Bitcoin is one of the widely recognized cryptocurrencies in the digital medium. Since its inception in 2009, it has gained significant adoption and importance in the market. Although, a pseudonym, Satoshi Nakamoto, is virally suggested as the face behind cryptocurrency and Bitcoin’s launch. However, there is no confirmation of it yet. 

One of the crucial reasons for Bitcoin’s esteemed position in the cryptocurrency market is its ability to induce new ideas in the financial area, such as-

• Concept of decentralization,
• Peer-to-peer digital currency,
• Institutional adoption,
• Payment Acceptance,
• and Bitcoin mining, from a market point of view. 

From a people, trader, or investor point of view

• Diverse investor base
• Retail investor participation
• Long-term holders
• Risk tolerance and volatility 
• Dollar-cost averaging

With this overview, we can say that Bitcoin is the enlarged empire, creating and facilitating digital assets that are changing traders’ perception from the traditional ways, assisting them adapt to new policies. 

Let’s dive deeper to understand various details about Bitcoin and how it is ruling in the current digital age. 

What is Bitcoin all about?

Bitcoin is a cryptocurrency with an algorithm that works on cryptography, ensuring security and independent operations. It is based on the principle of open-source protocols and software that open the door to opportunities, making trading accessible for everyone. 

Eric Schmidt, former CEO of Google, stated that “Bitcoin is a remarkable cryptographic achievement, and the ability to create something that is not duplicable in the digital world has enormous value.”

Many worldwide personalities are exponentially talking about Bitcoin and its future in the coming years. 

What is the history of Bitcoin?

If you are interested in discovering Bitcoin's journey and how it accomplished its current position, you should definitely learn about its history. So it all started when-

In 2008, a whitepaper named ‘ Bitcoin: A Peer-to-Peer Electronic Cash System” was published by an individual or a group using the pseudonym Satoshi Nakamoto. 

Here’s Bitcoin’s year-on-year timeline:

YEAR	ACHIEVEMENT
2008	In October, Bitcoin’s whitepaper was published with the underlying concepts of decentralized digital currency and blockchain technology.
2009	January 3: The first block to Bitcoin’s Blockchain, ‘Genesis Block,’ was launched by Satoshi Nakamoto. January 9:  Two crucial activities were undertaken: one when Bitcoin’s first block was launched and second when the first transaction between Nakamoto and computer scientist Hal Finney took place. October: The establishment of the new Liberty Standard i.e. 1 BTC at $1 = 1309.03 BTC
2010	May 22: The first ever Bitcoin deal was recorded when a person named Lazlo Hanyecz purchased two pizzas worth 10,000 BTC. Now this day is celebrated as ‘Bitcoin Pizza Day.’
2011	January: Mt. Gox was established, which became the first and most prominent Bitcoin Exchange platform. July: The price of Bitcoin caught up to the US dollar i.e. $1 per BTC.
2013	March: The Financial Crimes Enforcement Network (FinCEN) released guidelines stating that under some regulatory requirements, Bitcoin Exchanges are to be treated as a monetary service-based business. November: BTC experienced its first major price rally that reached $1100 per BTC before sharply declining.
2014	February: Mt. Gox, the first and largest Bitcoin exchange platform, files bankruptcy in a hacking incident where they lost hundreds of thousands of dollars. December: Microsoft starts accepting Bitcoin as a method of payment for certain digital products.
2017	January: The beginning of a significant price rally was spotted. Bitcoin outdid $1000 again. December: Bitcoin was valued at $20,000, which was the highest peak in its history.
2018	January: BTC experienced a huge decline that urged cryptocurrency to expand in different areas of correction. August: It is a bad year for the cryptocurrency market because the Securities and Exchange Commission (SEC) has rejected various appeals for Exchange- Traded Fund (ETF).
2020	May: Bitcoin faces its third halving event, reducing the block from 12.5 BTC to 6.25 BTC. December: Bitcoin broke a new record by surpassing $20000.
2021	February: Tesla announced a big break for BTC by investing $ 1.5 billion and plans to accept it as a payment method. April: Coinbase went public on Nasdaq stock exchange. Coinbase is a major cryptocurrency exchange platform El Salvador becomes the first country to adopt Bitcoin as legal tender alongside the U.S. dollar

 

About Bitcoin and its importance

Bitcoin is one of the most valuable cryptocurrencies in the digitally advancing market. It carries a lot of value and potential for its investors. Although, uncertainties like Bitcoin scams and hacks still linger in the market, there are some aspects highlighting the importance of Bitcoin that are as under:

1. Bitcoin permits investors to snatch opportunities that are diversified in nature. The way Bitcoin is thriving in the market, investors want to hold onto this currency because it reduces the risk factor and gives more market exposure.
2. Since Bitcoin’s inception, investors have been earning high returns as compared to previously launched cryptocurrencies.
3. Bitcoin is treated as a store value because it carries various benefits. It is a valued  and trusted digital currency because of its limited supply and decentralized nature. It can balance the erosion of fiat currencies. As a result, it impacts purchasing power positively. 
4. Bitcoin is a digital currency that’s known worldwide. There are no traditional barriers. There are only two parties- the buyer and the seller, without any mediators. 
5. Bitcoin's blockchain is a groundbreaking innovation. The more that the investors invest, the more participation they infuse in developing Bitcoin.
6. As Bitcoin’s popularity is growing every day, the rate of institutional adoption has also enhanced. Because various high profile companies, asset managers and financial institutions have started investing in Bitcoins. 

Conclusion

In this blog, we discussed how Bitcoin created its popularity as a digital medium of exchange. If you have looked at Bitcoin’s performance over the last decade, it has faced several ups and downs. However, Bitcoin has successfully positioned itself as a valuable investment instrument in the minds of people. Many famous personalities are coming forward in support of Bitcoin. But what’s also essential is to assess the market risks and bitcoin’s current performance before making any rash investment decisions. 

Although, some limitations of Bitcoin can be overlooked in front of its advantages. In some parts of the country, Bitcoin is used as a payment method. We can assume, shortly, the payment trend will see a financial shift by adding Bitcoin. 

If you are interested to know more about Bitcoin, please visit Morgan Financial Recovery to address your issues and update your knowledge.