It’s been 11 years already but Bitcoin is still holding strong. The leading cryptocurrency has surged and dumped significantly over the course of the years. However, its value today is still impressive. Bitcoin got scrutinized than any other cryptocurrency out there. Nonetheless, it has paid off since it is the most popular and widely used cryptocurrency today.
Satoshi Nakamoto is Bitcoin’s Creator
Satoshi Nakamoto launched Bitcoin in 2009 as a digital currency that will offer seamless payments irrespective of the user’s location. Today, people all over the world use Bitcoin to send payments locally and internationally. Users can also store money themselves instead of relying on banks and other financial institutions.
Blockchain backs bitcoin. It’s a modern technology adopted by several industries. Each of these industries has come to rely on the blockchain for the security, traceability, and transparency of data. The blockchain also enabled the launch of other cryptocurrencies targeted at solving real-life problems.
Most Memorable Bitcoin Events
A lot has happened in the cryptocurrency space since 2009. The most memorable ones are:
Bitcoin Pizza Drama:
It’s 2020 but several people are still amused at the fact that 10,000 Bitcoins were spent for only two pizzas. Bitcoin is worth $9,600 today and that amount would be able to purchase almost 900 pizzas. Nonetheless, Laszlo Hanyecz, the guy who made the purchase still holds the legendary title as “The bitcoin pizza guy.”
Bitcoin’s Biggest Heist:
Mt. Gox, one of the oldest Bitcoin exchanges was hacked in 2011 and approximately 850,000 Bitcoins disappeared into thin air. Despite the recovery of 200,000 bitcoins, the lost amount makes it the biggest Bitcoin heist ever.
Bitcoin Hits $1,000 for the First Time:
Despise not the days of humble beginnings they say. Therefore, Bitcoin hit $1,000 for the first time on November 27, 2013.
Bitcoin Halved Twice, Third Expected Soon:
Bitcoin halving helps to reduce the digital asset’s supply to the market every four years. The halving occurs every four years, and there have been two halvings already. These halvings were in 2012 and 2016 respectively. The next Bitcoin halving has been slated for May 2020.
Bitcoin Surges to All-Time High:
Bitcoin performed wonders in 2017 when it opened in January at $963 but surged to $20,000 by December 2017. Similarly, Bitcoin’s market capitalization moved from $16 billion to $320 billion between those months.
At this pace, there are high expectations that Bitcoin can perform even better in the near future. Crypto analysts predict that the virtual asset can possibly surge to $100,000 by 2021. In their opinion, reduced supply and increasing demand for Bitcoin will trigger this price surge.