Bitcoin is regarded by many as one of the best and most useful inventions of the modern era. It provided people with a new payment method. Not only that, but Bitcoin is also the first method which is designed to benefit the people, rather than the banks. It gives them anonymity, instant transactions, and most importantly – all hidden/extra fees are voided.
As you may know, banks often apply fees to transactions and since Bitcoin is not under their control (or any control, for that matter), people skip the middlemen and save money in the process. There is no doubt that Bitcoin is one of the best payment methods out there and since it has made fantastic progress over the years when it comes to its acceptance, we can say that it has the potential to outgrow every currency and payment method in the future and become the universal type of payment.
With that thought in mind, we decided to look back on its history and share some details which will help you understand it slightly better.
Table of Contents
The Inception
2008 was the year when Bitcoin was created. The true name of its creator is unknown to this day. All the world knows is the person’s pseudonym – Satoshi Nakamoto. It is speculated that he is a white male in his 40s with Japanese or Chinese origin.
Satoshi created Bitcoin in late 2008. The first Bitcoin transaction was made in 2009 after cyberpunk Hal Finney received 10 Bitcoins from Satoshi on January 12. 2010 was the year when the first commercial transaction was completed.
Trading Goes Up
After early proof-of-concept transactions, Bitcoin started rising in popularity. More and more people around the world started using this cryptocurrency as a payment method, but logically, it was still new and thus, illegal. So, most of the transactions were completed on the black market.
But, after gaining traction in 2012 and 2013, Bitcoin trades started becoming popular and was even legalized in some parts of the world as governments saw no threat to their financial institutions. Many sites where people could buy and sell Bitcoins started operating.
To this day, one of the most reputable sites is the Bitcoin Up website. Its trading system uses sophisticated AI algorithms to analyze Bitcoin data and help you make a profit. Bitcoin Up has thousands of users worldwide and all you have to do to gain access to all of their services is to register.
The Peak and Fall
After experiencing a few ups and downs in 2013 and 2014, Bitcoin made a global fuss. Thanks to the blockchain technology and increase in popularity, the price for 1 Bitcoin hit $1,000 in January 2017. That is the same year when Bitcoin had a massive boost. During this year, its value was going up and showed no signs of slowing down.
Finally, the peak was reached in December, when the value was rising by thousands of dollars each day. December 27, 2017, was the date when Bitcoin reached its peak. The value for 1 Bitcoin went over $19,000, but it plunged in a matter of 2 days.
After the peak, the cryptocurrency had a rough period. It spent most of 2018 trying to stabilize itself, which is why it was highly volatile and the value was going up and down frequently. Halfway through 2019, Bitcoin was able to stabilize itself and reach an optimal value.
Current State
As of November 2020, the price for 1 Bitcoin is slightly above $10,000. The best part about it is that many experts believe that the value has the potential to reach the peak of 2017 and not only that, but the price might top it. Some of them think that the value will go over $20,000, while some believe that it can go as high as $50,000.
Several factors led them to these claims. Mostly, pretty much all of the indicators and circumstances in which Bitcoin peaked in 2017 are occurring now. Its volatility is low, the hash rate has stabilized, the institutional interest is high, and the currency is stable for the first time since 2017. So, if you are planning to invest in this cryptocurrency, now’s the time. You may be rewarded with a huge profit.
