after the launch of the first cryptocurrency, Bitcoin, in 2009, it created a turmoil in the market. Some of the traders were totally against its existence, some of them considered it as a hoax. However, today, it has been well over a decade and the cryptocurrencies are still in the market. And the astonishing fact about them is that they are growing strong day by day.
Today, traders and investors are considering Cryptocurrencies as one of the safest forms of digital assets. Even after having high volatility, cryptocurrency has attracted many traders.
So, how it all began? Let’s have time to travel and explore more to get the answer.
Before the Cryptocurrency?
The idea of having a digital currency was not a new concept. There have been several attempts to bring digital currency into reality. But all the plans were not up to the mark. All the plans contain a double payment system. Hence, having a digital currency was just a hollow dream. But after the introduction of the Cryptocurrency, the digital currency got a new meaning.
Birth of Bitcoin: The first Cryptocurrency
After a long wait, mankind was able to get its own first digital currency or to be a precise first cryptocurrency, Bitcoin, in 2009. The inventor of the Bitcoin, Satoshi Nakamoto, launched its first product of the blockchain technology to the market. The main motive of the Satoshi Nakamoto was to provide a financial transaction medium to the people over which the government holds no authority.
After the launch of the Bitcoin, it becomes popular overnight. The initial days of the Bitcoin were as cruel as hell. For the past many years people were trying to formulate a module of digital cash, but now that they have a way, everybody was afraid to utilize it.
Bitcoin has its first success in the May when Laszlo bought 2 pizzas with 10000BTC.
Howe Bitcoin Infiltrated Trade market?
For the Bitcoin to enter the trade market was a very big deal. As Bitcoin was not powered by any tangible goods, traders were having a hard time believing its credibility and liquidity. After spending one year away from the market, Bitcoin finally made its appearance in the trade market via the Bitcoin market platform. People are trading in bitcoins from the mobile phones. If curious how, then have a look at the best android apps with the trading apps.
Bitcoin was now regulated in the market; it took a couple of years when the parity of the Bitcoin was close to the USD. By the time it achieved this landmark, rivals have already appeared in the trade market.
What Fuelled Bitcoin to reach where it is now?
Bitcoin has seen its own share of ups and downs. When Bitcoin was growing strong in the market with the help of the Mt.Gox, it got hacked by the hacker. More than 850,000 BTC got stolen. At that time the price evaluation of the total stolen coin was well over $460 million.
This made the people warry of their digital assets and the popularity of the Bitcoin diminished. That was the first downfall that bitcoin has experienced in its lifetime. That downfall was huge enough that people all over the world started considering the Bitcoin as a scam.
Bitcoin was somehow managing itself to survive in the market. Then came 2017. 2017 is considered a golden year for the bitcoin. This was the year that has witnessed the highest price evaluation of the Bitcoin in history. The price of the bitcoin spike instantly close to $20,000.
This created huge shock waves in the trade market. The Bitcoin which people considered illicit coin, was now a leading digital asset in the trade market.
Traders and investors from all around the world started changing their digital portfolio to bitcoin assets. This boost in the price of the Bitcoin also helped the other cryptocurrencies. After that event people trust the Bitcoin and Cryptocurrencies grew. Resulting in what you currently see now.
From There On
Since then, the price f the Bitcoin has never reached that mark. At the time of writing the price evaluation of the Bitcoin was $9,265. The current price value is half of what it was in late 2017. Today, the cryptocurrency market lost more than 2000 cryptocurrencies, and this number re still increasing.
Bitcoin and other Cryptocurrencies have become most popular in those countries where the banking facilities are very scarce (African countries). They are suing the Bitcoin accounts as their own bank accounts. And the best part of these accounts is that you have full ownership of these bank accounts.