Bitcoin is a digital currency that first came to being in 2009 and now it has become the largest cryptocurrency in the world by its market capitalization value. Cryptocurrency is getting quite the recognition these days and people all over the world are now looking into it to invest their money in. It will not be wrong to say that cryptocurrency is the future of this world and with Bitcoin being the largest digital currency for quite the longest time; it plays a huge part in the growth of this economy. Paraiba World
Bitcoin rose to popularity in 2017 when people started trading it and gained millions in return.
The history of Bitcoin:
The journey of Bitcoin’s value is quite the story. Bitcoin has never constantly soared in the cryptocurrency market and there were so many times where this digital currency has crashed greatly causing losses in the face of millions of dollars for its investors and the people who depend on this cryptocurrency. It took Bitcoin a decade to become this popular and valuable and there is still for another cryptocurrency to come and outrun it in its market capitalization value.
The rise of Bitcoin also contributed to the beginning of many other digital currencies that are now also blooming in the cryptocurrency market. Bitcoin is far from perfect and its creators are bringing in as many improvements that they can in it.
History behind the growth of Bitcoin’s value:
When Bitcoin was initially released, its price was not more than $2, it was not until in June of 2011 when its price shot up to $31. After that Bitcoin slowly saw an increase in its price, with becoming for $1,000 at the end of 2013 and then in 2017, it reached to its biggest mark that contributed to its global success where the price of Bitcoin became $10,000
Now the value of Bitcoin is more than $10,000 and over the years it has experienced many crashes in its value too but it has also been quick to recover from those losses.
How does Bitcoin work?
Bitcoin works through peer to peer transactions, which means that there is no middle person involved and no bank too! These peer to peer transactions use decentralized ledger system called blockchains in which the bitcoin is distributed, collected or traded.
Role of Bitcoin:
Mostly people get Bitcoin as a source of investment; in the past people all over the world have been able to gain back huge profits with investing their money on Bitcoin. Now, slowly things have expanded more for Bitcoin, people use this as a way of payment and some even pay their employees with Bitcoins.
Conclusion: With Bitcoin being the largest cryptocurrency in the world by its market capitalization value, it plays a huge role in the future of economy. Soon everything that we will do, will be associated with cryptocurrency and even though a lot of governments are unsure with the future of Bitcoin, many cryptocurrency experts believe that there is still a lot for Bitcoin to achieve in the future.