Blockchain

Facts you should know about Bitcoin

Released as open-source software in 2009, Bitcoin () is the world’s first cryptocurrency, a form of electronic cash sent peer-to-peer without the need for a financial intermediary. It was launched to the public through the identity of one Satoshi Nakamoto, who could be a man, a woman, or even a whole anonymous organisation. Just after big banks were accused of misusing borrowers’ money, duping clients, rigging the system, and charging boggling fees, Bitcoin pioneers created a decentralized system, where you could control your funds and know what was going on. They wanted to put the seller in charge, eliminate the middleman, cancel interest fees, and make transactions transparent, to hack corruption and cut fees.

From there, Bitcoin has come a long way, becoming a widely accepted currency all over the world inside a decade.

Remember, it was never intended to be an asset or an investment scheme. The point of Bitcoin was always to create a decentralised global currency that would replace the Dollar and subsequently get rid of central banks.

Compared to other cryptocurrencies, Bitcoin has the largest hash rate, participating nodes, accepting sites, and people going over the code and protocol. Other than that, it is the primary cryptocurrency because of its adoption rate. It is the most in-demand crypto, causing it to rise in monetary value and making it the largest cryptocurrency in circulation.

Bitcoin was not traded on any exchanges in 2009. Its first recorded price was in 2010. Technically, Bitcoin was worth $0 in 2009 during its very first year of existence! Its price never topped $1 in 2010. The highest price for the year was $0.39. It went up to $31 and then dropped to $2 before the year ended. After reaching $266 in April 2013, it rose and dipped for a few years, going as low as $100 in June 2013 to as high as $1,290 in March 2017. 2017 brought Bitcoin into a bright limelight, with regular increase in value, eventually hitting the price of $17,900 in December.

The cause for all the dips and peaks is the alteration of the supply and demand of the currency. Now that it is a big thing all over the world, the price variations are way more frequent, going up and down every hour.

It is believed that when all the 21 million are mined and are in circulation, the price variation over time will be negligible.

About author

Articles

Morris is a Technology enthusiast and a writer by night. He has been a part of TheTechly for quite some time and he contributes knowledgeable news articles from the Technology niche.
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