Any person that is even moderately tech-savvy must have heard of the term bitcoin. It has certainly earned the right to be classified as one of the technological and economical innovations of the past decade. If you’re curious to know a few quick statistics, then you’ve come to the right spot. Let’s take a look at the evolution of bitcoin and how the bitcoin price has gradually increased over the years.
A brief history of bitcoin
Bitcoin has certainly come a long way since it’s inception over a decade ago. Initially, bitcoin was valued, incredibly, at just $0.30 in the year 2011! Just six years later, bitcoin was valued at an incredible 19 million dollars. Let’s take a look at the steady yet meteoritic rise of the value of bitcoin over the years.
The first breakthrough in the cryptocurrency industry was when 1000 merchants accepted bitcoin as a payment service. Thus the bitcoin foundation was born and laid the foundations for bitcoins’s massive success.In February 2013, the price of one bitcoin was at $22, still less by modern standards but higher than it was in 2011. It received official recognition as a valid form of cryptocurrency from the CFTC in the year 2014. The years 2015 and 2016 were particularly difficult as several bitcoin exchanges were subjected to security attacks. That being said, these years also saw the establishment of over 700 bitcoin dedicated ATMs around the globe. The year 2017 saw bitcoin establish itself as a household name with the value of one bitcoin skyrocketing to $20,000. It has since dipped in value but is now used by millions of people around the world.
The bitcoin price is highly dependent on several external factors. The main ones are of course the world economy and the current political climate.
Advantages of using bitcoin
- Bitcoin is extremely beneficial to traders doing business as they are free from any sort of third party interference
- Bitcoin has a very high level of security as each and every transaction is monitored and recorded in the Blockchain.
- It is a very cheap and quick way of doing international transactions when compared to traditional banking methods.
- Bitcoin is digitalized and decentralized meaning there is no central “owner” of the cryptocurrency.
Bitcoin is easily accessible and an extremely seamless way of transferring money across borders. As more industries use bitcoin, the industry will continue to flourish.