From around 2010 the world news channels exploded with a new hype known as Bitcoin. This cryptocurrency was the first of its kind and still leads the way, considering that as of February 2010 Bitcoin was valued around $9,600 per Bitcoin and it’s the nearest competitor was just under $600 US. A cryptocurrency is a decentralized digital currency, one that does not belong to any country, with no central bank or single administrator. On the Bitcoin peer-to-peer network, this currency can easily and safely be transferred between users and every transaction is verified along with network nodes through cryptography and logged in a book of accounts known as a blockchain which is publicly distributed. So while the transactions are recorded, the users remain completely anonymous.
What Happened To Bitcoin
The Name Behind The Digital Currency Revolution
The person or group, under the pseudonym of Satoshi Nakamoto, created Bitcoin in 2008. In 2009 the Genesis Block, the name of the first blockchain, was mined and by mid-January ‘09, the first receiver got ten bitcoins for their contributions. Naturally, others soon followed suit and the e-phenomenon was well on its way by 2010 when the first commercial transaction took place at a Papa Joe’s Pizza Parlour and ₿10,000 was paid in exchange for two pizzas. The accepted Unicode character and recognized logo for Bitcoin is this “₿” and should not be confused for the “฿ “ of the Thai Baht.
It shouldn’t be any surprise that a majority of the first Bitcoin users emerged from the “back alleys” of the internet, simply because of the anonymity the currency provided. The now well known Silk Road was one of these domains and they transacted over 9.9 million in Bitcoin, valued at the time at over $200 million. The volatility of cryptocurrency is a pain for economists and it’s easy to see why when in 2011 the price per Bitcoin was 30 cents US and by June it was at $31.50, within a month the price fell to $11.00, $7.80 and the next month $4.77 a month later. From the 2014 prices were at $770.00 per Bitcoin and in December 2017 reached an all-time high of $19783.06. Even though the fluctuations are absolutely crazy and the risks are unavoidable, the future of finance has definitely been changed by these events, and while some countries have banned the use of these currencies, Bitcoin and it’s fellow cryptocurrencies are, by the look of things, here to stay.
A Currency That Appeals To Millenials
One of the biggest reasons these alternative modern currencies are bound to stay is merely the ever-increasing popularity of the technology. As the popularity is one of the factors that establish Bitcoin value, investors are able to rely on the millennial lobe for alternative investments. When considering that the younger generation feels significantly uncertain regarding the stock market and other traditional investments, we can expect the value of digital currencies such as Bitcoin to continue rising, despite the extreme volatility.
A Currency That Appeals To Millenials
