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What is Bitcoin?

Bitcoin is the very first cryptocurrency ever. You can think of it as digital currency. With Bitcoin, you can make payments via the internet, among other things. There are no composite factors from third parties influencing this. So you send your Bitcoins directly to another (peer-2-peer).

Bitcoin is the first cryptocurrency based on blockchain technology. Blockchain stands for an online database in which information is stored.

Bitcoin is decentralized and can be securely processed through the blockchain. Within the Bitcoin ecosystem, there is no identifiable point of power. Transactions are also verified in the digital public ledger by miners, and only then stored in the blockchain.

The price history of Bitcoin

In the early stages, an entire Bitcoin was worth only a few dollars. In the years since, this price has risen sharply and reached its peak in November 2021, with a price of almost €57,000 per Bitcoin. Bitcoin has endured several bull runs and bear markets in the past but has seen tremendous growth so far since its launch. Bitcoin is therefore also seen as 'The mother of all cryptos'.

The first commercial transaction

The first commercial transaction took place in 2010 by Laszlo Hanyecz, an American software developer. On May 22, 2010, Laszlo Hanyecz bought two pizzas for 10,000 BTC. If we convert those 10,000 BTC's to euros, we would (at the time of writing this article) receive a decent amount of about 190 million euros. Now it's not about the decent amount he would have received today, but the fact that Laszlo has taken an important first step for Bitcoin as a means of payment.

Since 2009

Bitcoin is the first cryptocurrency and was launched in 2009 by Satoshi Nakamoto.

Mining

Miners monitor all transactions within the Bitcoin network. 6.25 Bitcoins are mined every 10 minutes.

21 million

The number of Bitcoin is limited to 21 million. So no new Bitcoins will ever be created.

When is a good time to buy?

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More about the price of Bitcoin

The breakthrough year

Over time, Bitcoin got more and more publicity. Transitioning from an incredibly nerdy niche to a technological phenomenon. Retailers started using Bitcoin, magazines started getting interested in blockchain technology and the first cryptocurrency brokers were starting to pop up (with of course Anycoin Direct in 2013). The year 2013, can be dubbed as the breakthrough year of the coin. At the start of 2013, the price of one Bitcoin was $22. At the end of 2013, Bitcoin was worth $1,000 USD.

Bankruptcy Mt. Gox

Unfortunately, the Bitcoin price was hit hard by the bankruptcy of Mt. Gox in 2014. Mt. Gox was the biggest Bitcoin exchange during that time. So what happened? The exchange, originally known for Magic the Gathering cards, got hacked and approximately 850,000 bitcoins got stolen. You can imagine that the impact of this event was enormous. This event triggered a wave of hacks that targeted cryptocurrency exchanges. Subsequently, the confidence in cryptocurrencies decreased, causing the price of Bitcoin to decrease as well. Following these events, the price of Bitcoin dropped 32% between the 4th of February and the 16th of February. As a result, the price was drawn back to a value of $300 in January 2015. It took some time for Bitcoin to recover.

All time high price of Bitcoin

In 2017, Bitcoin reached its (at that time) all-time high. At the beginning of 2017, Bitcoin was worth $1,000. A milestone for the crypto world. More retailers started to accept Bitcoin as a way of payment, giving Bitcoin more attention. This was the start of an insanely eventful year. Not only Bitcoin was ready for a rocket fueled launch, the entire crypto market was harvesting enormous amounts of attention. Once the ball started rolling, there was no stopping it. More people wanted in on the ‘hype-train’, resulting in a growing demand. Bitcoin’s rise started getting the on 8'o clock news. Bitcoin was becoming mainstream. The result? A staggering all time high of €20.000 USD.

After the 2017 bull market

After that enormous amount of mainstream interest, the hype became to big. After the price began to dip, people got scared. A snowball effect was created and the price dropped dramatically. In November 2018, the price had dropped from $20.000 to $4.000 and the interest subdued due to so many people making significant losses. It took some time, but in the summer of 2019 the price had crawled back to $10.000. March 2020, on the other hand so another big dip tanking the price to $5.000. You can start to see why Bitcoin has been called ‘extremely volatile’ on numerous occasions. During the autumn of 2020, a resurge had begun pushing the price to $17.000, nearing that all time high of 20k.

A new all time high in 2022

After two relatively calm years, the entire crypto market had a resurgence and it all started (once again) with Bitcoin. In the month of November, the number one climbed and climbed from 14k to 20k. After two years of calm, one exciting November month broke the old 2017 record. A new ATH was set. The months December and the beginning of 2021 were nothing short of amazing for the Bitcoin (and crypto) community. 25k, 30k, 35k, 40k, record after record got broken and the new year has only just begun.

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