 mark at the start of the year. Bitcoin was called a ‘fraud’ by Jamie Dimon, CEO of JPMorgan and he later took it back, the price touched an all-time high of $20,000 in March.
Bitcoin crashed to $3,200 and recorded a 625 percent loss.
Bitcoin hovered in the $3,190 range and by mid-June touched $10,000, amid high expectations of a further price hike. In December 2019, it fell to $7,112.73.
Bitcoin, priced at $7,200 during the initial months of 2020, touched $18353 by November 23. This year alone Bitcoin saw a growth of 224 percent and increased further in December 2020.
This year was the best year in the history of Bitcoin and for other cryptocurrencies too. In January, Bitcoin touched $40,000. After Tesla invested $1.5 billion in Bitcoin in February there was no stopping. It touched $50,000 in February.
In March, Elon Musk tweeted that anyone can buy a Tesla car using Bitcoin. This made the prices jump and recorded an all-time high of $64,829.14 on April 14.
On May 13, Elon Musk tweeted Tesla won’t accept payments in Bitcoins for its cars due to environmental concerns around the mining of the cryptocurrency resulting in Bitcoin crashing by nearly 50 percent.
Bitcoin traded at $36,057.54 as of May 22.
Bitcoin’s ascent continued in 2021, rallying to an all-time high of US$68,649.05 in November, a 98.82 percent increase from January’s value. By the end of the year, the digital asset had shed some of its value, ending the 12 month period at US$47,897.16 — still a 62 percent year-over-year increase.
Why Buy Bitcoin?
Bitcoin is the largest cryptocurrency in the world. More and more companies are accepting Bitcoin as payment to foster a world a crypto-driven world. In the future, we might see a world where Bitcoin will be the standard digital money.
The crypto market is highly volatile. Hence, Bitcoin is subject to market turmoil. Besides that, the lack of transparency and regulation has made the legislation of countries seriously think about cryptocurrency. Further, the mining of Bitcoin has adverse environmental impacts.
Where to Buy Bitcoin?
Bitcoins or other cryptocurrencies are available on marketplaces known as cryptocurrency exchanges. These exchange platforms can help you to buy and sell Bitcoins. Some popular cryptocurrency exchange platforms are Coinbase, Binance, Trustwallet, etc. It is stored in a digital wallet, just like a virtual bank account.