The Rise And Rise Of Bitcoin

7th November 2020

Each year Bitcoin makes new strides in mainstream media, price, adoption, and usability, but where did it all come from? We’re going to explore the rise and rise of Bitcoin, from the very beginning covering all the turbulence along the way to where it might be headed. The powerful cryptocurrency not only dominates the entire cryptocurrency market, but also leads the way when it comes to price trends. Let’s tap into this informative look at Bitcoin.

In The Beginning

Conceptualized by Satoshi Nakamoto in 2008, Bitcoin’s first block, known as the genesis block, was created on 3 January 2009. The concept was released in a white paper on a forum to an audience of developers. While it took a while to catch on, many people were interested, and many more excited about the prospect that this digital cash presented. While Bitcoin introduced the world to digital currency, it also brought a more developed and efficient version of blockchain technology.  

The first time Bitcoin was used for a real world transaction was in May 2010 when a man in Florida traded 10,000 BTC for 2 Papa John’s pizzas. This day is still celebrated in the cryptocurrency community as the start of it all, and a reminder to hodl. In July that same year the cryptocurrency had its first real boost in price increase. The price of one Bitcoin rose from $0.0008 to $0.08 in one day, marking a significant rise in interest. The crypto garnered most of its attention from developers interested in cryptography and users looking to make discreet transactions.

During 2012 and 2013 the cryptocurrency gained some wider attention, with several retailers onboarding Bitcoin as a payment option. With the good also came the bad, as many users started using Bitcoin for illicit transactions. One of the most notorious dark web sites, Silk Road, used cryptocurrencies to maintain a discreet ledger and sold contraband and illegal services. Silk Road was infamously taken down in October 2013 when the FBI concluded an ongoing investigation.  

Bitcoin’s Middle Game

2013 was when the Bitcoin price started reaching new heights, in January 2013 BTC was trading at $13.50. By April it had risen to $220 before dropping down to roughly $70 in April. As more Chinese miners entered the game and more exchanges started opening, BTC climbed up to $1,075 by November that same year. The market was very volatile at this stage, dropping down to $760 by mid December.

In 2014, the successful Bitcoin exchange Mt Gox was hacked, and over 850,000 BTC were stolen. The exchange collapsed and Bitcoin again received negative attention, as well as a 20% price drop at the time, reducing the BTC price to $580. Things got progressively worse as the market went on a gradual decline opening 2015 at $315. Following a mild spike, BTC closed 2015 at $360. The cryptocurrency continued on its upward journey throughout 2016 and hit the $1,000 for the first time in early 2017.

2017 was a wild ride for BTC and all its users. After breaking $1,000 in January, it continued to climb hitting $5,000 in October. By November BTC was worth $10,000 and was back in mainstream media. As more investors wanted in on the incredible gains of this new age currency, the price reached it’s (current) all time high of $20,000 in December 2017. But what goes up, must come down. And down it did as by April 2018 BTC was trading at $7,000 dropping to $3,500 by the end of the year.

The Steady Rise Of Bitcoin

2019 saw a steady rise as Bitcoin climbed back up to $10,000 by June, hitting $12,300 a month later. The price dropped a bit and closed the year at around $7,000. Anyone who lived through 2020 will know the many ups and downs that came with it, although Bitcoin did well to steady itself it was not exempt from the turbulence. Opening that year at $7,000 Bitcoin reached $10,000 a month later and then alongside the stock markets crashed to $5,000 in March. The digital asset did well to recover steadily and by August had climbed up to $12,000. At the time of writing the original cryptocurrency was still climbing and reached $13,600 by November.

The Rise And Rise Of Bitcoin

Never a dull moment, Bitcoin has proven to be a worthy investment, having gone through its fair share of turbulence and wavering market sentiment. As with any new asset class, volatility is to be expected however overall the asset has performed tremendously well, growing over 9,000% in one decade. If you’re itching to get into the crypto markets, effortlessly and securely buy Bitcoin with Tap Global on the user friendly app. Available through Google Play and Apple store, buying Bitcoin has never been this easy.
This year has brought trying times, but through the madness Bitcoin managed to earn a reputation of being a safe haven asset, offering stability when economies and stock markets around it crashed. Everyone from retail investors to freelancers are now looking to Bitcoin with a new level of admiration, paired with peaked interest. Whether using the cryptocurrency as a store of value or a medium of exchange, Bitcoin is the word on everyone’s lips.

How To Buy Bitcoin

An easy and simple way to buy Bitcoin is through Tap Global, the modern alt-banking solution. The app allows you to buy and sell a variety of cryptocurrencies right from your mobile phone. With heavily encrypted data and an iron clad security system, you can rest assured that your digital assets will always be safe and right at your fingertips.

First you’re going to need to download the app from either the Apple Store or Google Play Store. Once you’ve created an account and logged in, you’ll find a quick breakdown of all the important bits you’ll need (see below). When you’re ready, head to step 1 and let’s get started.

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