Satoshi Nakamoto and Martti Malmi were the ones who introduced Bitcoin. It was introduced in the year 2009. Bitcoin was entitled to be an electronic cash system. It is the most popular form of cryptocurrency. Nakamoto and his entire team researched on this concept and introduced different versions of Bitcoin via Email threads. A “Peer-to-peer electronic cash system” was a paper introduced by the team of Nakamoto in the year 2008. This paper had the entire description of the working of Bitcoin. This Paper also consisted of the principles of Bitcoin. Bitcoin is a new form of currency and the payment can be done via electronic media. The online payment from one party to another party can be easily transferred without getting verified through a financial institution.
The digital signatures are always for a rescue. We provide a solution for double-spending by making the transaction using a peer-to-peer network. No central authority governs the Bitcoin network. The transactions are done on Bitcoin to eliminate the middleman. Because it is an electronic cash system it is stored electronically. It has many properties that make it distinct from the traditional Fiat currencies.
There is no physical existence of Bitcoin. Instead, it is mined by people independently who have the resources to do so. The maintenance and storage of Bitcoin are done by using cryptographic keys. This is the reason why Bitcoin is called cryptocurrency. Blockchain is a distributed ledger technology that records every transaction of Bitcoin on the network. The price of Bitcoin is ever-changing since history. Many factors affect the price of Bitcoin. These factors were never clearly defined by anyone ever.
Price History Of Bitcoin:
In the year 2011, the initial price of Bitcoin was $0.30. The Electronic Frontier Foundation which is a non-profit Digital Rights International organization accepted Bitcoin from the year 2011. The Foundation of Bitcoin was well built with more than a thousand merchants who accepted it as a payment service. The price of Bitcoin increased to $22 in the year 2013. From the year 2015 to 2016 the cryptocurrency exchanges were hacked and resulted in a disaster for Bitcoins. There is an exponential increase in the acceptance of payment in the form of Bitcoins from the year 2017-2018. There was an increase in bitcoin price for around $20,000 in the year 2017. The increase in transactions caused an increase in the price. An exceptional rise of Bitcoin transactions have increased in these years.