Bitcoin shared the peak moment in April and brought a boost to early investors. Those who had not invested in it until then began to see the hope that they would pump their wealth safely and quickly.
But early investments were also risky, as little was known about digital assets at the time. However, those who take the risk are well rewarded.
That has brought unparalleled popularity to Bitcoin’s, which already has the distinction of being the oldest cryptocurrency in the world.
And although it is a volatile currency, it seems to have stabilized by about $ 40,000 (about Rs. 29.7 lakhs), at least for now. Let’s take a look at Bitcoin’s more than a decade journey.
How and when was Bitcoin made?
There was a lot of mystery surrounding Bitcoin’s after it was first proposed in 2008, most notably its creator: Satoshi Nakamoto, an impostor whose identity is not known.
Nakamoto sent a paper, entitled Bitcoin: A Peer-to-Peer Electronic Cash System, to a mailing list in cryptography. This drew a lot of attention and sparked a great discussion about it.
The price of Bitcoin in India stands at Rs. 29.18 lakhs from 7pm IST on August 2nd.
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In 2009, Bitcoin software was made available to the public. Its mines, the process by which new Bitcoins were developed and processed on the blockchain, began.
Bitcoin’s estimates take place next year. Until then, Bitcoin’s was only mined, no one had ever sold it so the real value of the coin could not be determined.
On May 22, 2010, program organizer Lazzlo Hanyecz sold 10,000 Bitcoins to buy two pizzas. If he had controlled his craving for pizza, those Bitcoins would have cost $ 389 million (about Rs. 2,890 crores) today. At least the episode gave us a “Bitcoin Pizza Day”.
In 2011, the dominance of any Bitcoin’s market that it captured at the time became the first challenge. Other Bitcoin alternatives – such as Namecoin and Litecoin – began to emerge.
These competing currencies have provided advanced services such as better transaction speed, among other claims. Today, more than 11,000 million dollars are distributed, according to CoinMarketCap, a market research website.
Middle years of Bitcoin
These years have been some of the most volatile times in the history of Bitcoin. In 2013, three years after Bitcoin was first introduced, its price crashed for the first time.
Bitcoin had broken the $ 1,000 mark (approximately Rs. 74,380) by then, but the price began to decline rapidly to $ 300 (approximately Rs. 22,310).
In January 2014, the world’s largest Bitcoin exchange, Mt.Gox, suddenly came out of the offline. With it, 850,000 Bitcoins are also running out and those who own them have never found out what happened to their Bitcoins.
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On March 20, 2014, Mt. Gox reportedly acquired Bitcoins of 199999.99 in an old digital wallet, which brought the total amount of bitcoins the company lost to down to 650,000, up from 850,000. Investigations into the matter are ongoing.
In 2015, Bitcoins returned $ 1,000 (approximately Rs. 74,380) again. The following year, Ethereum posed a serious threat to the Bitcoin market leadership.
However, Bitcoin had become so popular that in 2017 it was close to R10 000 (approximately Rs. 7.4 lakhs). Many people were joining the ecosystem and investing in it.
This year, the market value of all cryptocurrency coins has risen from $ 11 billion (approximately Rs. 81,820 crores) to more than $ 300 billion (approximately Rs. 22,31,640 crores).
The price of Ethereum in India stood at Rs. 1.9 lakhs from 7pm IST on August 2nd.
Bitcoin now
In early 2018, the price of Bitcoin again crashed and lost more than 80 percent of its value as many countries took steps to tighten regulatory regulations surrounding cryptocurrency.
Even in India, the RBI has issued a directive to regulate banks in trading or facilitating cryptocurrency transactions. And this year, one of the biggest cryptocurrency heists has happened.
The BitConnect scam has embezzled $ 2 billion (approximately Rs. 14,880 crores) by fraudulent scammers.
The year 2019 has begun with silence. But Bitcoin is close to $ 8,000 (approximately Rs. 5.9 lakhs) in May. It then lost about $ 1,000 (approximately Rs. 74,380) in June to $ 14,000 (about Rs. 10.4 lakhs) in July.
This year was ready for Bitcoin. The following year, the year of the epidemic, Bitcoin was still considered a small investment by people like Warren Buffet, who said it was “unprofitable”.
By the end of the year, however, Bitcoin had almost doubled, reaching a peak of more than $ 28,000 (approximately Rs. 20.8 lakhs).
The Supreme Court of India sets aside the RBI circular next to cryptocurrency in May 2020.
This year, Bitcoin has been on the move so far. During the first few months, it was backed by technology expert Elon Musk, who later began sponsoring Dogecoin after environmentalists raised concerns about Bitcoin mining operations.
The price of Dogecoin in India stood at Rs. 15.11 from 7pm IST on August 2. After reaching its maximum life expectancy of $ 65,000 (approximately Rs. 48.3 lakhs), Bitcoin crashed sharply in May.
It is now back to normal and was selling for about $ 40,000 (about Rs. 29.7 lakhs) on Monday, August 2nd.
