Bitcoin can be traded directly without an intermediate, The miners keep racing to solve puzzles that allowed the transactions through the bitcoin blockchain, and the bitcoin rewards the miners with coins.
“This is how new coins are created”
Okoro
blockchain is a decentralized unit that records every transaction made by the platform, decentralized means no one can control or track the blocks blockchain is like Facebook everyone can read and post.
But with the progress of time and the development of Bitcoin, mining becomes more difficult and poses a challenge to miners, and its rewards become less, as the person who mined used to mine a full piece of Bitcoin, but at the present time mining requires advanced and many devices to get a full currency.
It was founded in 2009 by an unknown person named 'Satoshi', Who also holds a million bitcoin which makes him impact the price of the coin.
Satoshi Nakamoto is the reference name of the Anonymous founder of the Bitcoin, Nakamoto stated that the coding process of bitcoin started in 2007, And in 2008 he launched the domain bitcoin.org and published the whitepaper for Bitcoin.
Satoshi never published personal information about him except that he claims that he is 37 years Japanese male, some investigators Saied that his native-English level makes it impossible to be a Japanese.
From 2009 to this day Bitcoin became one of the most controversial topics, some countries like China have banned bitcoin completely, While some countries were satisfied with a partial ban and some countries have fully adopted the currency and legalized it.
After the establishment of Bitcoin in 2009, other currencies appeared, and until mid-2011 there were only three coins Bitcoin, Ethereum, and XRP, Then was followed by the emergence of thousands of new currencies, bringing the number at the present time to about 18 thousand currencies.
It is noteworthy that the beginning of Bitcoin witnessed a lot of controversies, especially after its spread in illegal activities such as money laundering and terrorist financing, which made fighting it an obligation for every country that wants to preserve its stability.
In 2018, after Bitcoin gained huge popularity, trading platforms appeared in an attempt to regulate digital currencies and hide fraudulent and illegal currencies, and this was the watershed period in the history of Bitcoin with the beginning of Bitcoin legislation.
Trading platforms have made it easy to buy and sell digital currencies and add a character and legal interface to digital currencies by filtering bad and fraudulent currencies, setting market standards, and regulating the flow of money into currencies, in addition to becoming the most important factor that allowed the spread of Bitcoin.
The role of these platforms did not end at this point. Rather, they became part of their profits for society and charitable work in an attempt to erase the old and bad history of digital currencies and provide their societal commitments intensively. Making digital currencies look good in the eyes of governments
There is nearly 600 exchange platforms to facilitate crypto trading, on the top of these platforms are:
- Binance
- Coinbase
- Kraken
- Crypto.com
- Gemini
- KuCoin
Then the year 2020 comes to witness the world’s largest rise of a financial asset, as the price of Bitcoin rose from $ 3000 to $ 65,000 so Bitcoin invaded all countries and became the leader in social media and news.
The year 2021 also witnessed a significant rise in the cryptocurrency market, with the market cap approaching the $3 trillion barrier, becoming far from 2 trillion from the forex market cap, with expectations that it will exceed it and compete with gold, which has a market cap of $11 trillion.
In the same year, the digital world also witnessed the adoption of Bitcoin completely and legally by the State of El Salvador, with many countries following it in adopting it to face the inflation of its economy.
Gold is currently competing with Bitcoin, where gold was the only safe haven for investors in the event of market fluctuations, but now Bitcoin is competing with it for this title, and the war between investors in both markets is not without offensive statements against each other.
Bitcoin recently witnessed a qualitative leap as it was adopted by economic giants such as PayPal and Meta, and also witnessed the entry of the world’s richest people into the currency market such as Elon Musk and Bezos.
With the high demand for Bitcoin, a great development occurred on the networks, where currencies and companies appeared that offer faster, more private transactions and less commission than Bitcoin, but Bitcoin is still the leader in terms of price and market cap.
The Price History of Bitcoin has witnessed a great up and downs over the past few years, In 2021 The price of Bitcoin has reached 65,000$ and Then it collapsed to $28,000 in July 2021, after This collapse the Coin started to rise again to reach ATH (All-Time High) of 69,000$, and Now the price of Bitcoin is 30,000$ with expectations to reach 24,000$.
According to PlanB One of the most famous and important financial analysts of Bitcoin, He is expecting the Bitcoin price to reach 1,000,000$ at the end of 2029, PlanB has a good history with expecting the BTC price movement.
Whether you are a supporter or opponent of Bitcoin and digital currencies, the technological leap that it has achieved in the field of financial transactions cannot be denied. It cannot also be denied that it has won very huge popularity and has become a source of income for millions of people around the world at the present time. As for the future of Bitcoin, it is unknown in light of the war between Adopt and ban
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