At a time when technology was trying to make breakthroughs in various fields, developers were trying to come up with a decentralized currency which would solve many transaction related problems. To be fair, Bitcoin is not the first of its kind. It has just gained way more popularity than the previous attempts. Bitcoin is the rectified version of all the attempts that were made before this. Engineer Wei Dei was the first to come up with the idea of a digital currency which would conceal one’s identity. It had certain loopholes; hence it could not be materialized. Few years later, Nick Szabo came up with a Cryptocurrency named Bit Gold. It did not become a hit due to the various problems which could not be resolved in it, one of them being the issue with double spending.
Bitcoin is the first Cryptocurrency to have eradicated the problem of double spending. Satoshi Nakamoto made a brilliant blockchain system using the technology which ensures that all the transactions will have to be validated by all the investors on the network. Every single person on the network has the power to deem a transaction null and void if they find something not adding up. With the mining of the first block Genesis, Bitcoin was officially up and running.
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Significance of Bitcoin
Bitcoin had its own set of difficulties. Most people did not even want to believe such a thing. It is not a tangible asset; one will not get cash in exchange for this. Moreover, the source and the identity of the developer remain anonymous. This made many investors skeptical of the results. Initially, the value of 10,000 Bitcoins was estimated to be $25, when it was first used against a pizza delivery. The value of Bitcoins then started at $1 and steadily increased. There were various times when the value had soared high with a jerk. Towards the end of 2017, Bitcoin was estimated to be at its highest, worth $19,500. Today, Bitcoin is something around $10,000, which is quite a good value if the beginning of the journey is being taken into consideration.
In a course of ten and more years, Bitcoin has made a significant contribution in how the economy runs. Numerous investors have invested in Bitcoins and are adapting to a decentralized system of monetary transactions. The success of Bitcoin has also paved the way for other cryptocurrencies like Ethereum and Litecoins. They too are making significant success in the Cryptocurrency market. Blockchain Technology too has become an instant hit. Various industries are trying to figure out ways to make it fit into their companies. The demand for skilled Blockchain developers has gone high. It is a highly monetizing skill, fumed more so by the lack of experts in the field.
Foreseeable Future
Bitcoin has become the primary investment for investors around the globe. It has paved the way for various apps rushing in to assist the new investors. Visit website who have made it an easy journey for the investors to meet their financial goals. Creating an account is hassle-free. The number of investors have gone up considerably after the initiative taken by the app developers.
In case you are on the verge of making a choice as to whether or not to make an investment in Bitcoins, now is the time. Based on the rise and fall in its value, one can be certain of the Bitcoin value soaring up sometime soon. Investors who indulged in Bitcoin right from the beginning have made profit worth millions.
Conclusion
All this hype around Bitcoin is neither false nor unnecessary. It is all justified. The amount of change that Blockchain Technology introduced in the world around us, permeating all spheres of our lives has only been possible with the success of Bitcoin and the fact that it runs smoothly, sustaining such a huge network.
