STEEM CRYPTO CHALLENGE #5: I LOVE BITCOIN; EXPLORING THE HISTORY
It feels so amazing to be here again with a brand new challenge: I Love Bitcoin.
For this first entry, I will be taking us on a tour on the history of bitcoin. It’s obvious that we can’t talk about the history of an asset without diving into it’s price changes or fluctuations over the years.
Thus, for this purpose, we will be looking at this history under the following sub-topics:
How it all started
Price fluctuations between 2011 to 2018
History of Bitcoin (how it all started)
Bitcoin was invented by Satoshi Nakamoto in 2009, through a release of an open-source software. It is an electronic currency that can be transferred between people online.
Bitcoin has not central bank where it is or can be stored like we have for physical currencies around the world. Thus, Bitcoin is a decentralized payment system, an asset that can be used by anybody globally, irrespective of region, language or country.
Bitcoin can be mined by any individual around the world. This is very different from what is obtainable in local currencies where a central bank has to print the currency for use.
Bitcoin can be used to pay for products and services. Transactions are verified by nodes on the network, which are recorded in a blockchain; a public distribution ledger.
Price Fluctuation of Bitcoin from 2011 to 2018
As an electronic money with so much volatility owing to use case and various economic factors around the world, Bitcoin price has not been fixed. Let’s look at the ranges in price.
2011 to 2012
The price started from $0.30 and rose to $5.27 in May 2011. By 8th June of same year, it rose to $31.50.
It then fell to $11.00, then to $7.80 within a month. There was another deep to $4.77 same year.
In 2012, the price started with $5.27 to $13.30. by August 2012, the price rose to 16.41 and then crashed to $7.10 in just three days.
After the proof-of-concept transactions, the first set of Bitcoin users were black markets, example Silk Road.
2013 to 2016
The price started with $13.30 in 2013 and rose to $770.23 in January 2014. But in January 2015 it was down to $152.00 and in 2016 it was on $439.00 margin.
2017 to 2018
In January 2017, bitcoin rose to $998.00 and kept peeking to $13,412.44 in January 2018, though there was an all time high of $19,783.06 in December 2017.
This is how far we can go today. More to come as you stay tuned.
The price of Bitcoin (BTC) will be 14423.67 USD