BTC is a well-known largest cryptocurrency in the world with an interesting history. It is a decentralized digital asset based on blockchain technology. There is a massive network of Bitcoin users whose transactions are verified and recorded without involving any central authority.
You can use BTC as an alternative to fiat money, but no government authority can control or manage it. The mechanism for verifying and proving transactions is done by Proof-of-work. Miners solve complex mathematical algorithms and functions with the help of powerful computers to mine Bitcoin. This digital asset is accepted worldwide and has gained popularity with time.
But before you invest in it, you must know more about its history. You must know how it was introduced and how it has become an expensive cryptocurrency. Many digital assets exist, but nothing can beat BTC, and the reason for it is in its history.
When Bitcoin was Introduced?
In 2008, the US was experiencing a chaotic financial situation when BTC came into existence. Satoshi Nakamoto was the one who introduced this crypto asset to the world. But the world was facing a financial crisis from 2007 to 2009, so people started investing in Bitcoin in 2009. At the time of the crisis, government banks and other central authorities were distrustful.
But then, a small group created this asset and introduced blockchain technology. It is considered the backbone of this asset because all the transactions are recorded and verified in the distributed ledger with enough safety. In January 2009, the first block of Bitcoin, known as genesis, was developed and launched. Within seven months, Satoshi managed to mine 1.1 million BTCs.
It increases the price and demand for this asset. In 2024, the cost of one coin will be around $ 22 billion. When Bitcoin was launched, Joshua Peck shared his thinking that it holds economic value and is a more secure option for future investments.
In May 2010, one man from Florida paid 10,000 BTC for two pizzas; now, the Bitcoin community celebrates that day as Pizza Day. With time, people understood this asset’s importance and started investing in it. Nowadays, you can use plenty of platforms for Bitcoin trading, like https://bitcoin-evolutionapp.com/.
BTC Price History
1. Year 2009
As you know, BTC came into existence in 2009 and became available worldwide to everyone. At that time, BTC was created and mined so that people could invest in it and use it for making digital transactions. In the distributed ledger, all the transactions are recorded and verified in blockchain technology, and that was how the journey of Bitcoin began.
2. Year 2010
After two years, when BTC was born, this asset started getting value in 2010. The Pizza Day incident happened in 2010 when a person paid 10,000 coins for only two pizzas. At that time, the value of BTC was equal to some cents, but now, it is $ 22 billion. When this asset started gaining popularity, people started investing, owning, and using them for several transactions.
3. Year 2011
This year, people understood the difference between the centralized and decentralized types of currencies and got a better alternative to fiat money. The design of BTC was changed to improve the transactional speed and anonymity of the coin. Two emerging coins were Litecoin and Namecoin. But now, more than 1000 digital currencies exist, and people operate them like Bitcoin.
4. Year 2013
In 2013, the price of one coin reached $1000, but suddenly, it started dropping. Anyone who had invested in this asset experienced a massive loss. The dropped price reached $300, and it may take more than two years to become $1000 again. Many people started selling their assets to recover some of their losses.
5. Year 2014
Due to BTC features like anonymity, people expected it could attract cybercriminals. Unsurprisingly, many scams began, and people started losing all their assets in digital wallets. The biggest exchange to deal with BTC transactions, i.e., Mt. Gox, went offline.
A person who owned 850000 coins never saw his assets in the wallet again. Someone steals all the assets worth $4.4 billion at today’s price. After that, people lose their trust in digital currencies.
6. Year 2016
People start gaining attention towards the Ethereum platform that uses the coin Ether. Like stocks, individuals can trade virtual currencies and earn money. Many legitimate investments are disguised due to Ponzi schemes and scams. Many countries started banning these cryptocurrencies, restricting people from investing and trading these assets.
7. Year 2017
Even after the ban on Bitcoin in many countries, many individuals started investing in it through illegal methods. Slowly, the price of a single coin reached $10000, and now, its price is growing rapidly. Undoubtedly, many situations were there where the price was reduced but again, it regained its position.
Many banks in different countries are planning and making strategies for working out Bitcoin and other virtual currencies. Blockchain technology is the future of the digital payment process, in which digital currencies will be operated everywhere in the world. Bitcoin experienced many ups and downs, but it is still a favorite choice for many people.
The Bottom Line
Nowadays, millions of people are investing and trading digital currencies. This industry is evolving rapidly. Many companies have started using blockchain technology to add better security to their data and operations. Bitcoin is a digital asset that gained massive popularity in previous years, and now, its price is worth billions. It is quite interesting to know the history of this coin, which is already mentioned in the write-up.
If you desire to invest in virtual currencies, you need to know more about them. You can get detailed information about this asset and consider it worthy of future investment. You can explore plenty of platforms that allow you to invest in different digital currencies, including BTC, and you can decide whether to invest in it or not. Knowing the entire history will boost your confidence and trust in this asset.
Nina Smith