Today at Bitunivex, we will dive deep into the past, present, and future of the first and the most prominent cryptocurrency in history, i.e., Bitcoin. So, keep reading to find out what is all the fuss about and what is the price of bitcoin right now.
What Is Bitcoin (BTC)?
Bitcoin is a decentralized cryptocurrency first defined by a person or group of persons using the identity Satoshi Nakamoto in a whitepaper published in 2008. It was released in January 2009, only a few months later.
Bitcoin is peer-to-peer internet money, which means that all transactions occur between equal, independent network users without the need for a mediator to allow or facilitate them. According to Nakamoto, Bitcoin was intended to facilitate direct internet payments from one party to another without going via a financial institution.
Although there have been some ideas for a similar form of decentralized electronic money before Bitcoin, it is the first cryptocurrency to be used in the real world.
How does Bitcoin work?
As Bitcoin’s popularity has increased, more people are likely to be curious about how it works. Bitcoin is a decentralized cryptocurrency that runs on its own blockchain (the Bitcoin blockchain), protected and maintained by a significant worldwide network of users. It’s a global asset that can be exchanged and transferred in small increments. Unlike the US dollar, Bitcoin’s 21 million maximum coin supply is protected by its open-source code, making the currency rare and deflationary.
Bitcoin’s price has risen dramatically over the years, often in tandem with the US dollar. Owners of Bitcoin may keep it and use it anywhere in the world, with no restrictions on how long they can do so.
BTC has also attracted substantial media attention over time, owing to celebrity endorsements such as Elon Musk and adoption by corporations such as PayPal.
Bitcoin: roots and history
Satoshi Nakamoto is the alias for Bitcoin’s original creator. The exact identity of the individual (or organization) behind the pseudonym is unknown as of 2021.
Nakamoto published Bitcoin’s whitepaper on October 31, 2008, which detailed how peer-to-peer, online money may be developed. They advocated using a decentralized ledger of transactions bundled in batches (named “blocks”) and safeguarded by cryptographic techniques—the entire system would be termed “blockchain” later on.
Nakamoto mined the first block on the Bitcoin network, known as the genesis block, just two months later, on January 3, 2009, introducing the world’s first cryptocurrency.
Back in 2009, the price of bitcoin was $0, and the majority of Bitcoins were obtained by mining, which needed just modestly powered machines (e.g., PCs) and mining software. On May 22, 2010, programmer Laszlo Hanyecz exchanged 10,000 Bitcoins for two pizzas in the first documented Bitcoin commercial transaction. Those pizzas would be worth $478 million at today’s Bitcoin price in mid-September 2021. “Bitcoin Pizza Day” is the new name for this event. Bitcoin originally began trading in July 2010, with prices ranging from $0.0008 to $0.08 at the time.
Contributors to Bitcoin’s source code
Even though Nakamoto was the creator of Bitcoin and the author of its first implementation, he gave the network alert key and management of the code repository to Gavin Andresen. The latter eventually became the Bitcoin Foundation’s chief developer. Many individuals have helped improve the cryptocurrency’s software throughout the years by correcting bugs and providing new features.
Wladimir J. van der Laan, Marco Falke, Pieter Wuille, Gavin Andresen, Jonas Schnelli, and others are among the more than 750 contributors to Bitcoin’s source code repository on GitHub.
Ok! Now you know what happened and how Bitcoin came into existence. It is time to get into the real discussion now and find out Bitcoin’s price history. However, if you want to start trading BTC on Bitunivex right away, you only need to click here.
Bitcoin’s price history
After the 2008 financial meltdown, Satoshi Nakamoto, the secretive Bitcoin creator(s), developed it as a daily transaction medium and a mechanism to sidestep established banking infrastructure.
Since then, cryptocurrency has grown in popularity as a method of exchange, attracting traders who wager on price fluctuations. It has also evolved into a new investment—a mechanism to hold money and protect against inflation; Bitcoin also has investments tied to its price.
