Bitcoin is a digital currency which is used as a medium of exchange. You can receive payments in btc and convert it into the local currency. It was established in 2008 under the name Satoshi Nakamoto. It enables digital transactions on peer-to-peer without need of intermediaries like banks. The transactions are encrypted to ensure integrity and privacy of the business. BTC is a transaction unit used to represent the bitcoin. There exists a public ledger called block chain, which is used to record bitcoin transactions.
The btc price
The btc price is still volatile, and may vary within a short period of time. This is because of its novel nature and being new to most people. The price per btc in US dollars has been varying for years. The peak price per btc was experienced in the year 2017, where it was trading at about $ 20, 000 per btc. The average cost of one btc in April 2020 was around $ 7, 000. However, people have made various transactions through bitcoins. The most common transaction is receiving payments from different countries. Being the world’s first block-chain based cryptocurrency, it is considered as one of the most successful ideas.
Btc price history
A chart showing btc price at different dates.
At its inception, btc price was very volatile, and was trading at very low levels. However, with time, bitcoin became widespread and more people developed trust and used it to make digital transactions. The first transaction was between Nakamoto and one of the people who first adopted bitcoin.
The first real world transaction to be made was in 2010, when a miner used 10, 000 btc to purchase two pizzas from a seller in Florida.
In 2013, bitcoin was well established and the btc price was relatively higher. For instance, in October 2013, 1 btc was trading at about $ 100, while in late October, the price had increased to $ 195. In the proceeding month, one btc was trading at $ 200 while at the end of the same month, the price per btc was over $ 1075. However, some people lacked much trust in bitcoin crypto currency. For this reason, the price per btc reduced.
In January 2014, the bitcoin price settled at about $ 920. This did not last long, because in February 2014, the btc prices were very low. On 4th February 2014, the price per btc was about $920 and again lowered further to an average of $ 580 on the 16th day of February. The decline was estimated to be 32%. Later, there was continuous gradual decline of up to $ 600 in July 2014.
In the beginning of 2015, btc was at one of its lowest trading values. The average price per btc in January 2015 was as low as $ 315. However, in the last quarter of 2015, bitcoin price started rising. On 23rd October, the price was $ 275, rising gradually to $ 460 on the 4th day of November. The value of bitcoin continued rising steadily for the rest of days in 2015.
In 2016, the average cost per bitcoin continued to rise, reaching a record of $ 1000 at the end of the year.
The btc price variations – The year 2017 to 2018
The year 2017 realised great adjustments with respect to the btc value. At the beginning of the year, the btc price increased steadily. For instance, in October 2014, the price per btc was as high as $ 5, 000. The amazing case of the year was in the month of November 2017. In that month, the price per bitcoin had doubled up to $ 10, 000. Similarly, in December 2014, the price per bitcoin had exponentially increased to $ 20, 000. This was so amazing to most people, wondering how that happened.
Sad to mention, the btc price suddenly fall in 2018. Just within a few weeks of 2018, the bts price had fallen down to $ 7, 000. Towards the end of the year, in November 2018, the price was as low as $ 3, 500 per bitcoin.
The resurgence of btc – the year 2019
After a series of tremendous growth and sudden fall of btc in 2017 and 2018, the btc price once again started growing. The btc price had busted to$ 10, 000 in June 2018. However, again this did not last for long as the growth stopped and the drop began once again.
The chart below shows trends in bitcoin prices.
The Year 2020.
At the beginning of 2020,the btc had again increased. It had increased in value, approaching $10, 000. The lower limit for up to March was $ 5000. Since March, the btc price has been rising gradually.
To wrap up
The btc price has a very interesting trend. It behaves like a wave, where there are lows and highs. It is also a very innovative way of conducting electronic payments. Currently, it has gained popularity and it is being adopted by many people across the world. However, one must be keen about the price per btc trends. There are months and weeks of highs as well as lows. It can be a good way of making funds transfer or payments. But when it comes to saving, it needs to be done carefully after extensive research. It seems complicated, but people have already made investments in bitcoin. They have carefully studied the trends of btc price and decided to invest in digital currency. What you need is to have a bitcoin wallet and link it to a credit card. Finally, you may begin bitcoin exchange and transactions. It has therefore become a source of income for some people.
From the trends shown, in can be noted that btc is becoming more popular with time, and it has gained more trust.