Home Business Insights & Advice Let us understand how Bitcoin has become famous

Let us understand how Bitcoin has become famous

by John Saunders
18th Jul 22 3:43 pm

The year 2008 was considered to be one of the most catastrophic economic turmoil in the whole world. The financial crisis was attacking every country in the world; therefore, there was no other way to recover from this colossal fall. Coincidently, in 2008, the Japanese inventor decided to create a currency which would not be affected by the government rules and regulations. It was bitcoin. The name of the creator Satoshi Nakamoto, date, his identity is not revealed on the https://thenewsspy.technology/. So, we cannot say if he was a person, group, or company working on this project. But, regardless of the name behind the project, it turned out to be an incredible currency for the future. Almost everyone is talking about bitcoin, and it is all the grace of Satoshi Nakamoto.

Before indulging in cryptocurrency transactions, you first need to understand that it is a peer-to-peer electronic cash system. Moreover, it is more than that. Just considering the bitcoins as a medium of transactions will be a policeman. You need to know the complete history behind it before you judge it. So, it is something that we will tell you about today. The ecosystem of bitcoin is widespread and is beneficial for everyone using it, but there is a cost you have to pay. You have to be a huge price to get bitcoin in today’s modern world, which is impossible for middle-class people. So, the bitcoin is broken down into small pieces so everyone can afford it.

2017 – First BTC bubble

The first significant year in the history of bitcoin, considered the most notable, is 2017. One primary reason behind the same is that bitcoin was experiencing a lot of hackers, criminals and drug dealers using bitcoin. Still, apart from this, it was also an integral part of the economy. Moreover, due to the decentralised mechanism of the cryptocurrencies like bitcoin, it was widely usable; therefore, the prices started to increase.

You need to know that in August 2015, the price of bitcoin was as low as $200. However, by June 2016, the prices came close to $770. In March 2017, the bitcoin price rose, reaching $1345. It was the first time bitcoin reached the highest price, but it started to decline towards the end and reached $945. It was the first time that people got to know about bitcoin and that it has the potential to reach thousands of dollars. Therefore, they noted this new incredible currency and ensured they invested in bitcoin.

Another crash

The primary agenda for the hyping popularity of cryptocurrency is not its high value but its large crash. Therefore, Bitcoin’s story in 2017 is not considered very motivating. The prices of bitcoins reached more than $20,000 in the initial stages, which caught people’s attention. However, it was not the only time people discussed bitcoin. Moving towards December 2018, bitcoin prices reached as low as $3400, which was the lowest in the past few years. So, people started to see bitcoin as fluctuating and started to know about it.

So, it started gaining popularity and experienced a bull run in 2019. However, it again touched a new high price and then started to fall after touching $14,000 in June 2019. But, after this, the Chinese government saw the potential of cryptocurrencies, so the President of China decided to launch a new scheme of national Blockchain program. Through this, the whole Chinese government was about to adopt the Blockchain system, but the coronavirus pandemic decided to dismantle this program. Due to this, the prices of bitcoins again fell to $3500, which was the most significant crash in its history.

Bottom line

As per the details, the major bitcoin crash was in 2017 and 2019. These are the two most essential years which led people to believe that bitcoin could become something. The primary reason behind the popularity of bitcoin is not the popularity due to its prices but the crashes. The more bitcoin crashes, the more popularity it gained over the years. So, you will be foolish to believe that bitcoin got its popularity from its high value. Still, bitcoin’s valuation is increasing today because it experienced a massive fall in 2017 and 2019.

 

The above information does not constitute any form of advice or recommendation by London Loves Business and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Appropriate independent advice should be obtained before making any such decision. London Loves Business bears no responsibility for any gains or losses.

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