Bitcoin is becoming smashing cryptocurrency, which is breaking all records that are coming its way. After breaking the shackles of all-time high on 30 November 2020 created in December 2017, the digital currency has once again run amock to go past USD 22,000 mark on 22 December 2020. That goes without saying that people are getting attracted towards the cryptocurrency.
And the ongoing corona pandemic has only helped it grow further. When other financial markets like commodities, stocks and indices fall flat during the time, it was bitcoin that got hold of everyone’s attention. Investors located a new safe haven for investment, and it did not disappoint them either.
People who invested early on are dealing with millions of dollars. Investors and trade pundits who understood the blockchain technology at the hindsight made an investment early on, and today, they are reaping heavy rewards.
What is bitcoin?
The question is expected in the corridors of cryptocurrency news readers because those who trade it know a lot about bitcoins and its behaviour. It is a digital asset that was created by Satoshi Nakamoto (pseudonym) in 2009 with a motive to offer security, safety and corruption-free entity for exchanging against goods and services.
The inventor integrated ideas adopted from the community of cyberpunk. If we glance over its starting until today, there’s an arc of success and steady growth, which jumped higher in 2017 and then took a breather to again take a leap in 2020.
Interestingly, when several economies world over is going through rough patches to negative growth percentage, bitcoin is receiving immaculate investment from different corners of the globe.
Bitcoin uses peer-to-peer technology of an integrated computer network chain situated in different regions of the world. The bedrock digital currency had the first instance of acceptance in the year 2010.
It offers the promise of lesser transaction fees to attract traders for using the virtual currency. However, it is not a legal tender, but many governments in several countries are allowing its transactions.
Before bitcoin got invented, there were a few experimentations in a similar direction toward technology-based digital currencies, which had no physical form either. Stefan Brands and David Chaum came with the idea of putting such virtual coins forward. Notably, cryptographers Moni Naor and Cynthia Dwork proposed the idea of solving computational puzzles as they thought it might have had some value attached. They suggested it almost three decades ago in 1992
Adam Back rediscovered the idea and worked on it before developing Hashcash in 1997 for controlling spam. Bitgold by Nick Szabo and b-money by Wei Dai were first cryptocurrencies.
History got scripted on 18 August 2008, when a domain bitcoin.org was registered. It paved the way for the most prominent cryptocurrency in the world in terms of volumes and market capitalisation bitcoin. Pseudonym Nakamoto released a paper on 31 October of the same year stating the announcement of bitcoin through a cryptography mailing list.
The paper gave insight into the peer-to-peer network and suggested methods to use and generate it through a mining process.
It was January 3, 2009, when Satoshi accomplished the bitcoin network. He mined the block number zero, also called genesis block of bitcoin on the day. The reward for it was 50 bitcoins, which is enough to make people millionaire in today’s scenario.
The date is the timestamp to commemorate the journey of bitcoin in the world of the financial market. The release of the first-ever bitcoin client took place on 9 January 2009.
Hal Finney was the first adopter, supporter and receiver of bitcoin. He was a programmer who downloaded bitcoin on the day of its release. Nakamoto gifted him ten bitcoins for being the pioneer.
It was the world’s first transaction of bitcoin, which happened on 12 January 2009.
Bitcoin in 2010
A flaw was discovered and exploited On 6 August 2010. There was no proper way to verify transactions. It helped the hackers to bypass the economic restrictions set by bitcoin. Over 184 billion bitcoins were generated through the fallacy. It got resolved later on; the bug was fixed. Never in the future, the issue arose.
Bitcoin in 2011
Getting influenced by bitcoin’s performance, other cryptocurrencies started to emulate it. A non-profit group, Electronic Frontier Foundation, began to accept bitcoin in January 2011. However, it stopped it in June the same year due to lack of legal conformations and support of governments.
Bitcoin in 2012
For accelerating the growth, the Bitcoin Foundation got established in September 2012.
Bitcoin in 2013
Coinbase, a payment processor reported having sold bitcoins worth USD 1 million in a month at USD 22 per unit.
In July 2013, Kenya started a project which linked M-Pesa with bitcoins, which a renowned app for payments.
Bitcoin in 2014
Zynga stated that it was working on bitcoin for buying in-game assets for its seven games.
In December 2014, Microsoft began to accept bitcoins for Windows software and Xbox games.
Bitcoin in 2015
It was January 2015 when bitcoin broke all previous records. Coinbase raised USD 75 million. It was the occasion of the Series C funding round.
Bitcoin in 2016
The Swiss Railway operator in November 2016 upgraded all automated ticket machines for accommodating the transactions through bitcoins for the public.
Bitcoin in 2017
It was the year when bitcoin created history. It jumped more than 600 per cent.
Bitcoin in 2018
South Korea banned the anonymous trading of the cryptocurrency and asked everyone who traded to reveal their identity.
Bitcoin in 2019
By September 2019, around 5,457 bitcoin ATMs got stationed worldwide.
Bitcoin in 2020
The year marred by deadly coronavirus aka COVID-19 turned out to be fruitful for bitcoin. The cryptocurrency smashed records after records when the economies world over were struggling to find their footholds. Investors showed their immense and undisputed trust and faith. It went past the magical benchmark of USD 22,000 in December 2020.
Performance of bitcoin has been unprecedented. Investors who are willing to invest in the most striking cryptocurrency of the world can use brokers like ROinvesting, Brokereo, Global Trade ATF, 101investing and others for becoming the next millionaires. t is a digital asset that was created by Satoshi Nakamoto (pseudonym) in 2009 with a motive to offer security, safety and corruption-free entity for exchanging against goods and services