Many are speaking of a Crypto-revolution in which Cryptocurrencies could replace cash in the future. Indeed, more and more people have become interested in investing in Cryptos over the years, and this could be due to the increased security, low transaction fees, and the easy access cryptocurrency trading offers.
While thousands of digital currencies have entered the market, Bitcoin manages to remain at the top of the list.
Will it be able to maintain its dominance in the long run?
Our team at Inceptial has created a timeline of some of Bitcoin’s most noteworthy moments since its creation. Keep reading below to learn more!
Bitcoin’s Value Over the Years
Bitcoin’s history has been a long rocky road, to say the least. Created in 2009, it became the first Peer-to-Peer Electronic Cash System, backed by Blockchain technology.
As it is basically controlled by its users, Bitcoin is characterised by a highly volatile nature, based on supply and demand. Therefore, great price fluctuations are not uncommon for Bitcoin traders.
What was the first purchase to ever be made with the use of Bitcoin?
In 2010 Programmer, Laszlo Hanyecz bought two pizzas for 10,000 Bitcoins (worth about $30 at the time) through an exchange on the Bitcointalk chat forum. What followed after this, was that more and more companies and individuals became curious about the prospects of Bitcoin.
In the following years, it witnessed its share of highs and lows, but for the first time, in 2013, it gained the value of $1,000. It was slowly but steadily becoming a popular and recognizable exchange method for thousands of people around the globe.
2018, however, was Bitcoin’s worst nightmare as it reached its all-time low with a decline of almost 70%.
It didn’t stay that way for long though! Trying to climb back up in 2019, after many road bumps, it managed to eventually recover and hit $13,880 by the end of June.
Also, while the rest of the world was in lockdown in 2020, Cryptocurrencies were reaching remarkable highs, with Bitcoin rising just below $30,000 by the end of the year. After this, its value was expected to go even higher, and it did. For the first time, in 2021, with a record-breaking high of $50,000, it exceeded expectations.
What could possibly be next?
People are making predictions on what the value of Bitcoin will be in 5, 10, or even 50 years. While it is commonly accepted that nobody can be certain what will happen with Bitcoin and cryptocurrencies in general, it seems that the world is enjoying this trend too much to let it go. Some predict that cryptos will forever change how we understand and interact with money and others expect it to become a thing of the past.
According to the latest long-term forecasts, Bitcoin’s price could hit $100,000 by the end of 2023.
Of course, we cannot be sure about any future predictions, but it is still interesting to see how Bitcoin has soared over the years and imagine what the future of financial transactions may look like.
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What do you think? Will Bitcoin continue
to rise or come crashing down?