The idea of the Bitcoin, the first blockchain-based cryptocurrency, was conceived by Satoshi Nakamoto in 2008. The short name of the Bitcoin is BTC.
It is a decentralized virtual currency. There is no single administrator. It can be sent from user to user on the peer-to-peer bitcoin platform without any intermediaries.
A Research carried out by Cambridge University finds out that in 2017, there were nearly 6 million individulas having a cryptocurrency wallet, most of them trading BTC.
Some economists, including several Nobel laureates, have characterized BTC as a speculative. BTC has also been utilised as an investment, while several regulatory agencies have indicated investor alerts about BTC.
In 2011, the price started at $0.30 per BTC, growing to $5.27 for the year. The price rose to $31.50 in June. Within a short span of a few months, the price fell to $4.77.
In 2012, BTC prices started at $5.27, growing to $13.30 for the year. And then it crashed by 49% to $3.80. The price then rose to $16.41 in August, but fell by 57% to $7.10 immediately.
In 2013, prices started at $13.30 rising to $770 by January 2014. In 2014, prices started at $770 and fell to $314 for the year. In 2015, prices started at $314 and rose to $434 for the year. In 2016, prices rose and climbed up to $998.
Prices started at $998 in 2017 and rose to $13,412.44 in January 2018, after reaching its all-time high of $19,783.06 in December 2017. The BTC prices then fell from $9,052 to $6,914 in February 2018.
On 1 July 2018, BTC's price was $6,343. The price in January 2019 was $3,747. By June 2019 the price had recovered to $13,000.
During the week of 11 March 2020 as a result of the corona virus, Kraken, a crypto currency exchange saw an 83% increase in the number of account signups over the week of BTC's price collapse, a result of buyers looking to capitalize on the low price.
In March 2020, the price fell below $4000 during a broad corona pandemic related market selloff, after trading above $10,000 in February 2020.
In August 2020, MicroStrategy invested $250 million in BTC as a treasury reserve asset. In October 2020, Square, Inc. invested approximately 1% of their total assets ($50 million) in BTC.
In November 2020, PayPal announced that all users could buy, hold, or sell BTC using PayPal. In November 2020, bitcoin hit a new all time high of $19,860.
Now the price of one BTC is going forward beyond $24,000.
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