Bitcoin is a digital currency that was created in 2009 by an unknown person using the name Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games. But much of the hype is about getting rich by trading it. The price of bitcoin skyrocketed into the thousands in 2017.
Bitcoin has been around for a little over a decade, and in that time, it has seen some incredible fluctuations in price. In late 2017, the price of one bitcoin reached an all-time high of almost $20,000, up from just a few hundred dollars at the beginning of the year. This represented an increase of more than 1,900% in the space of just 12 months.
The surge in bitcoin’s price was driven by a few different factors. One was the growing interest in cryptocurrencies as an investment opportunity. As more and more people began to hear about bitcoin and other digital currencies, they started to see them as a way to make money quickly.
Another factor was the increasing adoption of blockchain technology. Blockchain is the system that underpins bitcoin and other cryptocurrencies, and it has the potential to revolutionize a wide range of industries. As more businesses and organizations began to explore the possibilities of blockchain, they also started to take a closer look at bitcoin.
Overall, the rise of bitcoin was driven by a combination of factors, including growing interest from investors, increasing adoption of blockchain technology, and a general sense of excitement and hype around the digital currency.
However, it’s worth noting that bitcoin’s rise was not without its challenges. The digital currency is notoriously volatile, and its price can fluctuate wildly in a short period of time. This means that investors who put money into bitcoin need to be prepared for the possibility of significant losses, as well as gains.
In recent years, the price of bitcoin has fallen significantly from its all-time high. However, it remains a popular investment opportunity, and many people continue to see it as a way to make money in the long term.
Overall, the rise of bitcoin was a remarkable phenomenon that captured the attention of investors and the general public alike. While the digital currency’s price has fallen significantly since its all-time high, it remains a fascinating and potentially lucrative investment opportunity for those who are willing to take the risk.