“What men have seen they know…But what shall come hereafter no man before the event can see…Nor what end waits for him.”- Sophocles ( c.
497 – 406 BC ).
The wise saying of the Great Greek tragedian Sophocles indicates that it is not possible for humans to tell what tomorrow will bring. However man can forecast what tomorrow may bring because: “what men have seen, they know.” And in this case what is known is history, the history of Bitcoin.
A Quick Look at The History of Bitcoin
Bitcoin has been in existence since 2009 but the technology (cryptography) on which it is built on began thousands of years ago.
Before 2009 there had been previous attempts at creating online currencies with ledgers secured by encryption. Two examples of these were B-Money and Bit Gold, which were formulated but never fully developed. It was in 2009 that the Bitcoin software became available for the public by Satoshi Nakamoto.
In 2010 Bitcoin was valued for the first time, as it has never been sold nor bought before, it was impossible to assign a monetary value to the units of the emerging cryptocurrency. In 2010 the first Bitcoin transaction was carried out: 10,000 Bitcoins were traded for two pizzas.
As Bitcoin increased the first alternative cryptocurrencies appeared in 2011. Among these alternative cryptocurrencies were Litecoin and Namecoin. These alternative coins offered greater speed and other advantages than was offered by Bitcoin.
Shortly after the price of Bitcoin reached $1000 in 2013 (for the first time in history actually), the price quickly declined and eventually fell to around #300.
In January 2014, 850,000 Bitcoins were looted (if the transaction was carried out successfully it would have been the Word’s largset Bitcoin exchange).
One cryptocurrency came close to stealing Bitcoin’s thunder in 2016, as enthusiasm grew around the Ethereum platform. This platform uses cryptocurrency known as Ether to facilitate blockchain-based smart contracts and apps. Ethereum’s arrival was marked by the emergence of Initial Coin Offerings (ICOs).
In 2017 Bitcoin reached $10,000 and continued to grow till it got to nearly $20,000. A gradual increase in the places where Bitcoin could be spent accounts for the continued growth its price. However on December 18, 2017 Bitcoin price crashed down to about $11,000
Bitcoin might likely continue its surging price rise in the next few years. According to expert predictions, bitcoin mighr hit and cross the $30,000 landmark in 2018. This means that the number of investors will increase and more money will be made.
On the other hand the recent sharp decline in Bitcoin price gives reason for concern. Moreover the high cost of transaction fee might just make investors go for Altcoins like Ethereum or Litecoin and this might impact negatively on the price of Bitcoin. What do you feel will happen to Bitcoin in the next two years. Please leave your comments below.
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