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When you hear the word cryptocurrencies, Bitcoin is probably the first thing that comes to mind. BTC was the first of its kind – and is therefore considered the mother of all cryptocurrencies. However, the turbulence of recent months and last year has not left the base untouched – and Bitcoin is currently
A little trip into the past – the history of bitcoin
The history of Bitcoin began in 2008. At that time, a white paper appeared on the Internet that described a digital currency – decentralized and independent of banks. The reason for this was the global financial crisis that occurred after the bursting of the property bubble in the USA in 2007. Some may remember the bank Lehmann Brothers, which went bankrupt at the time, or the scrappage bonus which was created to get the struggling car manufacturers back on track. The white paper was written by Satoshi Nakamoto. To this day, no one knows who is behind the alias. In 2009 the time had come and the first bitcoin saw the light of the blockchain. On December 31, 2009, one BTC was trading at $0.08. Investors from the beginning can still look forward to a huge profit.
At the end of 2010, BTC cost 0.25 US dollars. Bitcoin made the biggest jump in price of over 5,000% in 2013 from USD 13.60 to USD 745.30. This was mainly due to the fact that Bitcoin was slowly becoming better known. For a long time, the digital currency was considered a gimmick for computer freaks and nerds. But that was around 2021 at the latest. In November 2021, Bitcoin reached an all-time high of $68,000. The big crash happened in May 2022 when Terra/Luna collided. The price of Bitcoin also fell – to about 28,000 US dollars – and that was not enough. In June 2022, the “mother of all cryptocurrencies” even fell to around 19,000 US dollars. Just when you thought the situation had calmed down to some extent, the crypto exchange FTX went bankrupt in November – and Bitcoin rushed to about 15,000 US dollars.
The future of bitcoin
From a technical point of view, Bitcoin has been broken for a long time. In addition, the coin has limited utility. The BTC was created only as a payment method, but the possibilities in this regard are, to put it mildly, quite manageable. In addition, bitcoin has a very bad reputation in terms of energy consumption. The blockchain still uses the proof-of-work consensus mechanism to verify transactions. To do this, the miners have to solve complex algorithmic calculations. Whoever succeeds first can confirm the transaction and add a new block to the blockchain. The reward for this is Bitcoin. Of course, the miners do not solve these arithmetic tasks with the help of pocket calculators and pen on a piece of paper, but with the help of high-performance computers with the corresponding power consumption. Meanwhile, an entire industry developed around something called mining. To put it mildly, their data centers are mainly in countries that do not have accurate information about climate neutral energy production.
Bitcoin’s major competitor Ethereum recognized the problem and switched to the energy-saving Proof-of-Stake consensus mechanism in September 2022. It is doubtful that this will ever happen with Bitcoin – as is the question will BTC have other applications.
Bitcoin price forecast – new all-time high ahead?
It is now more like looking into the famous crystal ball making a reliable forecast. Since the bankruptcy of Silicon Valley Bank and the turmoil at Credit Suisse, there has been a huge increase in highly volatile investments, including cryptocurrencies and Bitcoin in particular. BTC is currently scratching the $28,000 mark – and it looks like the base could break through. This is being encouraged by the measures currently taken by the central banks. In addition, the number of transactions is well above the annual average. So the signs are bullish. However, it remains to be seen if and when Bitcoin can rise to its old size and even reach new all-time highs. The Terra/Luna crash in particular showed that the trend can develop very quickly in the opposite direction, where Bitcoin was mercilessly dragged into the downward spiral. Just like the bankruptcy of the crypto exchange FTX, where BTC also had to lose a lot of feathers. At the moment, however, the signs point to a price rise. In the last seven days it was around 7%. Bitcoin has risen from around $19,000 to just under $27,000 since the beginning of March. If the trend continues, a new all-time high is definitely in the cards.
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Last updated on March 21, 2023
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