Market Cap, Volume and 24h Change
BITCOIN: A BRIEF RUNDOWN OF THE BLOCKCHAIN CURRENCY OVER THE AGES
THE HISTORY AND THE CREATION OF BITCOIN
Bitcoin is a form of a digital currency (otherwise known as Cryptocurrency). This formidable form of Cryptocurrency came into being in the year 2008 (although it officially started operation in 2009). Bitcoin has grown to be one of the most potent types of currencies in the financial world today. Bitcoin is one of the forms of money that’s risen the ladders from the valleys of nothingness. In less than twenty years of its invention, Bitcoin has not just grown to stand out among all cryptocurrency assets, but among currencies in the world.
THE ACTIVITY LINEUP TO THE CREATION OF BITCOIN
Like every innovation, the inception of Bitcoin came as a form of solution to the challenge plaguing currencies and the trade capabilities they had at that time. Satoshi Nakamoto, the creator of the Bitcoin, wanted to create a form of money with which people could securely save their funds without any third-party influence. Before the creation of the Bitcoin Crypto form of currency, many people preferred to store their money in banks; and that in itself is not a bad thing. Many banks use the funds of their clients to make investments with which it runs its activities through the profits made from these investments.
As with any kind of investment, there are two possibilities: a profit or a loss; the latter was the case for the investment banks made around the time before Bitcoin came into being. Many banks became bankrupt at that time, and they could not pay back their clients’ funds when they requested at that time, it was a terrible situation for the world at that time. The time before the creation of Bitcoin was tagged as the period of a global economic meltdown. This period was labelled as a worldwide financial meltdown period because everything in the world connects, one way or another. Banks in the United States of America could not pay back their clients; by extension, the American economy started crumbling. The dollar reduced because the Government of America printed more Dollar notes to salvage the situation at that time. Countries that depended on America for their economic trades and needs were affected. The trend went on like that until a Global financial meltdown was declared.
Bitcoin was created to make a form of currency that would not have to pass through any bank (a third party) for safekeeping. The creator of the Bitcoin analyzed the situation of the world at that time. Satoshi Nakamoto made the crypto asset not just be a peer to peer form of currency. The maker of Bitcoin also made the Crypto asset in a way that its value would not depend on the economy of any nation. Bitcoins (and by extension; Cryptocurrencies) are the only forms of currency that do not dwindle as the economic situation of the world dwindles. All the features of Bitcoin are such that they would secure the funds of its owners even when all other currency forms fall in value. The Coronavirus outbreak has affected the world economy in a way that would require a miracle to get back from in a short while. The value of many of the substantial financial assets of the world has been affected. Although the Bitcoin is not left out of the effects of this virus, it still supersedes the value of many of the world’s strong financial assets. This factor is not because of a voodoo attached to the Bitcoin; it is part of the Cryptocurrency asset’s design.
THE GROWTH OF THE BITCOIN OVER TIME
Bitcoin has seen a considerable rise in value since its creation. At the inception of this Crypto asset in 2008, it was almost entirely valueless, but consistency has raised this crypto asset to the point where a single one of it amounts to thousands of dollars in present times. We will delve into the history of Bitcoin’s growth since its creation until the present day, and we will try to analyze the factors that surrounded the value of the Bitcoin per time.
In the year 2009, Bitcoin was almost completely valueless; this form of crypto-asset had just been released at this time. Around the time of its creation, the value of Bitcoin was not significant to any world currency. Trade negotiations on its platform determined the value of Bitcoin at that time. In-fact at this time, a user of the Bitcoin platform wanted to sell ten thousand units of the Cryptocurrency asset for a cumulative sum of fifty dollars. Still, there was just no buyer interested in purchasing the then valueless cryptocurrency asset.
Any currency that would sell ten thousand units of itself for just fifty of another form of currency must have been something quite worthless at that time.
In 2010, the Bitcoin cryptocurrency witnessed a little rise in its almost completely valueless worth. The price of Bitcoin attained a new peak in March 2010. The rate of Bitcoin at this time was: 1BTC: $0.003. This increment in the value of the prime cryptocurrency asset came when the bitcoin market platform was launched as the official Bitcoin exchange platform. The creation of an exchange platform for Bitcoin created a form of order to its operation at that time. The platform’s users no longer determined the value of the Bitcoin; the newly created exchange platform rather decided its value. This move paid off, as it spurred a visible rise in the Bitcoin value at that time.
In May 2010, the price of Bitcoin rose again; this time, the value of the premier cryptocurrency asset rose to an amount less than $0.01, but more than its former $0.003. One of the most significant Bitcoin Transactions of this time was a user purchasing two Pizzas with about ten thousand (10,000) Bitcoin. If only that person could foresee the future, he/ she would have just held on to the Bitcoin for just a little longer.
By July 2010, the price of the Bitcoin rose so rapidly that its value ascended by nine hundred per cent (900%) in the space of five days. The value of the Bitcoin rose to a value of $0.08 in July 2010. Later that year, in October, the value of the Bitcoin rose to a value of $0.125. At this point, it was still irrelevant to many other currencies of the world. Still, many were starting to notice the growth rate of the Crypto asset at that time.
In 2011, some organization started accepting Bitcoin as payment options in the form of donations; because most of the organizations that received Bitcoin payments at that time were non-profit organizations. The acceptance of the Bitcoin by these organizations also took part in the rise of its value that year. The cost of Bitcoin rose to level up with the value of the United States Dollar in February 2011 (1BTC: $1)
The value of Bitcoin kept rising in 2011, by the end of 2011, the value of the Bitcoin was rated at $2 for 1BTC.
