The History of Bitcoin And How It Started
One day, a decade back, Bitcoins Trading platforms were an obscure matter that no one practically talked about even. They would not participate, in fact, that would be viewed as a subject that should be tucked away into the remotest corner of the mind.
That Bitcoins when it was first conceived many years back. But from today’s scenario, you can guess that it is one of the most talked about subjects and which people incessantly talk of, in fact.
If you are planning to get your hands on the crypto trade market recently then one of the vital things which you should be aware of is the pre-history of Bitcoins. You might be thinking by now, why do experts always set examples of bitcoins when there are such wide arrays of options available in the market.
Well, if you go by history and market records, you would get to know that bitcoins were the first cryptocurrencies ever introduced in the trade market in 2009. Hence, these are the crypto coins which have seen the worst and the best in the market since 2009, till now.
However, keeping everything aside, you should know why bitcoin was introduced in the trade market in the first place. It was back in those days of 2008 and 2009 when everyone saw the downfall of the economic segment due to various factors and one major reason was corruption in the centralized sectors and other facts.
Seeing the market’s economies’ downfall, Satoshi Nakamoto came up with a little twist in the trade market which indeed brought about a significant upraise in the market.
The ideology behind Bitcoins is decentralization. Satoshi Nakamoto was disgusted with the great depression of 2008 which led to the crash of the world economy. This made him think twice and create the cryptocurrency that was conceived to counter that depression. So he wanted to free the financial system of third-party control and thus came up with Bitcoins.
It was highly tech-savvy. And so naturally its followers were also tech-savvy and liberal-minded individuals. Bitcoin thus defined that system of values, fundamental designs and virtues.
Thus was born the most modern form of alternate money – Bitcoins. But its birth did not garner much interest in society at that time. In fact, it was so irrelevant at that time that it was pushed to the remotest corner of people’s minds. And so it became quite an obscure thing. It was not even much talked about.
Suddenly it gained momentum in 2011 with celebrities and big shots taking an active part in the system and thereby purchasing the coins after gathering some bit of interest in them.
But actually, the masses cannot be blamed for not actively participating in the Bitcoin ecosystem because the thing was not much known to all. Rather it was shrouded in mystery and naturally how will people know of it?
But with the likes of Elon Musk and Jeff Bezos buying them, people realized that it was indeed valuable. With this, you can say that the principle of copy-trading takes the forefront.
But anyways, it has indeed come of age today with the whole world clamoring to get hold of a few Bitcoins. And things have become easier with apps like the Official site becoming available to people making trading Bitcoins more convenient and simpler.
The first Bitcoin was available for trade in 2010. It became online with the help of online exchanges. But the price was a throw-away price at that time. And in April 2011 it crossed the prominent mark of $1 for the very first time.
This was just the beginning of its price increase. And the price increase started with the appearance of Litecoin (LTC) which was launched in October 2011.
And the first item to be bought with Bitcoins was a pizza ordered by a man in Florida from Papa John’s. He ordered two pizzas for 10,000 BTC which today is valued at around 3 million dollars. So just imagine where the value of Bitcoins was at that time and what its value is today.
Bitcoins, or any cryptocurrency, for that matter, work on the principle of blockchains. Its ledger is distributed among all the members of the blockchain. It is the database that shares all the data among its valid members.
And the data is secured by encryption methods that make it secure and almost impossible to hack. But hacking cannot again be ruled out. It can definitely be done b people who know the system and are tech-savvy. But its chances are relatively low, as compared to the hacking that takes place in conventional banks and banking systems.
But from history, it can easily be inferred that the price rise and the elevation of Bitcoins and cryptocurrency as a whole are quite majestic.
Follow us on Google News