If you visit any crypto exchange or ranking, you will see Bitcoin taking the leading first position everywhere, which means this is the coin that determines the entire market’s trend. Let’s answer some of the most common questions about Bitcoin:
- Who invented Bitcoin? The process of creating a cryptocurrency relates to a person or group of people using the name Satoshi Nakamoto. Transactions made with Bitcoin are recorded on a public ledger called a blockchain.
- When was Bitcoin invented? It was invented in 2009.
What is Bitcoin Used for?
Some of the common uses of Bitcoin include using it as a digital currency for various purposes.
- With Bitcoin, people can send and receive money without relying on banks or other intermediaries. This means fast and inexpensive cross-border transactions, which makes it an attractive option for international remittances.
- Bitcoin is used for trading, and the Bitcoin to Tether pair is one of the most common on all crypto exchanges.
- Bitcoin is accepted by a lot of online merchants and businesses as a payment method.
- Some individuals purchase and keep Bitcoin in the hopes that it will appreciate in worth, possibly resulting in a financial gain.
- Using Bitcoin can be a more efficient way to send money across borders compared to traditional money transfer services. It offers reduced fees and fewer restrictions, making it a good option for individuals who want to send money to their loved ones in other countries.
- Bitcoin can be used for microtransactions which means very small amounts of value can be exchanged. This feature is great for digital content creators because they can receive small payments for their work without having to pay high transaction fees.
- Bitcoin transactions are not directly linked to the real-world identities of the users, providing users with a certain level of privacy, as transactions are only pseudonymous and recorded on the blockchain in a public manner. However, users may reveal their real-world identities themselves.
The History
Let’s delve into the intriguing chronology of Bitcoin’s price:
- In January 2009 BTC cost probably zero.
- May 2010 – the price is lower than $0.01.
- April 2011 – BTC reached $1.
- November 2013 – BTC reached $1,242.
- April 2014 – $446
- In 2015, the price of a single Bitcoin experienced a significant decline, dropping to around $247.
- From 2015 to 2017, Bitcoin experienced a period of substantial growth, consistently surpassing the $1000 mark.
- The year 2017 witnessed a true Bitcoin boom, as its value soared to $19,475, an extraordinary feat for any asset.
- The year 2018 proved to be challenging for Bitcoin, as its price experienced a significant decline and remained around $3000 throughout the year.
- In 2019, the price grew to around $12,000.
- In December 2020, the BTC grew to over $23.
- In November 2021, BTC reached $64 – an all-time high.
- In November 2022, the price fell to $16
- In May 2023 the rate fluctuates around $27.
Stay up-to-date with all the latest updates in the crypto market with the WhiteBIT blog.
