A Brief Overview of the Evolution and History of Bitcoin
As of today, over 65% of cryptocurrency investors have Bitcoin in their portfolios. So without a doubt, Bitcoin is the best cryptocurrency to invest in today. But, how did Bitcoin overtake the cryptocurrency market?
To answer that question, we’re going to have to go back in time, even before Bitcoin came about. After seeing the history of Bitcoin, we will dive into how Bitcoin became the most successful cryptocurrency in the market.
Table of Contents
The idea of cryptocurrency, or better said, blockchain technology, started back in 1982. That’s when David Chaum thought of the idea of creating virtual storage that can hold an almost unlimited amount of information. But it wasn’t until 1998 when Nick Szabo created a project called “Bit Gold” that made the creation of cryptocurrency possible.
Unfortunately, Nick Szabo was never able to create Bit Gold, and it was soon forgotten by the blockchain technology community.
It would take eleven years for Bitcoin to come to life, all thanks to Satoshi Nakamoto. While no one knows who Satoshi is, it’s safe to say that Nick Szabo’s Bit Gold had inspired him. So, what did Bitcoin offer the world?
From the beginning, Satoshi wanted to create a decentralized currency. This was a currency that wasn’t controlled by any government or bank institution. Doing so would allow people to complete transactions without needing to pay an intermediary.
Additionally, by using blockchain technology, he would keep all transactions safe from hackers.
Satoshi’s team would keep all the transactions on a digital ledger that anyone could access, ensuring complete transparency. Unfortunately, despite all these useful features, government and bank entities created FUD (Fear, Uncertainty, and Doubt) for potential investors, which stumped the growth of the future cryptocurrency market.
Despite all the bumps in the road, Bitcoin managed to keep afloat, thanks to the help of investors who saw the massive potential Bitcoin showed. And, in May 2010, a young kid made the first Bitcoin transaction when buying pizza. That was the start of Bitcoin mania, but it wasn’t until 2017 when Bitcoin skyrocketed to over $17,000.
From that year onward, Bitcoin began to climb higher and higher. Even when other coins began to sprout, Bitcoin remained the best cryptocurrency on the market.
As cryptocurrency became more popular, many companies decided to allow people to buy their items with Bitcoin.
Without a doubt, after reading about the history of Bitcoin, you now understand why Bitcoin is so popular today. Additionally, Bitcoin is one of the best cryptocurrencies to invest in today since it has a firm foundation on the market. So, don’t wait any longer, and start investing in Bitcoin today!
Have you invested in Bitcoin? Let us know in the comment section below. And if you found this post about the history of Bitcoin interesting, be sure to check out our other Bitcoin-related articles!
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