Taking A Close Look Into Bitcoin’s History

Bitcoin is at the top of the global financial industry currently. This cryptocurrency has managed to achieve the unthinkable by becoming more valuable than gold back in April 2021. No other product or service has managed to do that in history. 

Even though Bitcoin’s value has dropped since that historical achievement and is now valued between $30,000 and $40,000, there’s no denying that this cryptocurrency is extremely dominant. Over 5 million people use it regularly and thousands more are joining with each passing day. 

The future of this cryptocurrency is also looking bright as it is projected to reach $500,000 in 2030 and even break the $1 million mark in 2037. But, instead of focusing on the future, we wanted to take a trip down memory lane and explain the most memorable moments in Bitcoin’s history. Let’s start.

2008 – 2013: Creation and Rise 

Bitcoin was established in 2008 by none other than Satoshi Nakamoto, a person/group of people that we still know nothing about. In 2009 Satoshi made the first Bitcoin trade after he sent Bitcoins to Hal Finney. Later on, in 2010, the first transaction made with Bitcoin was at Papa John’s in Jacksonville, Florida. As funny as it may sound, Bitcoin was used to purchase pizza. 

In 2011 and 2012, Bitcoin started rising in popularity, but it was mainly used on the black market. In 2012, the first-ever halving event was also held. 

2014-2017: Two Rises and Plunges in Bitcoin’s Price 

2014 marked the first year when Bitcoin rose drastically in its value. In January, it reached a then-record-breaking value of $713. But, after several Bitcoin storages were raided by American authorities, the price of this cryptocurrency plunged. 

Bitcoin spent 2015 and 2016 trying to stabilize itself. 2016 also marked the second halving event. During this period, trading sites also appeared on the market and they made the process of trading far easier. Since they operated online, traders were able to access them at any time and place and connect with thousands of buyers/sellers from around the world. 

These days, trading sites such as Bitcoin Digital provide traders with advanced services that will help them maximize their revenue. All that they need to do is register, verify their account, and start trading. The aforementioned platform is also fully optimized for mobile and desktop use. 

2017 was the year when Bitcoin finally managed to stabilize itself and started recording a stable rise in value for the first time in a long while. The rise escalated on December 27, 2017, when Bitcoin managed to go over $19,000. But, since the network never experienced this type of rise before, the market was overflown and Bitcoin dropped in value. 

2018-2020: Rise Like A Phoenix 

At the end of 2018, Bitcoin’s price dropped by 80% compared to the same period in 2017. 2019 and 2020 did not have much to offer as Bitcoin was once again trying to stabilize itself. In May 2020, Bitcoin experienced its third halving event that was very successful.

Thanks to that fact, Bitcoin finally managed to stabilize itself and thus, its value started rising and reached around $10,000. But, experts predicted that it has the potential to break the 2017 record and that is exactly what it did. In mid-December in 2020, Bitcoin topped $20,000 for the first time in its history.

2021: Unreal Heights 

While many thought that Bitcoin will plunge again, Bitcoin did the opposite. It kept rising in value and reached a peak price of over $63,000 in April 2021. After that, its value dropped down and as of mid-2021, its value fluctuates between $30,000 and $40,000. It is worth noting, however, that Bitcoin is likely to rise to $100,000 in late 2021 or 2022.