With the outstanding year 2011, the value of Bitcoin gradually ascended the ladders in 2012. The slow rise in the value of the Bitcoin graduated the value of Bitcoin to $13 at the end of 2012. In 2012, the world started recognizing this form of currency as a force to reckon with in no little way. Many other companies joined the loop of accepting Bitcoin as a payment type in 2012; then, the Bitcoin Foundation was also founded in the same year. These factors helped the gradual rise in the value of the Bitcoin in the year 2012.
In 2013, Bitcoin rose rapidly in value from the $13 to an extraordinary value of about $800 at the end of the year. Bitcoin witnessed a very rapid boom in the first trimester of 2013, as its value rose to about $266 in April. In May 2013, the value of Bitcoin fell again to about $130. In June, it witnessed a further decline to about $100. In the last two months of 2013, the value of Bitcoin rose very rapidly. The value of Bitcoin peaked at about $1,242 in November 2013. In December 2013, the price of Bitcoin fell again; this time, the price kept falling and rising in turns in values between $500 and $1,000; however, the price of the Bitcoin stabilized at around $800 at the end of 2013.
The year 2014 was very terrible compared to the bloom which the Cryptocurrency had seen the previous year. The year starting price of the Bitcoin was about $750, at the end of the year, the price of the Bitcoin has fallen to a value of around $630. One of the major causes of the fall in the price of Bitcoin in 2014 was the rumours that the Chinese government was going to ban the use of the Cryptocurrency asset in its shores, so many fled the Bitcoin network because the felt uncertainty about the future of the Cryptocurrency asset.
In January 2014, the price of Bitcoin rose from about $750 to a peak of $1,000 and later settled around $900 through January 2014. By February, MT Gox was shut down, and this move affected the price of Bitcoin drastically, the price fell to a range of about $600 and $700. The price trend of the Bitcoin in February continued through March 2014.
In April 2014, the price of the Bitcoin further fell to a range between $340 to $530. The value of the Bitcoin increased a bit in May 2014 to about $630.
The terrible trend of the previous year extended its effects on the price of Bitcoin early in the year 2015 as well. Bitcoin price rated at a range between $200 and $300 in the first quarter of 2015. By the last quarter of 2015, the value started spiking back up once again, the value of Bitcoin ranged around $395 and $504 to the end of the year.
2016 was generally a fruitful year for the Bitcoin. The opening price of Bitcoin at the start of the year was about $450, but at the end of the year, the [rice had spiked up to about $700.
Between May and June 2016, the price of Bitcoin fluctuated between $450 and $750. The period between July and September of this year was a bit on the decline for Bitcoin. Around this time, the value of Bitcoin dwindled between $600 and $630.
The price rose to a value that fluctuates between $600 to $780 between October and November 2016.
2017 was one of the most amazing years in the history of the Bitcoin. The price rose from about $800 at the start of the year to a value worth over $13,000 at the end of the year.
The trends of the Bitcoin’s flow in the year 2017 are numerous, between January and March, the price of Bitcoin rose from about $800 to over $1,290 at the end of the first quarter of 2017. Between May and June 2017, the Bitcoin price spiked from $2,000 to about $3,270 at the end of the second quarter of 2017. August to September dilapidated the value of Bitcoin form about $4,400 to $2,900 partly because of the Chinese Bitcoin ICO and exchange crackdown. The price shot back up to about $6,180 by October. By the end of December 2017, the price of the Bitcoin was around $13800.
The early days of 2018 brought a terrific fall in the value of Bitcoin. The value of the Bitcoin fell to about $6,200, with a falling rate of 50 per cent in sixteen days. By the end of 2018, the Bitcoin price has witnessed a further depreciation to about $3,300. The Bitcoin trading world witnessed a new regulation this year. The regulation developed required that Bitcoin traders reveal their identities. The anonymous trading ban of the Bitcoin community had an effect on the price progression of Bitcoin this year. Stripe, an online payments platform, endorsed Bitcoin payments on its platform. The blockchain of the BItcoin has developed immensely since its inception.
In 2019, the price of Bitcoin dwelled around just a little over $7,000 all through the year. The closing price of the Bitcoin in December 2019 is $7,193.60. As of September 2019, there were over five thousand Bitcoin ATM (Automated Teller Machine) in the world. The United States of America (USA), Canada, and the United Kingdom were the countries with the highest number of Bitcoin ATMs, asides the ones that are in other regions of the world.
Despite the Coronavirus outbreak that’s plagued the world since late 2019 till middle, 2020, the price of the Bitcoin has still found a way to spike to a value of about $9,726. In May 20200, there was a global Bitcoin halving. The halving of the Blockchain Crypto asset reduced the total number of Bitcoins in circulation by half. Although the value of Bitcoin depreciated, this price depreciation is because of the global coronavirus pandemic that plagues the globe around this time. The halving of the Blockchain asset tells that the future looks shiny for Bitcoin asset holders.
The Bitcoin has risen the ladders of greatness over the years of its operation; it can be said to be the most valuable currency in the world at this time. Bitcoin came from an age where it was completely irrelevant, to one where its value supersedes the values of almost all currencies of the world. The Bitcoin’s financial value may fluctuate, but the value of this crypto asset will rise and make the trends for a very long time. Anyone would be wise to place investments in the BItcoin now.