Bitcoin was first revealed to the world in 2008 within a research paper, written by the mysterious Satoshi Nakamoto. The paper outlined the fundamental technical requirements for creating a digital currency. His published work would later become cataclysmic for the pioneers of other cryptocurrencies and decentralised applications.
In 2009, the Bitcoin software was made publicly available, though It was not until 2010 that Bitcoin became tradeable. Initially, Bitcoin was difficult to value; there exist a myriad of stories where token holders were known to exchange their holdings for slices of pizza.
As Bitcoin’s popularity rose, based on an increased public understanding of the technology and its potential to bypass centralised banking systems, so too did its value. Bitcoin’s historical price chart indicates that towards the end of 2010, its value was trading around USD 0.06 and USD 0.29.
In the months that followed, the price continued to rise exponentially, and by the end of 2011, investors who have kept their holding would’ve enjoyed handsome returns, exceeding 5000%.
The price increase of Bitcoin would continue to turn early enthusiasts of the digital currency into millionaires until the end of 2014. In the months that followed, the market experienced a dramatic price correction. With the Bitcoin price slow to recover, it would took almost 2 years for the pioneering token to return to its former height of USD 1,000.00; many investors at the peak of the bull market losing a great deal of money during this correction.
Today, Bitcoin is prevalent in a number of global industries, particularly, those that have been made inefficient, or costly, by intermediaries. Whilst, the application of cryptocurrencies and Blockchain technology continues to expand into different areas of our lives, exchange prices have remained volatile. In December 2017, the Bitcoin price shortly sat above USD 20,000, however, with bullish investor sentiment receding.