Bitcoin is considered the first cryptocurrency created ever, and this currency remains one prevalent and valuable digital currency worldwide even today. BTC is a blockchain-based digital currency powered by a network of many users who record and verify transactions without relying on the central authority and intermediary. BTC is the alternative to fiat currencies, like the US dollar, which is controlled by governments and central banks. These transactions are generally verified through the process called the proof-of-work mechanism. The bitcoin miners have to compete and verify the transactions by solving a few complex mathematical equations using powerful computers. Many Bitcoin enthusiasts and see crypto as a fun asset to trading and speculation, whereas others think it can ultimately become this universal currency world. There is no question that Bitcoin has had a meteoric rise in popularity since its inception. However, the first thirteen years have exposed many vital flaws as well as shortcomings of the popular digital asset of the world.
The Bitcoin Launch
As you may know, BTC is the cryptocurrency and payment system used worldwide. The creator, Nakamoto, made this Bitcoin protocol in 2009, the same year this was launched as an open-source program. Cryptocurrency has become popular with people who want to send money across borders without any interference from banks and governments. Nonetheless, the rapid rise in value has made this tough for a few people to understand what they must do with Bitcoins. In 2010, this was the only cryptocurrency out there. Back then, the price was some cents. Over the next some years, new cryptocurrencies also entered this market, and the prices rose and fell with Bitcoin’s.
Unsurprisingly, most people lost all faith in cryptocurrencies as an investment vehicle. Nonetheless, beginning in 2017, cryptocurrencies started to see some unparalleled growth. Thus, the cryptocurrency market cap reached over $820 billion in 2018 before crashing. Despite the crash, this market saw continuous growth throughout. Without any doubt, 2017 was filled with some exciting events. Since the Bitcoin value or other cryptocurrencies skyrocketed, even the schemes and scams targeting the crypto investors increased rapidly. This is how bitcoin was launched and became quite successful worldwide within no time.
From there, it still continues.
This world of cryptocurrency hasn’t stood still since. The prices reached an all-time high, especially in January 2018, and new assets have joined the scene, including EOS, Tron, and Cardano. This cryptocurrency market currently hosts more than 2000 digital currencies and is expanding even today. It is straightforward to check out how cryptocurrencies are slowly becoming global. The increasing trend of crypto has led to many acceptance and use cases. Today, the creation of the Central Bank Currency is also in progress. Some significant companies also show high interest in the blockchain and cryptocurrencies by investing in them. Such types of events will fuel the fast expansion of the market.
Crypto assets continued to gain popularity to the point where their adoption has become very important and present. The amount of Bitcoin ATMs also has continued to improve; many more stores have started taking cryptocurrencies as the mode of payment, the crypto assets are getting used as one type of fundraising, and you can travel all over the world with the crypto! The list is now expanding quickly, like how these cryptocurrency costs went through its roof. Remember, three years before, the price of BTC was under 1000 USD!
After these instances, the price of the Bitcoin halved. Despite the regulations, the Bitcoin price still is supported and trending upward because of the countries and institutions allowing the use of the cryptocurrency. The recent examples are e found through the Circle, Tala, Stellar Development partnership with Visa, and El Salvador’s legislation making Bitcoin legal tender. Even news on Bitcoin and various other cryptocurrencies evolves every day.