However, Bitcoin’s price has recently shifted. As the cryptocurrency markets mature, institutional investors are beginning to enter, and regulatory authorities are developing regulations expressly for them. Although Bitcoin’s price fluctuates, it is now considered a component of the mainstream economy rather than a tool for speculators looking for fast profits.
What happened till 2015?
When Bitcoin was first released in 2009, it had no value. Its price increased to $.09 on July 17, 2010. On April 13, 2011, Bitcoin’s price surged again, from $1 to $29.60 by June 7, 2011, a gain of 2,960 per cent in three months. Following that, cryptocurrency markets had a dramatic downturn, with Bitcoin’s price bottoming out around $2.05 by mid-November. Its price grew from $4.85 on May 9 to $13.50 by August 15 the following year.
2012 was a relatively quiet year for Bitcoin, while 2013 saw significant price increases. It started the year at $13.28 and hit $230 on April 8; it then saw an equally quick deceleration, dropping to $68.50 a few weeks later on July 4.
Bitcoin was selling at $123.00 in early October; by December, it had risen to $1,237.55 before plummeting to $687.02 three days later. Bitcoin’s value plummeted throughout 2014, reaching $315.21 at the start of 2015.
Bitcoin: 2016 to 2019
Prices gradually increased throughout 2016, eventually reaching over $900 by the end of the year. Bitcoin’s price stayed around $1,000 throughout 2017 until mid-May, when it crossed $2,000 and then soared to $19,345.49 on December 15. Other companies began inventing cryptocurrencies to compete with Bitcoin once mainstream investors, governments, economists, and scientists took notice.
The bitcoin price remained flat for the following two years, with sporadic spurts of activity.
In June 2019, for example, there was a revival in price and trade volume, with prices above $10,000. By mid-December, though, it had dropped to $6,635.84.
Bitcoin and the pandemic: what happened since 2020
When the economy collapsed in 2020 owing to the COIVD-19 epidemic, Bitcoin’s price exploded once more. The price of bitcoin was $6,965.72 at the start of the year. The pandemic closure and following government policy exacerbated investors’ concerns about the global economy, speeding up Bitcoin’s growth. Bitcoin was selling for $19,157.16 at the close of business on November 23. In December 2020, the price of bitcoin was just under $29,000, up 416 percent from the start of the year.
What happened in 2021
Bitcoin broke its 2020 price record in less than a month in 2021, hitting $40,000 on January 7, 2021. By mid-April, Bitcoin prices reached new all-time highs of over $60,000.
Bitcoin’s price rose even higher as a result of institutional interest, reaching a high of over $63,000 on April 12, 2021.
Prices dropped by half by the summer of 2021, with the lowest being $29,795.55 on July 19. In September, the market enjoyed another bull run, with prices reaching $52,693.32 before plummeting to $40,709.59 two weeks later.
Bitcoin hit an all-time high of $68,990.90.16 on November 10, 2021. Bitcoin plummeted to $49,243.39 in early December 2021 before fluctuating further as investors were concerned about inflation and the advent of a new variation of COVID-19, Omicron.
How much is one Bitcoin today?
Bitcoin’s current value fluctuates continuously throughout the day. It’s a worldwide resource. BTC has surged in price by thousands of per cent from its low point of under one penny per coin to the figures shown above. All cryptocurrencies’ values are incredibly volatile, which means that anyone’s perception of how much Bitcoin is worth might alter by the minute. However, there are occasions when various nations and exchanges display different values, making it difficult to determine how much Bitcoin is based on one’s location. However, if you want to buy Bitcoin at the best price, Bitunivex is the best option. Click here to start trading Bitcoin on Bitunivex right now.
What Determines Bitcoin’s Price
Bitcoin prices are determined by factors such as the supply of Bitcoin and the demand for it on the market; the price of generating a bitcoin via the mining process; Bitcoin miners are compensated for confirming transactions on the blockchain; the number of cryptocurrencies in competition. Regulations that control the sale and use of Bitcoin; its internal governance status; and news developments are other factors influencing Bitcoin.
