The early history of Bitcoin in the hundreds of millions

    Hello Luna see you again. Welcome to this article about money. I would like to talk about a common topic about the most popular cryptocurrency which is Bitcoin. The price of Bitcoin has gone crazy in the last decade. When Bitcoin first went into circulation, the price of Bitcoin did not reach 100 rupiah, but it looked really cheap and worthless. However, over time, the price of Bitcoin continued to rise from tens of rupiahs to hundreds of rupiahs, then again to thousands of rupiahs, reaching millions of rupiahs on December 16, 2017. peaked.

The early history of Bitcoin in the hundreds of millions

    Imagine 1 bitcoin reaching a price of 260 crore rupees. , People who bought and stored bitcoin must have become millionaires, and even millionaires, but on the other hand, many people went bankrupt because of bitcoin, and in most cases, people who went bankrupt It was the person who bought bitcoin when the price fell. They were tempted by the rising Bitcoin price, so it was very high.

    Great, they just speculate that the price will continue to rise, but they don't understand what Bitcoin is. So far it's been bad. Lots of people still talk about Bitcoin, but very rarely about its rise and fall. Some people have a good understanding of cryptocurrencies in general and bitcoin in particular due to its high price, so I won't discuss bitcoin price fluctuations in this article, but what about the history of bitcoin? What is the actual purpose of creating Bitcoin? What is it for? What are the pros and cons?

    Well, before we begin, let me first remind you that anyone interested in topics related to the world of finance, economics and investing should subscribe to this article to receive the best content from us. Let's start with the history of cryptocurrencies. What is Bitcoin cryptocurrency?

    As the name suggests, cryptocurrency is a form of digital savings where the transfer process uses cryptography or a secret code to circulate the cryptocurrency. This cryptocurrency is not controlled by institutions such as central banks or specific corporations, but by decentralized distributed servers.

    What are you actually doing cryptocurrency for? Is there anything wrong with traditional digital money systems? The early founders of cryptocurrencies believed that the circulation of money in the economy did not require third parties to act as intermediaries, such as banks or companies offering digital wallets. There was an idea that everyone had to run independently, rather than having the issuing process monopolized by a single institution like a bank. This is because when there is a third party acting as an intermediary in the process of economic transactions, the circulation and distribution of money is strictly monitored by interest rates, and the process of issuing money is monopolized by the central bank.

    There is also a fee for storage services and transfer transactions. It's very expensive in banks, but this cryptocurrency is out there, using a system that no one can control, offering a solution for everyone to carry out economic transactions on their own, but all transactions It has a network that can be automatically documented. We need an agency to manage it.

    Wow, that idea is really interesting. In fact, the original idea for this cryptocurrency has been around since 1998. However, at that time, technically, it was not possible to implement this system. Duplicate as much digital money as possible, or? This problem was finally solved in 2008 by a very mysterious person, aka Satoshi Nakamoto, using blockchain technology.

    In January 2009, the first cryptocurrency concept using blockchain technology was announced and named Bitcoin. Bitcoin can be said to be the first cryptocurrency successfully created. So, will Bitcoin be distributed to many people, and can anyone do business with Bitcoin? First, Bitcoin requires a network, and this network can be centralized on one server. cannot be managed by one company or controlled by anyone. Why can no one control Bitcoin?

    How can we do that, because once Bitcoin is controlled by one party, it becomes the same as today's digital currencies controlled by a central bank or the servers of certain companies? Turning many home computers around the world into servers to store, record and verify all Bitcoin transaction data. Bitcoin's early initiators such as Satoshi, Hal Finney, and Gavin started popularizing the concept by persuading their friends.Friends, how to turn a computer into a Bitcoin server? The computer was tasked with solving the math code on the blockchain network. This network is called the blockchain because it confirms the bitcoin transfer process around the world, and the people running the computers are often called bitcoin miners or bitcoin miners, a distributed network of servers. or you can do bitcoin transactions independently without a blockchain. Through an intermediary bank or a specific company.

