Bitcoin has come a long way from where it began its journey in 2009. Launched by an anonymous person or group by the name of Satoshi Nakamoto, Bitcoin has transformed the world. While there have been times when the market was flooded with Bitcoin news reporting a plunge in its price, the cryptocurrency has also had its bull moments. In this article, we shall be analyzing Bitcoin’s journey since its inception and how it has grown over the years.
Bitcoin Through The Years
Bitcoin was initially designed to be used as a medium of exchange by utilizing cryptography. Over the last decade, Bitcoin has undergone rapid growth and made its way into businesses all over the world. Following Bitcoin’s path, several cryptocurrencies followed. Today, there are more than 2,000 altcoins and another 1,000 dead crypto coins, which either failed to achieve their objectives or ceased their operations. But despite its high price volatility and a plethora of altcoins, Bitcoin is still going strong and continues to be the most influential cryptocurrency.
What began as a small-scale project soon went on to disrupt some of the biggest and most firmly established industries in the world. The growing concern amongst users over the breach of their privacy paved the way for Bitcoin and several other cryptocurrencies to slowly take the population outside the banking domain into its fold.
After Bitcoin achieved parity with the US dollar at a 1:1 ratio in February 2011, it went through several highs and lows. While its price skyrocketed from $1 to over $30 by May 2011, its price plummeted to about $10 in June 2011. The first major security breach at Mt. Gox in June 2011 further exacerbated the matter. The never-ending saga of highs and lows that this coin has witnessed is a critical reason why analyzing Bitcoin’s journey has always been so challenging. However, post this incident, a wider mainstream Bitcoin adoption was also witnessed. For instance, Microsoft started accepting Bitcoin payments in December 2014. In October 2015, the cryptocurrency also appeared on the first page of The Economist six years after it was launched.
The current generation doesn’t trust financial institutions and has high doubts over centralized authorities and credit cards. With increased governmental regulations, Bitcoin came in like a breath of fresh air for investors and businesses that had been clamoring for lesser administrative control. The events surrounding Bitcoin have ranged from incredibly high prices to extreme lows. While multiple governments have shunned Bitcoin and placed bans on it, businesses and individuals have embraced it worldwide.
While some might say that Bitcoin is slated to replace conventional currencies and assume the position of modern-day USD, others might perceive it as digital gold. However, others like Warren Buffet, who is amongst the world’s most successful investors would refuse to assign any value to Bitcoin as it isn’t a value-producing resource.
The accusations against Bitcoin of promoting criminality and opacity have been found irrelevant beyond any reasonable measure. The charges leveled against Bitcoin and other cryptocurrencies can all be leveled against fiat currencies too. It is, therefore, crucial to consider these facts when analyzing Bitcoin’s journey.
Overall, Bitcoin has presented the world with an excellent alternative to the traditional financial system. The only ones who seem to have a problem with Bitcoin seem to be the ones who cannot grasp a clear understanding of the technology behind the crypto coin.