Short History of Bitcoin

Bitcoin is the premier cryptocurrency of the world. It is a peer-to-peer currency and transaction system based on a decentralized consensus-based public ledger called blockchain that records all transactions.

Now the bitcoin was envisaged in 2008 by Satoshi Nakamoto but it was a product of many decades of research into cryptography and blockchain and not just one guy's work. It was the utopian dream of cryptographers and free trade advocates to have a borderless, decentralized currency based on the blockchain. Their dream is now a reality with the growing popularity of bitcoin and other altcoins around the world.  Checkout Bitcoin  for more info.

Now the cryptocurrency was first deployed over the consensus-based blockchain in 2009 and the same year it was traded for the very first time. In July 2010, the price of bitcoin was just 8 cents and the number of miners and nodes was quite less compared to tens of thousands in number right now.

Within the space of one year, the new alternative currency had risen to $1 and it was becoming an interesting prospect for the future. Mining was relatively easy and people were making good money making trades and even paying with it in some cases.

Within six months, the currency had doubled again to $2. While the price of bitcoin is not stable at a particular price point, it has been showing this pattern of insane growth for some time. In July 2011 at one point, the coin went bonkers and the record-high $31 price point  was achieved but the market soon realized that it was overvalued compared to the gains made on the ground and it recorrected it back to $2.

December 2012 saw a healthy increase to $13 but soon enough; the price was going to explode. Within four months till April 2013, the price had increased to a whopping $266. It corrected itself later on back to $100 but this astronomical increase in price raised it stardom for the very first time and people started debating about an actual real-world scenario with Bitcoin.It was around that time that I got acquainted with the new currency. I had my doubts but as I read more about it, the more it became clear that the currency was the future as it had no one to manipulate it or impose itself on it. Everything had to be done with complete consensus and that was what made it so strong and free.