There is no doubt that Bitcoin is one of the greatest inventions in the modern era. It provided us with a futuristic payment method that holds many advantages over the regular methods. Its superiority is shown through its greater security, instant online transactions, void fees, and of course – the chance to make a profit.
To add to that, it has massive future potential as many experts believe that it can become a global universal payment method. But, while so many are dealing with its future fate, we wanted to get familiar with this cryptocurrency through its history. Let’s dive into the topic.
Establishment and First Peak in Value
The year that marks Bitcoin’s establishment is 2008. It was created by a mysterious individual that goes by the pseudonym, Satoshi Nakamoto. Even though 13 years have passed since Bitcoin has been created, we still have no accurate information on the real identity of this person. The first official transaction with Bitcoin was made in 2010 for a hilarious reason – to buy pizza at Papa John’s.
Thanks to its great features, Bitcoin managed to rise in popularity very fast, but the problem is that it was deemed highly illegal by the governments and it was mainly used on the black market. After the first halving event took place in 2012, Bitcoin reached a peak value a year and a half later, in January 2014. But, after US authorities raided a few Bitcoin mining facilities, a huge portion of this cryptocurrency was seized, thus it dropped in value.
Getting Back on Track and Then Setting A Record
Bitcoin spent the next two years trying to stabilize itself. That finally happened in 2016, after the second halving event ended. During this period, trading sites that acted as marketplaces where people can trade with Bitcoin started gaining popularity.
Reputable platforms of this character managed to evolve today and ease the trading process, thus help traders maximize their profits. One of those sites is The News Spy, a trading platform that uses an AI system to predict Bitcoin’s future fluctuations, thus let its registered traders know when is the best time to sell their assets and generate the highest possible revenue.
Thousands of new traders joined Bitcoin’s network and started trading with it. The rising popularity allowed Bitcoin to increase its value and reach another peak on December 27, 2017. On this day, Bitcoin reached a historical value of over $19,000. But, due to the fact that its network was overflown with Bitcoins and traders, it plunged very shortly after that and spent 2018 and 2019 getting back to its normal state.
2020 Peak and 2021 Domination
2020 was the year when Bitcoin finally stabilized itself and its value was around $10,000. After the halving event in May 2020 ended, Bitcoin started to rise once again and many experts believed that it has the potential to break the 2017 record in value. Bitcoin did that with ease. In mid-December, Bitcoin topped $20,000 in value for the first time in history.
But, even though many believed that Bitcoin will plunge once again, the network learned from its past mistakes and didn’t let that happen. Not only did it remain stable but it managed to dominate 2021 by rising in value and reaching historical prices.
Final Words
After the Tesla investment in February 2021, Bitcoin topped $50,000 and became as valuable as gold. As of April-May 2021, Bitcoin’s value fluctuates between $55,000 and $60,000. It even managed to reach $63,000 at one point but it fell down quickly after reaching that milestone. The new predictions about this cryptocurrency state that it has the potential to climb to $100,000 before the year ends and we are excited to see whether that will happen.
Follow Techdee for more crypto-related content.