Bitcoin Milestones Over the Years
Cryptocurrency and Bitcoin have been around for a little over a decade now, and there have been many noteworthy Bitcoin milestones throughout the years, some of which have happened very recently. Bitcoin has made much progress in the 12 years since its founding, and it only continues to grow in popularity.
Many people have been skeptical about Bitcoin and cryptocurrency in general. Some don’t believe in its legitimacy. Others may be intimidated by its seemingly volatile price changes. These hesitations are understandable. Even though there have been some setbacks, and it can be hard to understand sometimes, Bitcoin remains the most popular cryptocurrency around.
Keep reading to learn more about Bitcoin milestones and the path that it may take in the future.
Bitcoin Milestones: A Timeline From Then to Now
The Founding of Bitcoin
Bitcoin is often referred to as the first type of cryptocurrency, but there was an attempt to create something similar around 20 years before Bitcoin’s founding. There was a gas station in the Netherlands that was continuously getting robbed at night. Instead of employing more security, a group of developers created a smartcard that could be used to purchase gas instead of cash, which seems the earliest development of digital currency as we know it today.
There were several other attempts to start cryptocurrency after this as well. In 1998, David Chaum attempted to create something called “Blinded Cash,” which has the same concepts as peer-to-peer exchanges. Sadly, the company DigiCash went bankrupt, but its encryption ideas played an essential role in developing later digital currencies.
Many people tried to create a cryptocurrency in the 90s, but it never fully got off the ground. Another close attempt, also in 1998, was called B-money. Wei Dai did what the founder of Bitcoin would also go on to do and released a whitepaper detailing B-money. Unfortunately, the idea did not gain enough traction and notoriety and could not get off the ground.
The start of Bitcoin and cryptocurrency, as we know it today, happened at the same time. Bitcoin was founded in January of 2009 by Satoshi Nakamoto. The actual names of the person or potential group of people that created Bitcoin is a mystery still to this day, the name Satoshi Nakamoto is a pseudonym. Nakamoto posted a whitepaper outline the concept of Bitcoin, and they also explained blockchain technology.
Bitcoin’s Worth
When Bitcoin was first founded, you couldn’t purchase it at an ATM as you can today. It had to be mined. On January 9th, 2009, the first block of Bitcoin was mined. When Bitcoin mining first began, you could earn 50 Bitcoin for every 1 block mined. This number has decreased exponentially over the years as the prevalence of Bitcoin has grown, and now mining will only get you 6.25 Bitcoin.
There have been many Bitcoin milestones over the last few years, and they started in 2017. In September of 2017, Bitcoin was the highest it had ever been at that time with $5,000. A few months later, in December, it reached 10,000. Unfortunately, at the beginning of 2018, Bitcoin’s worth crashed, and it began a long road to try and get back to normal.
In 2020, Bitcoin fared even worse and had a setback during March, but at the end of December, it managed to rally and be worth $20,000. In 2021, Bitcoin has come back stronger than ever. On January 2nd, Bitcoin reached a record high of $30,000. That number soared even higher on January 7th and hit $40,000. On March 13th, 2021, one year after the catastrophic crash now known as “Black Thursday”, Bitcoin was worth $60,000.
Now that Bitcoin has gained so much popularity, experts predict that Bitcoin will reach $100,000 per Bitcoin by the end of 2021. A third of the people on this expert panel believed that it could even go as high as $120,000. Institutional investment is the main reason that the price could continue increasing.
Bitcoin in the Media
Bitcoin wasn’t mentioned in the media very often until early 2021. Many people had a passing interest in Bitcoin but investing wasn’t as popular as it is today. At the beginning of 2021, a car company made a $1.5 billion investment into Bitcoin, and subsequently, many other large companies began to invest as well.
These investments sparked the widespread interest in Bitcoin, which raised it’s worth. Now that it’s easier than ever to use Bitcoin in your everyday life, more companies are investing, and more people are purchasing not only Bitcoin but all cryptocurrencies.
Bitcoin debit cards, Bitcoin, and other crypto rewards on credit cards and Bitcoin gift cards are just a few of the ways you can use Bitcoin in your everyday life. Many of these new forms of payment were created in 2017 when Bitcoin hit its first milestone. There are even apps that allow you to spend your Bitcoin all over the world. Additionally, converting your currency is not a problem with these apps because many of the apps will automatically convert your currency to the country you’re in. Now that interest has grown, these forms of payment are becoming more valuable and ever-present.
Buy Your Bitcoin with Pelicoin
Now that you know all the essential Bitcoin milestones, you can head on over to your nearest Pelicoin ATM to make your first Bitcoin investment. Pelicoin ATMs are all over the Gulf South, and they are incredibly user-friendly. If it’s your first time buying Bitcoin, you’ll look like a pro when you use one of our machines. Bitcoin will continue to grow in popularity, and if experts are correct, you should start investing now rather than later.
Find one of our many locations and purchase your bitcoin today! If you have any problems, you can always contact us by phone at 855-PELICOIN or by email at support@pelicoin.com; our customer service team would be happy to help you with any questions you may have when starting your cryptocurrency journey.