Bitcoin: History And Latest Trends

Bitcoin: History And Latest Trends

Bitcoin is a decentralized digital currency that allows user to user transactions without requiring an intermediary. Over the years, this currency has been unstable digital marketing agencies malaysia and hence not considered a currency worth spending or investing in. Still, in recent times we have seen trends on how well the market has been thriving and future predictions of the currency. The world is changing, and so is the trend. Everyone needs easy transactions in the case of money. Cryptocurrency is one such thing that can make things easy. Let us discuss the importance of bitcoin.

UK watchdog bans Bitcoin-based products for retail investors | Reuters

History Of The Currency

It would surprise you that Bitcoin has been in existence since 2008 by a certain man, Nakamoto, of which his identity remains anonymous One Search Pro marketing. The economy was in a failing financial crisis when Nakamoto mined the blockchain chain for the currency and called it the genesis block. The currency had no financial value at this time. In 2009, the currency was implemented as open-source software. 

On January 3, 2009, the blockchain chain was launched. The first test transaction occurred the following week. Nothing happened since then until a certain programmer was recorded to have used this currency to purchase two boxes of pizzas that cost $25 for 10,000 bitcoins on May 22, 2010.

Price History Of The Currency

Since the first purchase, the currency has been used as trade by barter medium for goods and services; since then, it started gaining value in the market. Below is a table to show the prices of the currency per unit over the years.

Bitcoin Seeking Gains After Retaking Key Price Support - CoinDesk

Latest Trends Of The Currency

The following are a few important 

  • The increase in the currency price towards the end of 2020 is a result of the increase in demand. People are now purchasing the currency like ever before. Many people are scared of missing out on the promising financial future that this currency holds. Businesses and private companies are also embracing this currency more because it gives a hedge over inflation.
  • On December 11, 2020, the price of Bitcoin was estimated at around $18,000 that increased by the third week of December to $20,000. A 20% decline of  $6,000 was recorded on  January 4, 2021 from $34,000 to $28,000.
  • In India, a bill would be presented in Parliament to introduce an official digital currency crucial to the currency. This news has spurred agitations among fans as the government may soon ban all private currencies, a trend that the currency exchange would increase if held for 3-5 years. 
  • The currency has now been given legitimacy as companies and investors are warming up to it. Companies like PayPal have adopted and incorporated this currency into their system and has spiked its legitimacy among retail investors. Elon Musk also expressed his love for digital currency resulting in the spurred interests of his followers.

The currency was borne out of the need to eliminate inflation, and this is one of the factors controlling the market prices leading to an increase in demand and supply.