Bitcoin History and revolution, How it will be working

 



The history of Bitcoin . we are going to be looking around between came to be but before that I would like to ask you how your experience with Bitcoin has been . Have you made money investing in the cryptocurrency market be sure to stick around as we look at how this cryptocurrency revolutionised the global markets.




          Founder Bitcoin: Satoshi Nakamoto



The Bitcoin story starts in 2008 with an anonymous founder called Santoshi Nakamoto during this time Nakamoto shared a post titled Bitcoin P2P e-Cash paper the message also gave a link to Bitcoin  White paper called Bitcoin a Peer-to-peer electronic cash system. The actual name Bitcoin.org was registered on 18th of August 2008.upto now the identity of Nakamoto is still unknown with many speculations being raised as to his or her identity. Some people even speculate that Nakamoto could be a group of people due to the complexity of the coding for bitcoin but more on this later understand bitcoin rise in market value it is key to understand how cryptocurrencies work bitcoin is decentralized digital currency that operates without a central administrator Central Bank the process of creating bitcoins is called mining transactions in the system are verified through network nodes and recorded through a public distributed ledger that we call the Blockchain. you can exchange your Bitcoins for other products currencies and services 


Unlocking Bitcoin Value


 The first blockchain for Bitcoin was mined in January 2nd 2009 and It was called the Genesis Block . At this point Bitcoins had very little monetary value and the coins were mainly available to miner's history states that the first transaction with bitcoins took place a you later when a man in Florida negotiated to purchase  two papa  John's Pizzas at  $25 in exchange for his 10000 Bitcoins this was in may 22nd 2010. Doing your math this sets the cost of a bitcoin at the same time around four bitcoins for a penny. However if you could translate the momentary worth of those bitcoins in today's exchange the transaction was probably worth more than 114 million dollars. That even sounds bizarre 114 million dollars for pizza but bitcoins value  had yet to be uncovered at this time before Nakamoto handed over the network alert key to Gavin Anderson . It is estimated that he had mined about 1 million bitcoins from the table to see them bitcoin price was largely flat between 2013 to 2016. when it spiked to an unprecedented levels in 2017 .








From there most of bitcoin value has been unlocked on various forums online and in the black market .The price at this point was largely arbitrary one such black market was called silk road where a total 9.9 million bitcoins were transacted with a total market value of 214 million dollars. In February 2011 the price of bitcoins breached $1 and by June of the price of the same year.  it had  reached $31 before sleeping back to single e-digit numbers by April 2013 the price of bitcoin had reached $200 and  by the end of the year he was around $1000 the price kept growing to reach a high of 10000 dollars in November of 2017 . All of a sudden interest in Bitcoins reached a peak and hedge funds to your next door neighbor were looking for a way to cash in the prices took a downturn in 2018 only for it to rise again in subsequent years. One of the best years for bitcoin was 2017 . When the share price goes very high only for. It to drop again this has the created worries of price volatility 








Bitcoin controversies


Bitcoin controversies while Bitcoin has risen over the years in price. It has been plagued with a lot of controversies. When Bitcoin was launched it caught the attention of the wrong kind of people drug dealers and the black market for them the cryptocurrency was heaven-sent as they could bypass strict scrutiny from authorities as they traded dealing with drugs could be done anonymously online without attracting the attention of authorities up until 2013 decrypto was mainly used in the black market more than it was used for legitimate purposes things .




However took a turn when more people started embracing the coins as a medium of exchange at around 2014 the main bitcoin exchange mount gox was forced to close down under a string of accusations of hacks and loss of bitcoins. In 2013 the site actually went offline due to extended media coverage that brought in lots of traffic the second most popular exchange at that time trade hill also in 2013 went down further shuttering  investor confidence the final nail for Mount Gox came in February 2014 .






When Mount Gox was hacked into 850 Bitcoins stolen the company. Later filed for bankruptcy the other opposition against bitcoins comes from the government who were used to exercising some form of control over the financial markets. How the money market works is that the government print money depending on the size of their economies and money is available for circulation Bitcoin pose challenges because they are decentralized and take  power from centralised money institutions like Central banks some countries have actually banned the use of bitcoins in their economy as they consider. It to be a threat while some have embraced it governments have also contended with the legal structure needed to sustain cryptocurrencies .






It is still to qualify Bitcoins as a digital collectible asset or virtual currency this also poses questions on taxation can you text it . For example countries Israel and the US classify Bitcoin  as a commodity and therefore tax it while in European countries like UK, Russia they threat  it as a virtual currency 


what is the future of bitcoins ? will continue rising


what is the future of bitcoins ? will continue rising this is the question at the heart of anyone . Who is thinking about investing in Bitcoins and other cryptocurrencies . When Bitcoin hit an all time high 19783 dollars in December 2017 many people professionals and amateurs joined the market . The price would later fall causing some to abandon their investments in cryptocurrencies . The coin was very volatile losing up to 25% off with value in a single day at some point in 2018. It was valued at 4000 dollars  today.The crypto has recovered mostof its lost value but the question is how stable is cryptocurrency market in the market has been boosted by the entry of institutional investors. Since mainly Bitcoin was not considered as a worthwhile investment many see their entry into the market as a vote of confidence . Large hedge funds and publicly traded companies have been bulish about the cryptocurrency. Also some  investors like PayPal and Square have  joined the market further boosting it's credibility the covid-19 epidemic is also caused some institutional investors to take a closer look at bitcoin as many people shun using physical money due to the risk of transmitting the virus








 you note that bitcoin have been very volatile however investment by institutional investors will played a big role in stabilizing the price in the future another factors that is going to keep Bitcoin bulish is the supply part . You see there is a limited amount of bitcoins in the market while bitcoins are actually mined very few people are doing that at the moment.  Institutional investors understand this and have been holding up many bitcoins with the hope that once  demand grow to a certain level they can cash in big the other big the other big possibility that people are  banking on is it sometime bitcoins are going to be floated on the Nasdaq this further boost credibility for blockchain assets some have suggested that what cryptocurrencies need is a verified EFT exchange traded funds this will make it easier for people to invest in the market . But lot of  education is needed so that the general public understands how blockchain technology works. Many people are investing in the technology due to rumours of them making a killing. A  Harvard professor by  estimates that the market capitalisation for cryptocurrency is 5 to 10 trillion dollars in the next five years . However this is speculative and a lot can change in between do you think a time will come . 

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