Media Release
Jan 28: Bitcoin has, since its inception, taken the world by storm. Not only are more and more people investigating cryptocurrency, but many companies and artists are starting to accept bitcoin payment for their product. An estimated 17% of Americans claim to have invested in Bitcoin immediateconnect.app, with that number assumed to be higher if other cryptocurrencies are included.
Still though, even with the rise of popularity of Bitcoin, many people are unaware of the story of Bitcoin, and how the digital currency rose from a strange, humble experiment online to a dominant force in the financial industry. In this article we will take a look at the invention, history, and possible future of bitcoin.
Bitcoin’s Invention
Bitcoin started out as an idea in 2008, when Satoshi Nakamoto, the anonymous creator of bitcoin, authored a paper titled Bitcoin: A Peer-to-Peer Electronic Cash System, and linked it on bitcoin.org, which had been registered earlier in the year. The bitcoin network was created in 2009, when the creator mined the first block of bitcoin, which came to be known as the genesis block.
The first bitcoin transaction happened later that year, the receiver of which was a man named Hal Finney, the creator of the first reusable proof-of-work system. Finney had downloaded the bitcoin software on release, and ten days afterwards he had received ten bitcoins from creator Satoshi Nakamoto.
A year later, the first bitcoin commercial transaction occurred, when polish programmer bought two Papa John’s pizzas for ten thousand bitcoins. It is hard to believe that since then, bitcoin has so drastically risen in price and esteem. With new crypto trading websites like Bitcoin Billionaire review appearing with increased frequency, people are far more likely to start investing in the crypto market. The reason is, these sites make investing and trading so much easier, as they offer an easy-to-use interface, and use an artificial intelligence system which predicts market changes, and makes sure investors make the biggest bang for their buck. These websites were instrumental in the rise of popularity and value of bitcoin.
Bitcoin in the Present Day
Upon its inception, bitcoin’s value was priced at only $0.0008. It took the cryptocurrency an entire year to reach $0.8. Through the years the value of bitcoin fluctuated reaching spectacular highs, but also some lows. In 2020, however, bitcoin had a spectacular year, as it reached some of its record highs. With so many people staying at home, they had time and incentive to look into alternative investment paths, and many stumbled upon cryptocurrency, and bitcoin. In December 2020, Bitcoin’s price reached an astonishing twenty-four thousand dollars.
The current year started out spectacularly for bitcoin, and it has been going well ever since. In January of 2021, a single bitcoin was worth forty thousand dollars. Bitcoin’s value has dropped slightly since then, being priced at thirty-five thousand dollars on the current market, however, with El Salvador’s recent embrace of bitcoin as legal tender, many are predicting a bright future for the cryptocurrency.
Bitcoin in the Future
As previously stated, El Salvador has recently adopted Bitcoin as legal tender. Many of the world’s governments have their eyes on El Salvador, and a number of experts predict that they will follow suit. It isn’t just governments that are accepting bitcoin as a viable method of payment. Companies are becoming far more accepting of the new phenomenon sweeping the world. Starbucks, Paypal, Xbox, Whole Foods, Home Depot and many more companies have started accepting bitcoin, and other cryptocurrencies as a payment method.
Estimates point to a monumental rise in the value of bitcoin, with many people claiming that the price will reach $100.000 by the end of next year. It is also worth mentioning that experts have come to the conclusion that in the next decade 99% of all bitcoin will be mined, at which point a single token might be worth half-a-million dollars.