    That's the functional selling point of Bitcoin itself, for example, if you want to transfer money from Indonesia to another country, you can send it through a specific bank or financial institution and pay the processing fee for that transfer. Both sender and recipient financial institutions must be present in their respective geographic locations using cryptocurrencies, not to mention hours or business days, and anyone can be sent from anywhere in the world in just a few You can send money in minutes. An intermediary is necessary because it is the blockchain network scattered around the world that verifies the transmission.

    In this table you can see the difference between cryptocurrencies and other traditional digital currencies. Related to cryptocurrencies, especially early-stage bitcoin, bitcoin was once popular as a dark web currency for the trading of illicit goods and donations to WikiLeaks, a vehicle for disseminating classified government information. Satoshi once said in a forum encryption that he has not disappeared for good, and until now no one knows his identity. Apart from that, bitcoin usage has continued to grow tremendously since his March 2010, when bitcoinmarket.com was launched as the world's first bitcoin exchange. He asked a forum member to buy him two boxes of pizza, to whom he paid 10,000 bitcoins. One bitcoin in circulation was 50 IDR for him and two boxes of pizza cost 500,000 rupees, but when this product was created, 10,000 bitcoins were worth 1.3 trillion rupiah.

    Imagine, the boom withinside the rate of Bitcoin because it become first circulated is already hundreds of thousands of percent, perhaps you're curious, what's it that makes the rate of Bitcoin move up? very? consistent with monetary law, the boom withinside the rate of an entity is continually resulting from the primary things, the quantity of call for for the entity, secondly, the restrictions or shortage of the entity in phrases of shortage, Satoshi Nakamoto and the early Bitcoin programmers confined the quantity of Bitcoin to a most of 21 million Bitcoin gadgets and that amount will best be reached in 2140 so in a way, the quantity of Bitcoin is confined and no person can produce greater than that amount. To 12 months you furthermore mght want to know, one in every of Bitcoin's weaknesses is its very competitive fluctuation in value.

    Just imagine, after Bitcoin touched its maximum rate in June 2011, at 30 bucks the rate fell 93%, till it touched 2 bucks in December 2011 and so did while Bitcoin hits the rate of 1200 greenback in November 2013 the rate fell 83% to two hundred bucks in March 2015 and while the Bitcoin rate touched its report excessive at 19,000 bucks on the quit of 2017 the rate had fallen 84% to 3,000 bucks in December 2018 so, aside from many candy stories what we listen from Bitcoin buyers and miners, it is now no longer unusual for us to listen awful information from many humans who've suffered extreme losses or even long gone bankrupt due to speculating while shopping for and promoting cryptocurrencies.

    Because of those excessive fee fluctuations, it is now no longer unusual for capital marketplace gamers and foreign exchange buyers round the sector take part in cryptocurrency buying and selling to get advantages withinside the shape of capital profits in Asia itself, Bitcoin has the reputation of a virtual asset commodity that may be traded however has now no longer been diagnosed as a criminal gentle till now, there are already many structures that may be used to shop for and promote Bitcoin in Asia the usage of forex R supply the question, what's the destiny of Bitcoin or different cryptocurrencies which includes Ethereum, Bitcoin Cash, Litecoin, and others?

    We will by no means realize what is going to appear withinside the destiny to what quantity this cryptocurrency may be ordinary via way of means of the general public and its use may be greater lively or instead, cryptocurrency is handiest confined to virtual commodities which are traded and the fee will retain to differ primarily based totally on hypothesis by myself Satoshi himself I've stated I'm positive that during 20 years, there'll both be very huge transaction quantity or no quantity. So, while you watch this text withinside the destiny, how lots will Bitcoin be at that time? write withinside the remarks column yes.

    Can Bitcoin beat the all-time high of IDR 260 million? Or, even if the price drops, is it no longer worth it? So much for this discussion of cryptocurrencies, and Bitcoin in particular. If you're interested in topics related to the world of finance, economics and investing, subscribe to this article to get the best content for people below. Please use the blog positively. Don't forget to follow the blog too. Take action to share interesting insights on your blog. See you in the next article.

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