Bitcoin, the oldest cryptocurrency in the finance market, turned 13 today, and price throwback is giving a rollercoaster ride to Bitcoin followers. Soon after the digital asset was born, the price of Bitcoin saw upward growth, skyrocketing over a period, changing the mindset of conventional investors.
Although Bitcoin ended a dull week in the market wrapup, standing at $46,000 as of Friday, the asset has apparently gained strong long-term momentum. It all began with barely a 1$ market price in 2009 which finally went up to $30 in 2011. And it has had a blastoff ever since.
Satoshi Nakamoto, the creator of Bitcoin, released the first whitepaper under the pseudonym. While the date of Whitepaper release is October 2008, industry experts believe that January 3, 2009, is Bitcoin’s mint date.
The first block of the blockchain, known as Genesis Block, was released on January 3, and hence it is considered to be Bitcoin’s birthday. Bitcoin set a foundation for the cryptocurrency market and also for the fundamental developments in the blockchain worldwide.
The first transaction was reportedly done in May 2009. Nakamoto, the founder of Bitcoin, had informed it on the code of the block. Although many tried to decode the message left by the founder, it was finally concluded that the code referred to the transaction done on the block.
Bitcoin has come a long way to establish itself as a peer-to-peer financial system. Although it is banned in China, Bitcoin is now making its way through several monitoring bodies that are being set up in various countries.
2021 was indeed a crucial year for the platform with all-time highs in its price, great hashrate, and several other milestones. In 2022, Bitcoin is likely to go through several regulatory scrutiny from various countries around the world. However, industry insiders believe it to be a phase of the transformation of the digital asset industry.
Today, Bitcoin leads the crypto market, with the largest cryptocurrency having great market value. The platform has grown with the help of market factors such as institutional and retail investments, and so on. It will be interesting to see how Bitcoin continues the legacy it has created as the founding member of the cryptocurrency ecosystem.