Bitcoin is still a fledgling asset class, even though it has been around for more than a decade. A complicated set of factors such as manufacturing costs, competition, and regulatory changes govern the price of bitcoin. Other variables, including the difficulty levels of the cryptocurrency’s algorithms and forks on its blockchains, can also decide its price due to the cryptocurrency’s technological underpinnings.
Need more details? Keep reading!
Like those of other currencies, products, or services within a country or economy, Bitcoin and other cryptocurrency values are determined by perceived value and supply and demand. People will pay a certain amount for Bitcoin if they feel it is worth that much, especially if they believe it will rise in value.
There will only ever be 21 million Bitcoins generated by design. As long as demand remains constant or grows, the closer Bitcoin comes to its limit, the higher its price will be.
Bitcoins are generated at a set pace by mining software and hardware. This rate splits in half every four years, reducing the number of coins produced.
Another aspect influencing Bitcoin’s price is supply and demand; Bitcoin has also evolved into a tool that investors and financial institutions use to hold and produce wealth. Brokers, investors, and traders create and trade derivatives to further affect Bitcoin’s price. Because demand rises and falls with investor moods, speculators, investment product hype, irrational exuberance, or investor panic and terror may all impact Bitcoin’s price.
Bitcoin’s price may also be affected by the price of other cryptocurrencies. There are a growing number of cryptocurrencies as regulators, institutions, and merchants resolve concerns and recognize them as valid means of payment and currency.
How does Bitcoin have value?
Some determining factors determine the value of Bitcoin. One of these factors is a coin supply that is fixed and predictable. Unlike fiat currency (government-backed money), no elected or unelected authority may produce more Bitcoin on the fly or in the billions. Only 21 million Bitcoins will ever exist.
Moreover, unlike the conventional currency, Bitcoin is based on open-source code and is completely visible worldwide. Anyone may check the total Bitcoin supply and its underlying code, as well as the balances of each account on the global ledger, at any moment.
Furthermore, Bitcoin is protected by cutting-edge cryptography technology and is supported by massive quantities of electricity. To break Bitcoin’s primary encryption, an individual or group would need unimaginable quantities of energy, sophisticated computers, and space. Bitcoin is the world’s most secure computer network.
Finally, the Bitcoin network may be accessed by anybody, anywhere, unlike traditional bank accounts. Bitcoin is a censorship-resistant, worldwide network for exchanging value.
This cryptocurrency will have value as long as the features mentioned above are valuable to people worldwide.
Bitcoin: A prediction
Demand for Bitcoin’s cryptocurrency is expected to rise as it approaches its maximum limit. The price of a single bitcoin is rising due to greater demand and limited supply. Furthermore, more institutions are investing in Bitcoin, stabilizing its markets and promoting it as a viable investment option. The utility and price of bitcoin cryptocurrency will rise as it becomes more used as a tool for retail transactions.
Moreover, Bitcoin’s bitcoin supply has decreased since its inception in 2009. The cryptocurrency goes through a halving event every four years, during which miner earnings reduce by half on average. Due to news media attention and price volatility, a decrease in supply correlates to an increase in demand. Bitcoin prices have risen due to a combination of falling supply and increased demand.
Bitcoin and Bitunivex: They rhyme!
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Is Bitcoin real and safe?
Considering that Bitcoin is secured with the SHA-256 algorithm, which belongs to the SHA-2 family of hashing algorithms, we can say Bitcoin is very safe. Plus, BTC is the first cryptocurrency ever, and it is being traded almost by all crypto traders, so, yes, BTC is very real to invest in. So, click here to start trading BTC now.
Can I cash out Bitcoin anytime?
The answer is YES! We provide instant cash-outs at Bitunivex. All you have to do is submit a request, and we will respond in a matter of minutes. PayID allows you to cash out your BTC immediately. If you prefer a bank deposit, Bitunivex may accommodate your request. Depending on the destination bank, it will take 1-3 business days; however, we will make sure your assets get to you safely and securely.