CryptocurrencyThe Phenomenal Journey Of Bitcoin  

The Phenomenal Journey Of Bitcoin  

It is undeniable that the 2007-08 financial crisis has led to catastrophic consequences to the world economy and shattered the trust of millions of people in banks and trillions of dollars worth of near-worthless investments worldwide.  

Emergence Of Bitcoin 

In 2009, an unprecedented financial system gained the attention of the world. A digital currency is designed to function as a means of exchange through a network of connections that is not reliant on any centralized power to uphold and maintain it. If you are interested in bitcoin trading check what are the benefits of bitcoin decentralization. 

When it was first recognized, Bitcoin had a value below $1; however, the volume of cryptocurrency is consistently increasing if we look at the graphs of the last decade. The current worth of bitcoin is $6200, down from nearly $20,000 in December 2017, when it peaked. 

If you invested $100 on its debut day, one can also understand that you could have around 125,000 bitcoins. And currently, the bitcoin per token value is $36,229.81, so in 12 years would now be worth $4,528,726,250. 

First Official Transaction 

In 2010, the first official transaction with bitcoin with an actual company was done by Florida resident Laszlo Hanyecz to get two pizzas. As a result, Hanyecz became the first person to make a commercial transaction with bitcoin marking 22 May as Bitcoin Pizza Day. Back then, his Bitcoins were worth only $40, but if we compare their worth today, it would be roughly $613 million, making these two pizzas the costliest pizzas of all time. 

Unfolding of bitcoin  

In addition to this, he also specifies the significant properties such as that electronic transactions will be peer-to-peer. Furthermore, the system was decentralized, so current users would not trust a central authority like traditional central banks. 

For participants, it is possible to remain anonymous. People are merely familiar with his name, and nobody knows where he resides. Satoshi’s notion was most likely born out of his dissatisfaction with the existing monetary system. Satoshi envisioned Bitcoin as money that can have a use case for peer-to-peer transactions without relying on a third entity such as a central bank. 

Blockchain Notion 

Although, Bitcoin and other popular cryptocurrencies have evolved into assets rather than currencies over time. It works on the notion of blockchain, and it is the core infrastructure of bitcoin, a distributed ledger enforced by a disparate network of computers. 

It is a decentralized network with records of bitcoin or similar cryptocurrency transactions across numerous computers connected in a peer-to-peer network. The functions of this decentralized network are unprecedented in the financial industry. They have created numerous opportunities for investors and ordinary person who wants to invest a small share of their incomes on reliable financial tools. However, just like any other financial tool, it also has its demerits.  

One of the significant drawbacks of cryptocurrency is its high volatility increases the probability of heavy losses significantly in a short period. Furthermore, according to the anonymous creators of cryptocurrency, there can only be 21 million BTC every in the world.  

This scarcity makes Bitcoin so valuable, but it also causes it to be so volatile. No one knew before Satoshi Nakamoto that a technology like a blockchain existed and even ruled this marketplace. Blockchain’s phenomenal applications are unforgettable, and the user experience is enticing. People enjoy blockchain applications in NFT games and the insurance industry.  

Blockchain’s notion can be analogous to any database, but it holds a gigantic difference from a conventional database. Undoubtedly future of every technical aspect is not definite as nobody knows what can replace blockchain. But it seems like this technology will play a considerable role even in Metaverse, and even the developers of Metaverse have confirmed this fact. Metaverse is on the way, but the blockchain is already here, so you can estimate what it will feel like to execute Metaverse operations.  

Except for bitcoin, many unique blockchain complexes are also there, but no one knows that it came with bitcoin only in the very first place. Advanced technology is now evolving blockchain, and let’s see how it adapts itself to future challenges.  

 Also Read: Cryptocurrency and its expansion within business sectors 

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