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The Evolution of BITCOIN

In 2018, the Bitcoin or BTC is referred as the strongest currency ever existed. If you are exchanging them in & out frequently, you’re already being considered on top of the league. Why? Because each of it costs over $6,000 as of today. Some people might be thinking what the heck is this Bitcoin thing? It’s been out there for few years now and yet people still babble about it. Well, if you are new to this term, Bitcoin is the world’s first cryptocurrency, a form of electronic cash. It works without a central administration and the transaction occurs from one to user to another user directly. These transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. It all started on August 18, 2008 when a domain name called bitcoin.org was registered. Funny is the fact that Satoshi Nakamoto, the inventor of Bitcoin and miner of the first ever block on the chain, known as the genesis block, is still unknown to the public. Satoshi Nakamoto is the name used by the unknown person or persons who developed bitcoin, authored the bitcoin white paper, created and deployed bitcoin’s original reference implementation. As part of the implementation, they also devised the first blockchain database. In the process they were the first to solve the double-spending problem for digital currency using a peer-to-peer network. They were active in the development of bitcoin up until December 2010.

BTC Value: Inception – Mar 2010 = $ 0.00
Another crazy fact is during the period of Jan 2009 – Mar 2010, cryptography fans were sending bitcoins for hobby purposes representing low or no value. In March 2010, user “SmokeTooMuch” auctioned 10,000 BTC for $50 (cumulatively), but no buyer was found.

BTC Value: March 2010 = $ 0.003
BitcoinMarket.com sparkled the light and became first one to start operations on Mar 17, 2010.

BTC Value: May 2010 = < $ 0.01
Laszlo Hanyecz made the first real-world transaction by buying two pizzas in Jacksonville, Florida for 10,000 BTC on May 22, 2010.

BTC Value: July 2010 = $0.08
In five days, the price grew 900%, rising from $0.008 to $0.08 for 1 bitcoin.

BTC Value: February 2011 – April 2011 = $1.00
Bitcoin takes parity with US dollar.

BTC Value: 8 July 2011 = $31.00
Top of first “bubble”, followed by the first price drop.

BTC Value: Decemeber 2011 = $2.00
Minimum after few months

BTC Value: December 2012 = $13.00
Slowly rising for a year

BTC Value: 11 April 2013 = $266.00
Top of a price rally, during which the value was growing by 5-10% daily.

BTC Value: May 2013 = $130.00
Basically stable, again slowly rising.

BTC Value: June 2013 = $100.00
In June slowly dropping to $70, but rising in July to $110.

BTC Value: November 2013 = $350 – $1,242
From October $150 – $200 in November, rising to $1,242 on 29 November 2013.

BTC Value: December 2013 = $600–$1,000
Price crashed to $600, rebounded to $1,000, crashed again to the $500 range. Stabilized to the ~ $650–$800 range.

BTC Value: January 2014 = $750 – $1,000
Price spiked to $1000 briefly, then settled in the $800 – $900 range for the rest of the month.

BTC Value: February 2014 = $550 – $750
Price fell following the shutdown of Mt. Gox before recovering to the $600 – $700 range.

BTC Value: March 2014 = $450 – $700
Price continued to fall due to a false report regarding bitcoin ban in China and uncertainty over whether the Chinese government would seek to prohibit banks from working with digital currency exchanges.

BTC Value: April 2014 = $340 – $530
The lowest price since the 2012–2013 Cypriot financial crisis had been reached at 3:25 AM on 11 April.

BTC Value: May 2014 = $440 – $630
The downtrend first slow down and then reverse, increasing over 30% in the last days of May.

BTC Value: March 2015 = $200 – $300
Price fell through to early 2015.

BTC Value: November 2015 = $395 – $504
Large spike in value from $225–$250 at the start of October to the 2015 record high of $504.

BTC Value: May – June 2016 = $450 – $750
Large spike in value starting from $450 and reaching a maximum of $750.

BTC Value: July – September 2016 = $600 – $630
Price stabilized in the low $600 range.

BTC Value: October–November 2016 = $600 – $780
As the Chinese Renminbi depreciated against the US Dollar, bitcoin rose to the upper $700s.

BTC Value: January 2017 = $800 – $1,150
Value keeps fluctuating.

BTC Value: 5 – 12 January 2017 = $750 – $920
Price fell 30% in a week, reaching a multi-month low of $750.

BTC Value: 2 – 3 March 2017 = $1,290+
Price broke above the November 2013 high of $1,242 and then traded above $1,290.

BTC Value: April 2017 = $1,210 – $1,250
Stabilized value.

BTC Value: May 2017 = $2,000
Price reached a new high, reaching US$1,402.03 on 1 May 2017, and over US$1,800 on 11 May 2017. On 20 May 2017, the price of one bitcoin passed US$2,000 for the first time.

BTC Value: May–June 2017 = $2,000 – $3,200+
Price reached an all-time high of $3,000 on 12 June and is oscillating around $2,500 since then. As of 6 August 2017, the price is $3,270.

BTC Value: August 2017 = $4,400
On 5 August 2017, the price of one BTC passed US$3,000 for the first time. On 12 August 2017, the price of one BTC passed US$4,000 for the first time. Two days later, the price of one BTC passed US$4,400 for the first time.

BTC Value: September 2017 = $5,000
On 1 September 2017, bitcoin broke US$5,000 for the first time, topping out at US$5,013.91.

BTC Value: 12 September 2017 = $2,900
Price dipped harshly from China’s bitcoin ICO and exchange crackdown (those following improper practices).

BTC Value: 13 October 2017 = $5,600
Price shot back up as the world moves on past the incident following China’s crackdown.

BTC Value: 21 October 2017 = $6,180
Price hit another all-time high as the impending forks draw closer.

BTC Value: 6 November 2017 = $7,300
Stablized value. Nothing special happened.

BTC Value: 17 – 20 November 2017 = $7,600 – 8,100
Briefly topped at USD $8004.59/BTC at 01:14:11 UTC before retreating from highs. At 05:35 UTC on 20 November 2017 it stood at USD$7,988.23/BTC according to CoinDesk. This surge in bitcoin may be related to developments in the 2017 Zimbabwean coup d’état. The market reaction in one bitcoin exchange is alarming as 1 BTC topped nearly US$13,500, just shy of 2 times the value of the International market.

BTC Value: 15 December 2017 = $17,900
Bitcoin price reached $17,900.

BTC Value: 22 December 2017 = $13,800
Bitcoin price loses one third of its value in 24 hours, dropping below $14,000.

BTC Value: 5 February 2018 till date = $6,200 -/+
Bitcoin’s price drops 50 percent in 16 days, falling below $7,000.

What is your experience about Bitcoin? Did you happen to have iconic moments between those times? Leave us a comment below.

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