Anyone who is interesting in investing in bitcoin surely wants to know about the history of bitcoin and is it going to crash or not? In previous articles, we have discussed in detail about what is bitcoin and we suggest you to have a quick go through for better understanding if you are new. Here, our discussion is going to completely circle around bitcoin history. How bitcoin gain quick success and then why it crashed in 2018.
If you are confused about investing in bitcoin, we suggest you to go through our expert’s advice. So, what does bitcoin crash really mean? It means that according to some of the expert predictions, the value of bitcoin will drop just like the way it kept rising for the past few years.
We all know that in the start, bitcoin equals $0.1 USD and in 1 or 2 years, its value rose like water flows downwards into the river. But keep in mind, since then, it is predicted that the price will fall again but the predictions are proved to be wrong till now.
By the time, more cryptocurrencies were introduced like Litecoin and Ethereum etc. but their fame was not even close to btc. Before we start our core topic “is bitcoin going to crash”. Let’s have a quick look on history of bitcoin crashing.
Bitcoin is a cryptocurrency that is used as an alternate of huge amount of paper money just like gold and silver were used decades ago. Bitcoin started in 2009 but at that time it was in the hands of only few persons like the developer of bitcoin and few others including Satoshi Nakamoto. Hal Finney is known to be the first person and programmer who supported and contributed and made the first transaction of bitcoin.
Bitcoin in 2011:
In 2011, it started proving to be a successful year as bitcoin started gaining attention of the world. Electric Frontier Foundation was the first non-profit company to accept bitcoin. Few months later, more organizations joined this list and by the end of 2011, bitcoin became a well-known cryptocurrency.
Bitcoin in 2012-13:
2012 and 2013 were even more successful for bitcoin as WordPress started accepting btc and it was really an achievement. According to reports from Coinbase, they sold bitcoins of more than $1 million USD at an average of $22 USD per bitcoin and we have talked in our previous article that in the start, cost of 10 bitcoins was $1USD.
Bitcoin in 2014-15:
Where there is electronic money, how can you prevent it from hackers? Millions of bitcoins were stolen in year 2014 and 2015 but then blockchain technology got better. In 2014, when Microsoft started to accept bitcoins for their Xbox Games and other Microsoft products, bitcoin reaches a level where no other crypto currency have reached before. You can see the documentary released in 2014 “The Rise and Rise of bitcoin” which explained every key factor behind this unexpected and unbelievable success of bitcoin. TV series starting to use these phrases like “invest in Bitcoin and become Millionaire”. By the start of 2015, more than 100,000 merchants were accepting bitcoins.
Bitcoin in 2016-17:
In 2016 and 2017, many btc investors faced stealing of their bitcoins through hackers. But thanks to these hackers, right now the system is secure than ever. $80 USD in 2009, $400 USD by 2014 and $3200 USD in 2016. This was how fast the value of one bitcoin increased in the first five six years. In December 2017, Bitcoin reached its all-time highest value of $20,089 USD and then it falls in 2018.
Bitcoin crash in 2018-19:
In 2018, Korea banned the anonymous trading of bitcoins and that’s when the first bitcoin crash happened. And bitcoin started to crash hard for the first time in 9 years. In 2019 till now, the value fluctuates within a margin of $1000-1500 USD monthly and from January 2019 till now, it has a lowest value around $9,000 and highest value around $13,600 USD. Price is kind of stable now in 2019 unlike the hard crash in 2018.
Bitcoin Crash Explained
As we discussed earlier that in 2018, due to Korean restricted anonymous trading of bitcoins and started asking for bitcoins. Bitcoin started to crash as many investors didn’t want to reveal their identity or they still don’t trust bitcoin as a safe currency. Click here to see more interesting facts about why bitcoin started to crash and is it going to crash even harder? Find out now.
We hope that you like our summary and brief history of bitcoin about how it became successful and merchants started to accept it and why it crashed after 9 years due to Korean policy. Comment us below about how much you like our content and share your experience with friends. Make sure you read all other articles about bitcoin. Simply type bitcoin in search box. See our earning section for more interesting business related tips and advices from experts to run your business successfully.