The Bitcoins are also known as Cryptocurrencies, and it came into existence during the year 2009. If a person has invested in Bitcoins for $1 this year, now its value would be $7.29 million, and the person would have become the richest. During 2018, I Bitcoin value was equivalent to $11,500. This article provides a brief history of the origin of Bitcoins.
1998-2009: B-money and Bit-Gold
During the year 1998-2009, there were two online cryptocurrencies, namely B-Money and Bit-Gold. But they didn't even show up to the marketing industry due to various unaddressed issues.
By the year 2008, a proposal written in the paper was submitted to the cryptography department. Their names were mentioned as Satoshi Nakamoto. In that paper, there were all details related to a new online currency system by that time, namely 'Bitcoins'. But apart from the name 'Satoshi Nakamoto', no information on the person is known till today.
2009: Emergence of Bitcoins
This is the year where the Bitcoins came into society. Software called Bitcoin e-wallet was developed, where the virtual cash known as Bitcoins can be stored. The E-Wallet software can be downloaded in the computer system. The transactions from the E-Wallet to a particular e-wallet address were recorded in a public ledger known as blockchains. The Bitcoins were obtained through the process of mining. Visit siliconindia.com to get more information on this.
2010: Bitcoin rate
During this time of period, the Bitcoins were only mined. But there was no selling or buying in the trading industry to make money out of that. In the year 2010, two unknown persons came forward to sell their Bitcoins by buying two pizzas. They gave 10,000 Bitcoins for buying two pizzas!! If you compare those 10,000 Bitcoins in the current market rate. It would be around $100!!
2011: Adversary Cryptocurrencies
The attractive feature of Bitcoins is that it does not have any middlemen like Banks or other government agencies. So the transaction was quick and easy when compared to traditional banking systems. So after Bitcoin, a competing Cryptocurrency named altcoin came into the trading industry. The altcoin has several performance improvements against Bitcoins in terms of Speed, simplicity, anonymity, and security. During this year several other cryptocurrencies emerged, namely Namecoin, Litecoin, and so on. AT present there are more than thousands of cryptocurrencies available in the trading industry.
2013: Bitcoin money value fluctuation
This year the value of the Bitcoin reached $1000 for 1 Bitcoin, and this is the first time in history. But after a few months, there was a sudden decline in the value of the Bitcoins, which was $500 for 1 Bitcoin. Many people who had invested money in Bitcoins might have faced a severe loss in marketing. Again the Bitcoin value took two years to regain its target value $1000 for 1 Bitcoin.
2014: A black year for Bitcoin investors
While several people invested in Bitcoins for profitable trading, suddenly in the year 2014, Mt.Gox the most significant Bitcoin exchange went offline, and many people who have invested money till now were not able to identify the people of Mt.Gox. The total Bitcoins that were stolen may value around 850,000 Bitcoins, which may value about $4.4 Billion in the current trading system. The reason for this is, the Bitcoins do not have systems to track the seller or buyer’s information, unlike the traditional currency system. The Bitcoins transacted to a Bitcoin address is also not reversible. As the wallets are just files, they may be easily hacked or corrupted by viruses, leading to the loss of all Bitcoins stored in the portfolio. Because of these loops, many anonymous users emerge in Bitcoin trading.
In the year 2016, a new Ethereum Cryptocurrency platform known as Ether came to the trading industry. After this emergence, the usage of Bitcoins was pushed back by this year. This platform helped many investors and improved shares. But there were many scams in this platform, and at the end of this year; the Chinese government banned this Cryptocurrency.
2017: Trademark for Bitcoins
At the start of the year 2017, the Bitcoins values were not in a hike. But as months passed as
The Usage of Bitcoins increased, the Bitcoins rate by that time was $10,000 and hence many
banking systems were still discussing to find a means for collaborating with Bitcoins, which is a
great success to the Cryptocurrency platform!