Today’s post is based on Bitcoin price history chart.
Bitcoin is the origin of cryptocurrencies. After the Bitcoin evolution, many cryptocurrencies has taken birth. These are the derivatives of Bitcoins described as Altcoin. Bitcoins and other currencies are the digital money used for the encoding to secure transactions and control the creation of new units.
Bitcoin was created by an unknown developer known as Satoshi Nakamoto. Bitcoin came into the existence in the year of 2009 but the popularity was exploded in the year of 2013.
So in this post, we will talk about all the major factors for the increased price of Bitcoin, Bitcoin price history chart, bitcoin chart of all time, Bitcoin price history, the value of Bitcoin over time.
The intention of doing so that today everyone is talking about the price hike of Bitcoin and now most of them are unsure about this. So this post will help you to gain all the information of Bitcoin price history and Bitcoin evolution.
Pre-History Before Bitcoin ?
Before Bitcoin, there were many digital cash technologies based on ecash
Hashcash is a proof-of-work method used for spam control.
Hal Finney developed reusable proof of work (RPOW) using Hashcash and its Algorithm.
The most important discussion is going on today is the identity of Satoshi Nakamoto with suspects including Wei Dai, Hal Finney, and more ap
The domain name ‘bitcoin.org’ was registered in the year of 2008 on 18 August.
After that, on 31st October 2008, a link to a paper authored by Satoshi Nakamoto was posted with the title of ‘Bitcoin’ (A peer to peer Electronic Cash System).
This paper consists of mostly information about cryptography mailing list with a system for the electronic transaction without relying on trust.
In 2009 Bitcoin came into the existence of the first ever Bitcoin Client.
After that Satoshi Nakamoto mined the first block of Bitcoin ever which has a reward of 50 Bitcoins.
The first supporter of Bitcoin was Hal Finney, he downloaded the Bitcoin software and for doing that he received 10 Bitcoin from Nakamoto.
This was the worlds first BTC transaction.
It was the guess that in starting itself Nakamoto to have mined 1 Million Bitcoins.
After that value of Bitcoin was negotiated by the individuals by a memorable transaction of 10,000 BTC used indirectly to purchase two pairs of Pizzas.
Before disappearing and taking any involvement to Bitcoin Satoshi Nakamoto handed over the Bit to developer Gavin Anderson.
What Determines Bitcoin Price ?
The major factor in Bitcoin price determination is Demand and Supply. The law of demand governs the economy of Bitcoins.
As in today’s world, people see Bitcoins as a great investment opportunity. More and more people are investing in Bitcoin day by day. As the number of Bitcoin investors are increasing on a daily basis so the price is rising at a rapid pace.
The law of demand states that when the price of a commodity increases, the demand for it falls. Basically, this means that people would rather not buy Bitcoins when it is a surge and wait for a dip in the graph.
The ‘dip in the graph’ comes because at a certain time the number of Bitcoin sellers are increased with compare to Bitcoin Buyers. There can be a number of reasons behind this.
This is the factor Demand. Now talking about the factor that Supply. It will be a little bit simple to understand the number of Bitcoins is limited to 21 Million. They cannot be created more or mined more after that. Now total around 16 million Bitcoins are already has been Mined. So it is another major factor behind the rapid increase in the price of Bitcoin.
Now we will see our Important topic of Bitcoin price history charts and its details.
Bitcoin is gone through a fork and split into two parts followed by Bitcoin (BTC) and Bitcoin cash (BCH).
At that time the price of Bitcoin was around $2750 and after 10 Days of the fork, the price was reached to $3380.
1st April 2017
Japan observed Bitcoin as a legal method of payment so they declared Bitcoin as a legal tender.
At that time the price was boosted from $1085 to $1215.
2nd August 2016
Bitfinex is currently the Biggest Bitcoin exchange by volume. The platform announced that 1,19,756 bitcoin of customers funds have been stolen via a security breach with the value which approximately equals to $72 million USD.
This managed to raise the price of Bitcoin from $1025.88 USD to $18,737.60 USD in the year of 2017 itself.
18th December 2017
As coinbase is the major Bitcoin exchange platform and the platform supposes to start support for Bitcoin cash so the platform was closed for some hours due to upgrade to the system.
At this time the news is getting stronger every day as Bitcoin is a Bubble, so many Bitcoin investors due to the fear of loss started selling Bitcoin from Coinbase.
This resulted in the downfall of Bitcoin Price of around $3000 USD.
So as per we always see the price of Bitcoin is not stable but the growth rate is relatively very high as compared to the downfall rate. In my personal opinion if you want to take a risk and want to make more profit in a less amount of time than definitely Bitcoin investment is a good source of investment. Moreover, 80% traders of Bitcoins always gain some amount of profit.
The traders who are beginners and just started in this field there are chances of 20% that they might lose the amount of investment due to the unstable nature of Bitcoin making fear in the beginner’s trade.
So that’s all for the Bitcoin Price history chart. I hope this post will help you to gain all the information about Bitcoin history and its price.
If you are still facing some difficulties then please let me know in the comment section. Also, please like and share this post with your friends and family.
This is Mahesh Chaube, computer Engineer by Education and Crypto Blogger by Profession From Mumbai. Here at coinraja i write about money making and Reviews on Cryptocurrency Related Thing. I hope you are enjoying My post.