Bitcoin, the most influential and path-breaking cryptocurrency has turned ten years old. It was established on October 31, 2008. It was the first-ever Blockchain product using a decentralized network. Interestingly, an unknown cryptographer having a pseudonym Satoshi Nakamoto had introduced Bitcoin through the ‘White Paper’.
To see how Bitcoin has been tracing its path, let’s look at the white paper. It states Bitcoin was “a purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”
In the last decade, Bitcoin has undergone the transformation from being an internet hobby to having around $110 billion market.
Bitcoin is a currency that consumes a magnificent amount of efforts and energy to be mined. The initial 50 bitcoins were mined in 2009, named ‘Genesis block.’ Bitcoin possesses a finite number of 21 million in existence. Additionally, it is estimated that around 17 million have been mined till now.
After two years of its establishment, Bitcoin witnessed a tremendous popularity in 2010 with a significant increase in mobile transactions. Looking at the way it was gaining recognition around 2017, traders christened it as ‘digital gold.’
Moreover, Bitcoin spiked to its highest price in 2017, reaching $20,000 from $7,000 per coin. However, it has seen a bearish attitude during this year. If it doesn’t recover, then the losses might get dipped even further.
Remarkably, in 2013 the bitcoin price was as low as $945 a coin. This implies that 2018 is not the first year to experience the depressive price of the major cryptocurrency. Notably, investors who entered in the market during December 2013, and continued their investments are now holding whopping returns of around 550 percent.
Investing in any market has a golden rule that suggests investing for a minimum of five years to get substantial benefits from the volatility of the market. For instance, those who were involved in bitcoin during its initial stage are lucky enough to gain high returns even after a present slump in the cryptomarket.
Reportedly, Bitcoin was trading at $6,390.37 as of 6.00 am ET Thursday, having a market capitalization of $111 billion. It indicates a 0.93 percent rise over a 24-hour period.
The Blockchain technology on which the bitcoin was built is being utilized in various industries on a vast level since a decade. Hopefully, this very fresh and hot technology will give us enormous outcomes in the future.