Bitcoin is the world's first cryptocurrency. It is a transaction and transaction system between peer entities based on a large decentralized public book called blockchain, which records all transactions.
Now, bitcoin was considered in 2008 by Satoshi Nakamoto, but it is the product of many decades of research on cryptography and blockchain, not the work of one man. It was the utopian dream of cryptographers and free trade advocates to have a decentralized, borderless currency based on the blockchain. Their dream is now a reality with the growing popularity of bitcoins and other altcoins around the world.
Now crypto-currency has been deployed for the first time on the consensus-based blockchain in 2009 and the same year it was first traded. In July 2010, the price of bitcoin was only 8 cents and the number of miners and nodes was well below that of tens of thousands currently.
In the space of one year, the new alternative currency had reached 1 dollar and became an interesting prospect for the future. Mining was relatively easy and people made a good living doing transactions and even paying for them in some cases.
In six months the currency had doubled again to $ 2. Although the price of bitcoin is not stable at a given price, it displays this senseless growth model for some time. In July 2011, at one point, the coin had gone nuts and the record price of $ 31 had been reached, but the market soon realized that it was overvalued compared to the gains made on the field and brought it down to $ 2.
December 2012 had a healthy increase to $ 13, but soon enough the price would explode. In the space of four months, until April 2013, the price had risen to $ 266. He then corrected himself to return to $ 100, but this astronomical price increase made his celebrity grow for the very first time and people started debating a real world scenario with Bitcoin.
It was at this time that I became familiar with the new currency. I had doubts, but the more I read about it, the more it became clear that the currency was the future because there was no one to manipulate it or impose it. Everything had to be done with a complete consensus and that was what made it so strong and free.
The year 2013 was therefore a pivotal year for the currency. Large companies have begun to publicly favor the acceptance of bitcoin and the blockchain has become a popular topic for computer programs. Many people thought then that bitcoin had achieved its goal and now it would settle down.
However, the currency has become even more popular, with Bitcoin ATMs installed all over the world and other competitors having started to be flexible from different market angles. Ethereum developed the first programmable blockchain and Litecoin and Ripple began to be cheaper and faster alternatives to bitcoin.
The magic number of $ 1,000 was reached for the first time in January 2017 and has since been multiplied by four already until September. It's truly a remarkable achievement for a coin that was worth only 8 cents seven years ago.
Bitcoins have even survived on August 1, 2017 and have risen nearly 70% since, while even silver-bitcoin forks has managed to register some success. All this is due to the lure of coin technology and the stellar blockchain behind it.
Conventional economists argue that it is a bubble and that everyone cryptography would collapse, but this is simply not the case. There is no such bubble, because it is an observable fact that it has actually gnawed the shares of the fiduciary currencies and money transaction companies.
The future is extremely promising for Bitcoin and it is never too late to invest in this area in the short and long term.