Since 2009, Bitcoin has come a long way while proving its worth, improving its regulatory standing and raising interest globally through media and the internet. From having zero relative value to fiat as a currency in its early days to being valued at $19,783.06 in December 2017, bitcoin has shown immense power. Today, nearly everybody, whether or not they know about blockchain technology, has at least heard of Bitcoin.
Below is a timeline meant to express how far Bitcoin has come in such a relatively short amount of time, from inception as a revolutionary concept to an asset that is being hoarded by major, publicly-traded companies. It has faced various kinds of uplifts and downfalls and has stood strong through all of them. Let’s look into how well Bitcoin has performed in the last decade and the new trend in the space that could bring it even further along.
Bitcoin’s Journey So Far
Bitcoin came into existence in 2008 when, for the first time ever, a real-life cryptocurrency was introduced. Bitcoin’s white paper was released by Satoshi Nakamoto as “Bitcoin: A Peer-to-Peer Electronic Cash System” while Nakamoto’s identity has remained a mystery since. It was launched to ensure a decentralized peer-to-peer currency trading and exchange system in which no third party is involved to delay the transaction process and charge additional money for allowing transactions.
But Bitcoin, more than any other cryptocurrency project, has become a tool for all genders, nations and races alike — marked by the highest market capitalization of any cryptocurrency by far. The number of daily Bitcoin transactions have been increasing, from around 201,600 transactions per day in 2016 to approximately 381,650 transactions per day in 2019.
As the world’s most versatile cryptocurrency, bitcoin has been used to purchase goods and services, or as an investment asset and as a tool for achieving sovereignty. It is easily exchangeable for other cryptocurrencies or other fiat…