The Bitcoin journey started in October 2008, as the world was going through one of the worst financial meltdowns ever witnessed. After the collapse of the Lehman Brothers in September 2008, global financial powers had no choice but to implement a lot of economic policies to stop the downfall of the world’s economic infrastructure.
Against the economic policies of the financial powers, one technology wizard called Satoshi Nakamoto wrote a paper called, “Bitcoin: A Peer-to-Peer Electronic Cash System” and got it published. The paper disclosed his plans of bringing forth a currency that could be used as an alternative to everyday money.
The publication was sent to the subscriber’s list of cypherpunk community where it cut across to a lot of readers. Fortunately for Nakamoto, his paper was not noticed by mainstream economists at that time, and in truth, his timing was spot on, there was chaos everywhere.
In the month of January 2009, the first crypto (Bitcoin) was officially launched and so it began. As history have it, Bitcoin was launched for some mere cents, only a handful of persons took it seriously with the belief that someday, it could be the replacement of the world’s real money.
The price of Bitcoin went from a few cents in 2009 to 6,359 USD presently, while late last year, the price historically climbed as high as 20,000 USD.
Where Are We With Cryptocurrency Today?
It’s been ten years since Natoshi published his paper and due to the success of Bitcoin, other digital currencies have sprung up like Ethereum, Ripple, Lite Coin and lots more.
In today’s world, cryptocurrencies have not been fully accepted by the mainstream audience, since it is still regarded as a fringe technology; currently, only a handful of the world’s population makes use of digital currency to pay for digital transactions.