On Jan 3, 2009, bitcoin officially debuted after what is known as the Genesis Block was mined.
Bitcoin was designed to facilitate the P2P transfer of value in the digital environment by utilizing a decentralized protocol.
In 2021, the token gained significant popularity. In the same year, the token hit its all-time high.
In 2022, Bitcoin experienced several ups and downs because of the fallout of multiple crypto exchanges and macroeconomic factors.
What is known as the Genesis Block was mined. With the creation of the first Bitcoin block, the first batch of 50 BTC came into existence.
Though Satoshi Nakamoto, the pseudonym used by bitcoin's creator or creators, released the bitcoin whitepaper on October 28, 2008, many consider the token's mint date of January 3, 2009, to be its birthday.
Bitcoin, the world’s first and most well-known cryptocurrency, was designed to facilitate the peer-to-peer transfer of value in the digital environment by utilizing a decentralized protocol. In the past few years, the token has gained significant popularity in the crypto industry. So, let's take a closer look at Bitcoin's fourteen years journey.
On October 31, 2008, Satoshi Nakamoto released the Bitcoin whitepaper, Bitcoin: A Peer-to-Peer Electronic Cash System. The document outlined the use of a peer-to-peer network (a blockchain) to develop a digital currency that would run without the participation of third parties such as banks or governments. The Satoshi whitepaper was released in the aftermath of the 2008 global financial crisis, which shook markets and economies worldwide.
On January 3, 2009, the Bitcoin blockchain became a reality, when Satoshi Nakamoto mined the genesis block of Bitcoin (known as Block 0), which carried a reward of 50 BTC. On January 9, 2009, SourceForge hosted the first open-source Bitcoin client, and three days later, the world's first Bitcoin transaction occurred, with Hal Finney, one of Bitcoin's early advocates, receiving 10 BTC from Satoshi Nakamoto.
By late 2012, it was reported that over a thousand merchants, including WordPress, had begun accepting Bitcoin as a payment processing service. In Oct 2013, the world's first Bitcoin ATM was installed in Canada.
In June 2014, Bitcoin's hash rate surpassed 100,000 tera hashes per second for the first time, and Microsoft began accepting Bitcoin for Xbox and Windows software purchases in December of the same year. By early 2015, the total number of merchants accepting Bitcoin had surpassed 100,000.
Bitcoin was making waves, and the momentum accelerated in 2016. Bitcoin's hash rate surpassed 1,000,000 terra hashes per second in January. The 2016 Bitcoin halving enhanced demand while kicking off 2017's legendary record-breaking bull run.
2017 was considered as a watershed moment for Bitcoin. The world's first and top cryptocurrency has continued to gain legitimacy among lawmakers, and financial institutions, solidifying crypto's foothold in the mainstream.
On August 1, 2017, Bitcoin experienced a hard fork, splitting into Bitcoin (BTC) and Bitcoin Cash (BCH) (BCH). Bitcoin's price reached an all-time high of more than $20,000 USD during the peak of its historic bull run that year.
2018 was a challenging year for Bitcoin and cryptocurrencies in general, and the market quickly fell from its December 2017 highs. Lawmakers began enacting stricter regulations, virtually prohibiting Bitcoin trading in some cases, putting a major damper on investor excitement.
While 2019 was a stronger year for Bitcoin, with the price growing overall, the crypto market was nonetheless plagued by volatility, creating worry about Bitcoin's future. The year 2020, remains quite gloomy for the Bitcoin community.
In 2021, Bitcoin hit its all-time high, and in the same year, El Salvador became the first country to designate Bitcoin as the legal currency. The year remains quite bullish for the token’s price and ecosystem.
In 2022, Bitcoin experienced several ups and downs because of the fallout of multiple crypto exchanges and macroeconomic factors. In the same year, Bitcoin's price fell to its lowest level in two years. In addition, the BTC Lightning Network achieved enormous growth and development in the same year.
Experts believe that falling token prices and increasing popularity create an ideal situation for buying and holding BTC in the long run. As per recent reports, the token has also been ranked the most searched cryptocurrency in 2022. This indicates that 2023 will be recognized as a bullish year for the bitcoin community.
The Bitcoin price is currently stuck in a short range-bound movement, oscillating between two distinct levels of $17000 and $16350. This consolidation phase has now lasted more than two weeks, creating concern in the crypto market.
Furthermore, the token price rallied from the $16350 support on December 30th, triggering a new bull cycle inside the restricted range. As a result, the price has risen 2.35% from this support level and is currently trading at $16748.
In addition, the daily chart showed this consolidation phase as a double-bottom pattern. In theory, this bullish reversal pattern consists of two bounces back from a horizontal level, signaling that the price will remain above support. As a result, a post-breakout rally might reach $17300, followed by $18375.
If buyers fail to break over the $17000 level and revert, the present consolidation phase will be extended for fresh trading days. Experts believe that the next few days of BTC trading will be crucial in determining the token's long-term viability.
What are your thoughts on the fourteen years journey of Bitcoin? Do you think Bitcoin will recover all of its losses in 2023? Please share your valuable thoughts in the comment section below.
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