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What Is Bitcoin?

what is bitcoin

Crypto Currencies’ Primary Star Bitcoin

Bitcoin is a decentralized currency that pioneered all cryptocurrencies. It is an open code. It is defined by encrypted anonymous code that is difficult to decipher. It provides a secure environment between transactions as it uses P2P (peer to peer) technology.We will examine Bitcoin, the money known to everyone who does not deal with cryptocurrencies.

What is Bitcoin?

It is the world’s first widely accepted crypto currency. Using Bitcoin, people can securely transfer money over the internet. This coin, which has inspired other altcoins, is considered the ancestor of other coins. Bitcoin is known as the money of the internet. It provides a faster transfer without using payment processors compared to centralized currencies such as Dollar, Euro, Banks etc.. It also allows users to have maximum control over their assets.

Bitcoin History

After the 2008 crisis, Bitcoin-related articles were written by a pseudonymous person or people named Satoshi Nakatomo. Thus, in 2009, Bitcoin, the first decentralized currency, began to be used as a public network. However, since it was the first cryptocurrency issued, “1. It has been called the “Generation Blockchain”. Thanks to its distributed structure, it started to rise against today’s financial order in a very short time.

It’s decentralization also enabled it to be used as a crime tool. Silk Road site, one of the most extraordinary situations of the internet world, took advantage of the fact that Bitcoin could not be tracked and various illegal sales were carried out. However, the US government has seized tens of thousands of Bitcoins. Based on this situation, the Chinese government has banned the use of Bitcoin. But still, Bitcoin has not compromised on its popularity.

what is bitcoin and bitcoin price history

Bitcoin Price History

1. When Bitcoin first came out, that is, in 2009, the value of Bitcoin was $0.000763924433.

2. Its highest value in 2010 was $0.49.

3. In 2011, it was progressing slowly but surely. The highest value was $35

4. In 2012, it experienced a decrease compared to the previous year. The highest value was $ 15.40.

5. In 2013, the highest value was $1,151.00.

6. When we entered 2014, the highest Bitcoin price was $934.21.

7. In 2015, Bitcoin price started to decline. The highest was $461.16.

8. In 2016, the price of Bitcoin was remembered as $ 967.48 for a while.

9. In 2017, there was a butterfly effect for Bitcoin. The highest value was $19,498.68.

10. There was no increase in 2018 compared to the previous year. The highest value was $17,319.19.

11. In 2019, the highest value was $12,686.39.

12. Bitcoin broke the record with $ 28,856.59, the highest value so far in 2020.

13. Its highest value in 2021 was $61,195.3.

14. Although at the times this article was written, 2022 is still not over, the highest value it has seen so far this year is $45,548.

What is the Purpose of Bitcoin?

Actually, the answer to this question is very simple. The mission of Bitcoin, which is currently used in certain things, is to be the currency of choice for all online payments. Moreover, its decentralization, without going through any financial institution, direct seller-buyer relationship, worldwide money transfers are much faster, making its current popularity and future bright. Also, having a public ledger, transparency of all transactions is the main source of trust between users and Bitcoin.

Can Bitcoin Be Used Maliciously?

It is very clear that Bitcoin will be a crime machine in the wrong hands. It is a very common currency to be used in money laundering, especially where the untraceability of money is known. But this can happen with most digital currencies. The illegal business, most commonly known as the Dark Net, where sales are made and the use of Bitcoin as the currency of these sales, “I wonder if it can be used in bad faith?” It gives us the answer to the question.

Questions Answered by the Blog:

  • What is Bitcoin?
  • Bitcoin’s History
  • Bitcoin’s Price History
  • Why Is Cryptocurrency Banned In The Chinese Government?
  • What is the Purpose of Bitcoin?
  • Can Bitcoin Be Used Maliciously?
  • Who Founded Bitcoin?

By Cautron Verse

Cautron Verse from Cautron Software

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