Brief History of Bitcoin

Posted By Lobitech Solutions Lobitech on 28-12-2020 22:36:54

Brief History of Bitcoin

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History of Bitcoin:


Since it was first created bitcoin has had a volatile trading history. Bitcoin was originally traded for next to nothing with the first significant price increase being in July 2010 when bitcoin increased from $0.0008 to $0.08 per coin.

Since it was first created bitcoin has had a volatile trading history. Bitcoin was originally traded for next to nothing with the first significant price increase being in July 2010 when bitcoin increased from $0.0008 to $0.08 per coin. Bitcoin has seen some major rallies and crashes since then. In 2020 bitcoin surged to surpass its last all-time high of $19,783 to reach a new high of $27,594 per coin.

Brief History of Bitcoin

Bitcoin first started to take off in 2013. It began the year at $13.50 per coin reaching $220 per coin in April before dropping back down to $70 per coin. This was the first real rally and crash associated with the cryptocurrency. In October and November 2013 bitcoin began another rally. Bitcoin traded at $100 in early October and grew to $195 per coin by the end of the month. In November the price increased from $195 to $1,075 per coin. This rally was caused by new bitcoin exchanges and miners in China entering the network.

Bitcoin has seen some major rallies and crashes since then. In 2020 bitcoin surged to surpass its last all-time high of $19,783 to reach a new high of $27,594 per coin.

Bitcoin first started to take off in 2013. It began the year at $13.50 per coin reaching $220 per coin in April before dropping back down to $70 per coin. This was the first real rally and crash associated with the cryptocurrency. In October and November 2013 bitcoin began another rally. Bitcoin traded at $100 in early October and grew to $195 per coin by the end of the month. In November the price increased from $195 to $1,075 per coin. This rally was caused by new bitcoin exchanges and miners in China entering the network.

The price of bitcoin became volatile for the rest of the year with questions arising about security and management. The price dropped from $1,079 to $760 per coin, a 29% drop over a few days. The price of bitcoin became volatile for the rest of the year with questions arising about security and management. The price dropped from $1,079 to $760 per coin, a 29% drop over a few days.

There was a major crash in 2014 partly due to the Mt.Gox exchange filing for bankruptcy. Mt.Gox had been involved in around 70% of all bitcoin transactions. The price per coin dropped from $920 in January to $315 at the beginning of 2015. Through 2016 the value of bitcoin steadily rose breaking the $1000 mark per coin in early 2017.

There was a major crash in 2014 partly due to the Mt.Gox exchange filing for bankruptcy. Mt.Gox had been involved in around 70% of all bitcoin transactions. The price per coin dropped from $920 in January to $315 at the beginning of 2015. Through 2016 the value of bitcoin steadily rose breaking the $1000 mark per coin in early 2017.

2017 was a very profitable year for bitcoin. In October the price broke through $5,000 and doubled again in November to $10,000 per coin. On December 17th the price of one bitcoin was $19,783. Bitcoin then fell rapidly in price, crashing to $7,000 per coin in April 2018 and below $3,500 by November 2018. History repeated itself in 2019.

In 2020 a renewed interest in bitcoin caused a steady rise in price; starting out the year at $7,200 in January and closing at $18,353 in November. Bitcoin took off at the end of the year as institutions began to recognise it as a store of value. Bitcoin reached a peak of $27,594 per coin.

The Future of Bitcoin

Bitcoin has been predicted by some to reach $100,000 per coin by the end of 2022. However, like all cryptocurrencies its future, to an extent, cannot be predicted. Any number of things can influence bitcoins value either way. One of these is regulation. Bitcoin is currently mostly unregulated but some countries like Japan, China and Australia have begun weighing regulations. Governments are concerned about taxation and their lack of control over the currency. continue reading >> The Basics of Bitcoin

Bitcoin sets new Recod at $30,000 on 30/12/2020 

The world’s most popular crypto, bitcoin, hit a new high of $28,579 during trading on Wednesday, inching closer to a psychological level of $30,000. The price of the digital asset has nearly tripled year-to-date.

Article Author Ellen Glover

Tags: the basics of bitcoin, bitcoin, history of bitcoin, the future of bitcoin, ellen glover

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