Some experts believe that due to the fact that Bitcoin is so well-accepted by the public, the cryptocurrency has the power to become the official universal payment method at some point in the future. This is a bold prediction on which we’ll have to wait and see, but the reason as to why they claim this is because Bitcoin has many advantages over the FIAT currencies and these advantages make the other payment methods look obsolete.
Even though we may not be able to predict its future potential, we can reminisce of its path to glory and that is exactly what we plan on doing. Let’s take a dive into Bitcoin’s history and see how it all started and how is it going now.
Creation and Rise to Power
Bitcoin was created in 2008 by Satoshi Nakamoto, a person whose identity is a mystery to this day. Some rumours such as the one that he’s a Japanese male in his mid-40s have become popular, but none of them are confirmed.
The first transaction was completed in 2009 when Satoshi Nakamoto sold 10 Bitcoins to the cypherpunk, Hal Finney. During its inception, Bitcoin was mostly used on the black market as it was outlawed by governments from every corner of the world.
But, after spending a few years on the market, Bitcoin finally gained recognition in 2013 and 2014, when its value spiked. This was followed by a plunge because several raids by authorities in the USA captured traders with the cryptocurrency.
2017 Record and Plunge
After spending some time in the process of re-stabilizing, Bitcoin finally had a historic year in 2017. In late-December, the cryptocurrency reached an all-record in value at that point as it topped $19,000 in value. But, the market was overflown with traders, and the price plunged in a matter of 2 days. Bitcoin spent the whole of 2018 and most of 2019 trying to go back to its normal state.
Making Money with Bitcoin
One thing that interests everyone on the Bitcoin topic, is how are people able to earn and make money by using Bitcoin. Traders first mine them and then use trading sites to sell them and make a profit. Bitcoin Circuit is a reputable trading site which uses advanced AI software systems to help traders make the highest possible profit. All you have to do to gain access to these services is to sign up to Bitcoin Circuit.
The way that this trading site operates is that it collects all the data on Bitcoin on the market, analyzes it and predicts what the future price of it will be. Knowing the future price is important as it lets you know when is the best time to sell your Bitcoins. Considering the fact that Bitcoin has a very high volatility rate and its value changes from day to day, this benefit is massive and it will help you maximize your profits.
As far as earning Bitcoins, it is done through mining. In this process, miners keep track of every transaction and verify them by solving complex puzzles. The reward for each solved puzzle/recorded transaction is Bitcoins.
2020 Historic Value
As we stated earlier, after Bitcoin reached its record-breaking value in late-December 2017, but then plunged and was trying to stabilize itself in the next year and a half, or so. 2020 was the year when Bitcoin finally managed to stabilize itself. During this time, several factors indicated that Bitcoin could surge again.
It recorded its second-lowest volatility period (the first was in 2017 before reaching its peak value), the has rate finally stabilized, the infrastructure was growing, and 2020 was scheduled for Bitcoin halving event. All these factors led experts to believe that Bitcoin has the potential to top the 2017 record.
And it did. In mid-December 2020, Bitcoin topped $20,000 and went way past the 2017 record in value. And the best part is that the surge did not stop there. As of January 2021, the price for one Bitcoin is over $30,000, which is a fascinating number. Some experts believe that it can go as high as $50,000, so we wait impatiently to see whether that milestone will be reached.