It is 2021, and calling Bitcoin the reigning champion of the crypto industry will not be an understatement. The statement has been confirmed for quite a while now, but have you wondered how it all started?
Here is a brief look at the history of Bitcoin and why it is the number one crypto today.
Who Invented Bitcoin and When?
The now renowned cryptocurrency Bitcoin made its first public appearance back in January 2009. Bitcoin became the first decentralized currency running on blockchain tech. The inventor or father of Bitcoin is not publicly declared as the individual or group who released Bitcoin did so under the alias Satoshi Nakamoto.
It was released in the form of an open-source code of the software. It showcased the initial block of the countless BTC blockchain. The release accompanied a statement, “The Times 3/01/19 Chancellor on the brink of second bailout for banks”. It is believed to be a statement and is up for debate until now. While the code is said to be prepared back in 2007, it came into existence in August 2008.
The domain bitcoin.org was registered, and after several months, the email subscribers received the first Bitcoin whitepaper under the name Satoshi Nakamoto.
Why Was Bitcoin Created?
In the whitepaper written by Satoshi Nakamoto, he promised to provide the capability to facilitate government-free transactions. These transactions will rely on digital coins and virtual signatures instead of the traditional fiat currencies.
Another reason for creating Bitcoin was to offer a ledger keeping track of every transaction. The ledger was accessible publicly, maintaining top-notch transparency. The network lured in miners to help it flourish in return for Bitcoin itself.
The miners lend their computing power and skills to the Bitcoin network to keep it functional. They also get the right to decide the new Bitcoin protocols.
Price History of Bitcoin
Here is an overview of Bitcoin’s price history:
- June 2011: Mt Gox exchange was breached, resulting in a 38% crash.
- August 2012: The price reached 15 dollars due to pyramid schemes and media exposure.
- February 2014: The first bubble appears as it reaches 1,156 dollars and crashes to 760 dollars.
- May 2017: Several institutions adopt BTC, helping it cross the 2,000 dollars mark.
- December 2017: Reaches 20,000 dollars because of ICOs.
- March 2018: The second bubble bursts, and it goes down to 7,000 dollars.
- January 2019: Failed projects and regulations push it to 4,000 dollars.
- July 2020: Reaches 11,000 dollars after mass adoption.
- December 2020: Almost 30,000 dollars with Paypal’s acceptance and corporate investment.
- February 2021: Elon Musk’s comment helps it past 40,000 dollars.
- April 2021: Bitcoin makes its new all-time high $64,863.
What Makes Bitcoin Different from Other Cryptocurrencies?
Bitcoin is the pioneer of cryptocurrencies, but it remains unique due to reasons like:
Bitcoin remains to be a cross-platform currency, allowing it to be used worldwide. Even Paypal started accepting crypto after 2020.
Mining and Halving
Once 210,000 blocks are verified, it destroys half of the numbers, making a natural scarcity for the crypto.
A BTC transaction must be verified through every active node and shared with every other user, making the system completely transparent.
BTC can only be created until the 21 million mark. After the limit, the creation is halted, and the miners get their rewards.
Bitcoin leading the crypto industry is not a fluke, and multiple reasons attest to that. Bitcoin undoubtedly may be the original virtual digital currency, but others have been developed ever since. Yet, Bitcoin has managed to remain unparalleled in several ways. Just as successful as its roots, Bitcoin has become infamous for price fluctuations that often make headlines, attracting the attention of business traders. While there are variances between each type of cryptocurrency, Bitcoin remains a preferred instrument for traders. All cryptocurrencies are unpredictable and directed to various market factors. However, If you are looking to make profit from Bitcoin then you must know about the Bitcoin Rush auto trading platform. It is an automated trading platform that helps you to make good profit from trading daily. Check out Bitcoin Rush Platform on its official website to know more about this unique and authentic platform.