From 2008 to 2018, Bitcoin spent a full decade writing a myth that tried to change the world.
In 2008, with the outbreak of the subprime mortgage crisis and the global recession, people’s confidence with the government’s currency began to waver. At this time, Nakamoto Satoshi, the father of the Bitcoin Protocol, published an article on the Internet in a mail group that discusses information encryption – “Bitcoin: A Peer-to-Peer Electronic Cash System” . In this article, he describes an electronic currency called Bitcoin and its algorithm, and outlines the basic framework of the Bitcoin system. In 2009, he established an open source project for the system, officially announcing the birth of Bitcoin.
In January 2009, with the release of the first Bitcoin open source client and the first bitcoin, the Bitcoin network was officially launched. Nakamoto won the first batch of 50 bitcoins by mining, and the first batch of bitcoin transactions were completed. In October of the same year, the first bitcoin exchange rate was announced: 1 US dollar was exchanged for 1309.03 bitcoins.
On November 29, 2013, Bitcoin hit a record high of $1,242 on the hot exchange Mt.Gox, while the price of gold was $1241.98 per ounce, and the price of bitcoin exceeded gold for the first time.
On January 2, 2017, Bitcoin rose sharply since the beginning of the year, and the price broke through $1,000 again under the influence of the ransomware virus. On December 7, Bitcoin broke through $19,000 and its market capitalization exceeded $288.6 billion.
This number is a symbol of the peak moment of Bitcoin, which records the glory of Bitcoin. However, when the world is about to be shaken, it’s decline was so sudden.
Beginning in late December 2017, the entire token market entered a bear market and all currencies plummeted. Bitcoin also fell from the altar, taking less than a year to slide from the peak of 20,000 dollars to 3,000 dollars. With the collapse of prices, not only the loss of investor confidence, but also the confusion about the future development of the digital asset economy.
Seeing through the appearance to perceive the essence, the shortcomings of Bitcoin itself is to blame for the collapse. The limitation of block capacity has caused Bitcoin to be unable to handle a large number of transactions at present; price fluctuations are large; discussions on its value have not stopped, until now, someone still think that Bitcoin is a scam… These factors are combined to become a mountain that hinders the development of Bitcoin.
Even so, we can’t deny the achievements of Bitcoin. The lessons and experience it provided for the latecomers that can not be erased!
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