What exactly is Bitcoin? We think everyone knows the answer to the question. There might only be a limited few who might not be familiar with the term “Bitcoin.” But if we rewind back to a decade, we think mostly nobody would have known if such a thing existed among us. But let us add one thing,
“If you had known about Bitcoin a decade ago and predicted it’s potential, you might have become a millionaire(Maybe a billionaire!)”
So what’s the history behind Bitcoin? Do you want to know it? Well, then, you are in luck! That’s what we have covered in this blog post.
Well, let’s begin.
It was the period when Bitcoin didn’t exist. So you might ask why have we mentioned the years from 1998 to 2009. Let us add that these were the years when various attempts had been made to create online currencies along with ledgers which were secured by a certain kind of encryption. These were the pre-Bitcoin years. Two such examples that we can think of are Bit Gold and B-Money. Although they failed to turn to something, they led to the origin of the concept of Bitcoin.
This was it. This was the year of the origin of Bitcoin. In the year 2009, Bitcoin was made available to the mass public for the first time. Through mining, people were allowed to create new Bitcoins.
This was the year when the value of Bitcoin began to increase. Bitcoin had never previously been traded. It was only obtained through the process of mining. This was the year when someone sold their 10,000 Bitcoins in order to buy two pizzas. Just imagine the amount of money the person who had sold the pizza would have made if he/she wouldn’t have sold it. That’s close to $100 million. This means they bought two pizzas for about $100 million.
The popularity of Bitcoin was gaining speed. However, this was the year when Bitcoin met its competitors like Altcoin. These such competitors tried to capitalize on the things Bitcoin failed to offer. They attempted to surpass Bitcoin design by offering anonymity, greater speed, or other advantages. Can you guess how many cryptocurrencies exist in today’s world? That’s more than 1000. Amazing, isn’t it?
This was the year when the price of Bitcoin crashed down. The value of Bitcoin reached more than 1000$ for the first time, and after some time, the cost of Bitcoin gradually started to decline. People suffered a huge amount of losses.
Bitcoin had been created with a lack of control and anonymity in mind. Though it proved to be really useful for criminals. It was the year 2014. The world’s biggest Bitcoin exchange Mt.Gox disappeared. The owners of about 850,000 Bitcoins suffered a huge amount of losses. Nobody knows the story behind it till date. At that time, the value of those 850,000 Bitcoins was about $450 million. If you look at its value today, you may calculate it to be worth $4.5 billion.
This was the year when Ether came into effect. It came close to Bitcoin to steal its thunder. It was made available on the Ethereum platform. Ether was made available to the masses to facilitate smart apps and contracts. Its arrival was marked by the emergence of ICOs.
This was the year when the value of Bitcoin gradually rose to $20,000. The popularity of Bitcoin was sky-high at this time. More and more users started getting familiar with the cryptocurrency. More and more people started buying it at this time. This was the year when the market value of all the cryptocurrencies rose from about $11 billion to about $300 billion. Various banks started showing their potential interests in working with Bitcoin. It started a revolution.
This was the year when the value of Bitcoin gradually decreased, and people started facing a huge amount of losses. In the month of January, the cost of Bitcoin fall as low as $10,000. In the month of February, it hit as low as $7,000. People started facing a gigantic loss. They instantly withdrew all of their money from their respective wallets. According to various sources, the value of the cryptocurrency hit bottom low of $5,868.
This is the year when things started getting better. And the year is still going on. And we predict this year to be a major rise for the value of Bitcoin due to a few reasons.
In the coming years, Bitcoin is going to be a huge deal (Even more than what it is now). So, if you think about going for it in the long terms, you will be welcoming a few billion dollars in your pockets by the year 2050. So why should you wait? You must buy Bitcoin right now. But where? It’s too costly, right?
Well, no need to worry about that. We, at Veladero, believe in maximizing the profit occurring in your pockets. But how? Well, Veladero offers you Bitcoin at a price difference of about 2-4% comparatively. So, you can feel free to buy your favorite cryptocurrency from us right now.