Bitcoin is a form of digital online currency, also known as cryptocurrency. Developed by an anonymous person/group who use the name Satoshi Nakamoto, there was only ever 21 million coins made, with 11 million of them currently in circulation. No one knows anything specific about Satoshi Nakamoto, but what people do know is that no more Bitcoins will ever be made; once all 21 million are in circulation, that’s it.
The Bitcoin currency was introduced to the world in 2009, and since then, the growth of the currency has had it’s fair shares of ups and downs, fluctuating in the same way any other currency would. The following year after its initial development was a little quiet for Bitcoin, with the most exciting part of the year being a bug that generated a transaction of 184 billion bitcoins- something that was quickly rectified. However, by 2011, the second year of Bitcoins life, things were really starting to take off.
2011 saw several organizations begin to accept Bitcoin as a method of payment, and also the release of Bitcoin Magazine, the first publication dedicated solely to the cryptocurrency. By 2012, a book titled ‘Bitcoin for Dummies’ had been published, and the cryptocurrency was featuring in pop culture, making an appearance in CNBC’s Mad Money and an episode of The Good Wife on CBS.
2013 was an even bigger year for Bitcoin. The year started relatively poorly, with the exchange rate dropping to the lowest it had ever been since its creation. However, this lapse was only temporary, and after a couple of tough months, more and more businesses were choosing to accept Bitcoin as a method of payment. In fact, by the end of 2013, some Universities were even accepting Bitcoin as a way to pay for tuition.
Since then, things have only gone up for the cryptocurrency. It’s value on the stock market doubled and then doubled again, more retailers than ever before began to accept Bitcoin as a currency, including Microsoft, and more people than ever before are investing, mining and spending Bitcoins.
Whoever Satoshi Nakamoto is/are/was/were will be a very happy and prosperous person/people right now! Bitcoin is one of the most profitable industries of the 21st century, and it seems set to only get better and better from here on in.