TMCnet Feature
October 28, 2020

Historical Background Of Bitcoin



Everything which was once a dream has been converted into reality in the 21st Century, Out of many astonishing inventions that have been achieved in this time duration Cryptocurrency is on the Top. Bitcoin is a type of Digital Cryptocurrency that has been an integral part of the digital market since the year 2009. It was the month of January when it invaded the World of Digital Currency.



The concept of Bitcoin Cryptocurrency was presented in an English Paper by an unknown person known by the name of Satoshi Nakamoto. The most interesting fact about this person is that his identity is still unknown and he is a Pseudo Anonymous entity who has changed the Crypto World by introducing The Bitcoin Digital Currency.

Invention:

If we look back at the time we can see a progressing history of Bitcoin Cryptocurrency. The actual Bitcoin was invented in the year 2008 and was presented in the market in the year 2009. It was launched in the market as a publicly accessible software manifesto so that anyone can take advantage of it.

The name of Bitcoin may give you a concept of some kind of physical currency but the reality is that Bitcoin is an online Digital Currency having no physical existence. This currency Offers a low rate of transactions that are safe and secure, however, this should be kept in mind that nothing in the World of Digital marketing is fully secure.

The brand name Bitcoin.org was first presented in front of the public in October 2008 on 31st. The details about the bitcoin cryptocurrency were mentioned in a paper by an XYZ person known by the name Satoshi Nakamoto in his paper titled as A peer To peer E-Cash System. After the presentation of the concept of the bitcoin cryptocurrency, the software related to this cryptocurrency was released in the month of January 2009.

Bitcoin from launch to 2017:

The news about the launch of Bitcoin Cryptocurrency was published in The Times. Mr. Hal Finny registered himself in the software and on 12th January 2009 got his first Bitcoins. The founder of the Bitcoin cryptocurrency kept his identity anonymous. He was active till the Year 2010 and after that, he suddenly vanished. He came out of nowhere and went in the same manner.

According to estimations done by many Blockchain analysts and others, he mined around 1 million Bitcoins until he vanished.

In the year 2011, the Bitcoin Cryptocurrency was used as a bulk transaction By silk road. They initiated and started receiving bitcoin cryptocurrencies as a source of their digital payments. See more here

The price value of the Bitcoin cryptocurrency was elevated from 13.3 US dollars to around 770 US dollars in only one year that was between 2013 and 2014. As cryptocurrency keeps on shuffling its rates and values, by the end of 2014 the price of the Bitcoin Cryptocurrency came down to 314 US dollars.  Time passed by and this jumping of Bitcoin prices kept on going and by the year 2017, the rate of the bitcoin cryptocurrency was around 998 US dollars.

Bitcoin in the Year 2017:

This price of 998 US dollars was increased to a record-breaking range in the year 2017 and on 1st January it was elevated to 13,412 US dollars. This was not the peak value. Bitcoin Cryptocurrency had already reached its peaked value in December 2017 and that was around 19,738 US dollars. A number of scams and fraud attempts were done in the year 2018 and that caused a decline in the rates of Bitcoin Cryptocurrency in that particular time.

Afterward, the ups and downs in the prices of the Bitcoin cryptocurrency were seen. Whenever the resistance value of the Bitcoin cryptocurrency is achieved it is always followed by a fashion of downward decline. Extreme high rates of Bitcoin cryptocurrency result in a devaluing of the US dollar.

Verdict:

Concluding this whole history to the year 2020 we can see that this year has been one of the most unpredictable times. Things were changing rapidly thus Corona Virus has lasted some impacts on the trading and value of the Bitcoin. The relation between the Corona Virus and Bitcoin rates has shown that things can be unexpected and can go against your plans.

This year has been a record-breaking year after the year 2017. These much-exaggerated prices and rates of the Bitcoin cryptocurrencies have affected a lot of things in the digital trading World. Nothing can be said about the future of Bitcoins as no one can predict what’s going to happen next.



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