In 2009, when the Bitcoin network was fully launched, a very limited circle of people knew about it. These were mainly programmers interested in learning blockchain technology, so the cryptocurrency as a means of payment or an asset did not interest them. In this regard, the demand for bitcoin was extremely small, and it could be mined even on the weakest computer. These factors led to the fact that the price of one BTC at that time was about $ 0.001.
With each subsequent year, the price of the first cryptocurrency grew, even though there were obstacles in its path. For example, in 2011, MtGox, the largest stock exchange at that time, was hacked, which resulted in a 93% drop in BTC. However, the market still feels the consequences of this hacking. After that, Bitcoin experienced several major ups and downs several times.
In 2013, various states began to pay attention to Bitcoin for the first time. It was then that the government realized that the existence of a free and independent currency was not profitable for them, and began to try to limit Bitcoin. China has banned financial institutions from working with cryptocurrency, after that Norway took a similar step. Then BTC fell from $ 1,045 to $ 657 in just 16 days, but rather quickly began to recover.
2014 was one of the most difficult years for Bitcoin. Exchange MtGox was hacking again. This time, 850,000 BTC was stolen. Panic on the market lasted for almost a year, and Bitcoin fell to $ 211.
By the beginning of 2016, the price of bitcoin rose to $ 430. This was still more than two times less than the maximum in December 2013, but the cryptocurrency community was already on the verge of events that would change the world forever. For 2016, Bitcoin has grown 2 times, but 2017 was really explosive.
Then we learned absolutely everything about Bitcoin: its price increased from almost $ 972 in 12 months to almost $ 20,000. The incredible success of BTC has also led to the rise of a huge number of altcoins. As a result, the total capitalization of the cryptocurrency market exceeded $ 800 billion. The euphoria did not last long: the market moved to the stage of a protracted fall.
Now, exactly 10 years after the advent of Bitcoin, its price is $ 6,300. For those who bought it for $ 20,000, the situation seems deplorable, but it is worth remembering that in 2009 BTC was worth $ 0.001.
How bitcoin changed the world in 10 years
From an interesting technological point of view experiment, Bitcoin has evolved into a full-fledged means of payment used throughout the world. Its role is not less popular as an investment asset: many still believe that the new heights are not far off and take advantage of the recession to replenish their portfolios.
For 10 years, Bitcoin has forced the world's largest banks to fear that people will simply abandon their outdated services. The authorities of various countries also felt the power of Bitcoin: thanks to him, people could exchange value around the world, avoiding state control. That is why regulators are now trying hard to take control of cryptocurrencies, but they will never be able to do this 100%.
The main achievement of Bitcoin is that it opened people's eyes: to exchange value, no intermediaries, banks and governments are needed. All that is needed is the people themselves and access to the Internet. However, one decade was not enough for the whole world to understand it, so the Bitcoin mission cannot be considered as closely completed.
The future of bitcoin
When in 2009, enthusiasts mined bitcoins on their old laptops, they had no idea about the future of the first cryptocurrency in history. 10 years have passed, and we can say with confidence: we also have no idea what bitcoin is waiting for further. One thing is certain: cryptocurrencies are at such a high level that in the near future they simply cannot physically disappear and cease to influence our world. Despite the long decline, the community still believes in a bright future and continues to take an active part in the development of Bitcoin.
According to the most optimistic forecasts, Bitcoin should expand its scope of use as a means of payment. This will entail not only its popularity, but also an increase in value. Also, the entire Bitcoin community is waiting for institutional investors to come to the market: their capital will also allow BTC to take a new level. Both of these scenarios have not yet been fully disclosed, so Bitcoin has a huge space for development in its reserve. This tells us that we are only at the beginning of the journey of Bitcoin, and in the near future it can open up a completely new, freer world for us.