An Overview on the miraculous journey of Bitcoin

As of 2021, the majority of the world is familiar with the phenomenon known as cryptocurrencies. Even though this concept came into existence just over a decade ago, it certainly has cemented its spot in the world and often remains in the spotlight. 

The entire concept of cryptocurrencies was initiated because of people’s disapproval of the centralized financial system. The current generation continues to express how the existing financial system is designed to make the rich even richer, while the working class loses purchasing power.

Consequently, software engineers came up with a block-chain based digital currency, which wasn’t under the influence of a single governing body, in order to ensure that it provided a fair opportunity to everyone. The pioneer of this concept was Bitcoin, the first ever cryptocurrency

History

Bitcoin came into existence in 2008 and was created by a Japanese group/Individual known as Sakoshi Nakamoto. The identity of the creator of Bitcoin was never revealed. The whitepaper authored by Nakamoto surfaced in 2008 for the first time and was titled: “a peer to peer electronic cash system was posted to a cryptography mailing list.”

The first ever bitcoin transaction took place in 2009 and the first exchange was established in 2010. Bitcoin’s price continued to hover around in the single digit, before experiencing a sudden boom and hitting $31 back in 2011.

Growth

Bitcoin is now the largest cryptocurrency by the total market capitalization. One bitcoin costs over $56,000 currently and has a total market cap of over $ 1 Trillion, which constitutes more than half of the global crypto market. 

Bitcoin has seen an incredible growth over the last decade and has continued to prove that you cannot count it out. The growth has been especially spectacular over the past few years and the last year alone is an example of that.

While 2020 was a year full of uncertainty, the one thing that we can say with certainty is that it was a good year for crypto currencies. On the contrary to popular opinions, the value of bitcoin spiked in the last quarter of 2020 and reached an all-time high. 

The positive trajectory continued into 2021 and became even stronger, as we saw the price of Bitcoin breaking all previous records. It first hit the symbolic $50,000 mark earlier this year, back in March. While the $50,000 initially seemed like an impossible feat to achieve, it went on further to hit another peak of over $63,000 in April, which is more than what anyone could ever have imagined. 

The growth of Bitcoin has been impressive and has been driven by multiple factors. Perhaps one of the biggest factors is that people find it liberating to have a currency that is not being governed by a centralized body. 

Moreover, another reason for its popularity and growth is the fact that it has now become one of the most popular trading commodities, which has attracted organizations and individuals alike, towards it. 

Bitcoin trading is all the rage these days and given how volatile this currency is, everyone wants to get a piece of it and make money off the volatility. Moreover, platforms such as Yuan Pay group have also made it extremely convenient to trade Bitcoin using intelligent algorithms and cash in on the volatility. 

Acceptance

After some initial years of resistance, Bitcoin has continued to gain more and more acceptance, across the world. After all, the purpose behind cryptocurrencies is to use them as a medium of exchange. While Bitcoin is yet to gain the sort of acceptance that would make it a generally accepted medium of exchange, it certainly is leading the race. 

Over the last couple of years, some big companies have started accepting Bitcoin as a means of payment. Perhaps the biggest development in this context was the announcement by PayPal that it could now be used to purchase Bitcoin. Moreover, Elon Musk’s Tesla also recently announced that you could now make a purchase using Bitcoin.

Conclusion:

Bitcoin certainly has come a long way and has led the fight against conventional fiat currencies. With thousands of other digital currencies emerging, Bitcoin has managed to retain its position as the most popular and valuable cryptocurrency in the world.

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