Going by chronological age, Bitcoin is only 13 years of age. It has a very rough history marked by turbulence. Sometimes it has climbed to an all-time high, while at others it has gone to its lowest. It has been marked with instability and a high volatility rate.
The most unusual thing about this cryptocurrency is its founder, Satoshi Nakamoto, who is not known to the world to date. The founder of Bitcoin remains anonymous. And so, naturally, there is an aura of mystery to the evolution and beginning of Bitcoin. But no matter what controversy surrounds it, it is insignificant considering that it has become highly popular to trade in via digital currency.
But even if you decide to do the trading independently, it is quite safe because of the features that keep it under lock and key, barring those in the system. Its regulations are always changing, but still, there is no policy on it. They are non-existent and not enough for dealings to be carried out regularly like the traditional money system.
The Past Of Bitcoins
First and foremost, it must be mentioned here that Bitcoin was launched to counter the financial crisis of 2008. And so, finally, Bitcoin was born in 2009. Initially, no one paid much attention to Bitcoin in the beginning. But gradually, it picked up the momentum, and the whole thing gained prominence. It became a huge thing, and people started rushing into it head-on.
The word ‘crypto’ means hidden in Greek. And if you think of it deeply, Bitcoin is a hidden currency because no one has ever seen it as it has no physical existence. When it comes to Bitcoins, this form of cryptocurrency has no existence on the computer, nor do they exist on the computing clouds.
But the plus point about cryptocurrencies is that they can be securely stored in digital ledgers that no one can touch. Although it was known to be safe and free of the control of any third party yet, it did not pick up initially.
The Present Of Bitcoins
Though its history was not very good, it has done well with many countries making it legal and many companies accepting it as a payment mode. Some companies whose owners are renowned world figures started accepting their payment in Bitcoins resulting in the currency gaining popularity.
Its value increased to 62.500% by the end of 2019. Thus it became the most profitable and popular form investment when it comes to cryptocurrency. Ultimately, many more companies like Facebook, Twitter, Twilio, Deliveroo, and Airbnb followed suit in accepting payment in Bitcoins. This worked wonders for the currency.
It is still banned in many countries, making it unacceptable there. But again, many countries made Bitcoin legal. They have many stores that accept payment in Bitcoin. This is one fact that speaks highly of the currency. It can safely be said that Bitcoin is in a good position today.
Bitcoin has been growing very stably, but it cannot be denied that sometimes the currency has gone to very low depths. In 2017 mid-December, it reached $19,783.06, but again it dropped to $3,300 the next year. It is so volatile that again it rose in 2019.
The Future Of Bitcoins
The future of Bitcoin depends very much on its usage by people. It still faces challenges with its security and technology that is the driving force behind it. Bitcoin may have a very sound future if it can attract people to electronic money transfers. Another factor on which its future depends is its viability of it. It remains to see how many use it instead of stuffing it and hoarding it.
Again there is still no way of predicting whether Bitcoin is here for good or just a fashion with some traders and investors.
Final Words
Although there are many actively rallying for Bitcoin because of the security features of its users, the future of Bitcoins is still not very certain, if considered certain important factors. But going by the fact that big business houses are adopting it, Bitcoin does throw a ray of light of hope on its future.
