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Saturday, July 20, 2019

History of Bitcoin Price



Bitcoin is one of the valuable digital coins of our age. Due to this, it receives immense public attention.  This is also the first decentralized digital coin.

Bitcoin and other cryptocurrencies are based on blockchain technology. Bitcoin has the public address, which is visible to everyone. Public address changes with an individual transaction. Payment can be made in the old address.


The private key is vital in sending of the Bitcoin. It is essential to treat the private key like the treasure.

Bitcoin is the perfection of popular digital currency with immense potential. After the success of Bitcoin other crypto coins are constantly on circulation.

Bitcoin Transection


Bitcoin transaction capacity is estimated to be up to 7 per second, that is 420 per minute, 25,200 per hour and 604,800 per day.

The miners located in a different region of the globe manage the transaction. The miners are rewarded on the basis of facilitating Transection.

Bitcoin History


Bitcoin has an interesting history.

2008


The person or group with the pin name Santoshi Nakamoto came up with the noble idea of Bitcoin.


In the cryptography mailing list the “Bitcoin: A Peer-to-Peer Electronic Cash System” was published.

This technology used the cryptographic hash function technically refers to as SHA-256.

Nakamoto is also responsible for creating official software.



2009


The first open-source Bitcoin Client was released.

2010  


A major vulnerability in the Bitcoin was detected in the 15 August. An updated version of the Bitcoin protocol was forced and the bug was fixed.

This is only a security flaw in the history of Bitcoin.

The price of Bitcoin was around $0.003.

2011  


Non-profit group like the Electronic Frontier Foundation starts accepting the Bitcoin.  Price of Bitcoin fluctuates from $ 1 to 31 dollars.

2012


Various merchants including WordPress start accepting Bitcoin. The price of Bitcoin was around $13.

2013  


Blockchain temporary split into independence chain in the March. The price fluctuates from $100 to $1,242.

2014  


More and more companies like Microsoft starts accepting Bitcoin.  The prices of Bitcoin remain low as 340 to 1,000 USD.

2015  


The number of merchants accepting Bitcoin exceeds 100k. The price of Bitcoin fluctuated from 200 to 504 USD.

2016  


Bitcoin was recognized as virtual currency by the cabinet of Japan.  The range was 450 to 780 USD.

2017  


The acceptance by the Japan government causes a spike in the price of Bitcoin. The Bitcoin price reaches high as around $ 20,000 USD. The lowest price recorded was in 1290 USD.

2018


The market valuation of Bitcoin was around USD 1 Billion Dollar. The price of Bitcoin was estimated to be around 6,200 USD.

2019


Various governments started to take serious concern in the Bitcoin. Some even start banning Bitcoin. This is due to its potential to have a grave impact on government revenue.



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