Bitcoin is officially 13 years old. The cryptocurrency that everyone has grown to love, cherish, and respect turned 13 on February 11 of this year after getting mined for the first time on that date in the year 2009.
Bitcoin Turns 13
It was also during that year that the world was introduced to Satoshi Nakamoto, the legendary man behind the number one digital currency by market cap. The e-cash system that now everyone is familiar with was new to traders and investors during this period, and after a little persuasion, they grew to love what has become a modern financial staple of many investment portfolios.
But the journey hasn’t always been an easy one. Bitcoin has gone through many ups and downs and the currency has put traders through the mill on several occasions, a big one occurring between the years of 2017 and 2018. During the former year, bitcoin experienced heavy growth that eventually saw the coin reach a whopping price – or at least whopping back then – of nearly $20K per unit. Everyone felt that the asset had reached its peak and was on top of the universe, but the following year, bitcoin incurred a series of value losses that saw its price dip into the mid-$3,000 range by November.
Several investors lost billions and it seemed that the crypto space was fading out permanently. However, things would pick up about two years later thanks, in large part, to the coronavirus pandemic, which caused a lot of people to view the world of traditional finance in a not-so-positive light.
During this time, governments across the globe kept printing fiat currency like it grew on trees. The idea was that with hard economies, governments would provide residents and citizens with the funds they needed to stay afloat. Whether it was to pay for food, rent, or car insurance, these funds could somehow alleviate some of the problems families were experiencing due to the pandemic.
Still Many Barriers to Overcome
Unfortunately, this has caused serious hikes in inflation over the past year, and as a result, many no longer trust traditional finance the way they used to. They see that standard fiat currencies can lose their value quickly, and thus view bitcoin as something of a hedge tool that can keep their wealth stable and steady during times of economic strife.
The idea behind bitcoin and many other forms of crypto is that they could somehow provide people with the monetary freedom and independence that standard financial institutions were denying them. They could use crypto as a means of purchasing goods and services privately without the knowledge or interference of third parties. However, this has been something of a problem given that bitcoin has been extremely volatile, and many businesses have not been willing to accept it due to fears of losing profit.