Bitcoin (BTC) the first open-source, digital cryptocurrency that was developed by a group of unknown independent programmers named Satoshi Nakamoto in 2008. Back in 2017 Bitcoin had an impulsive growth and not only it was all over the news, but even group talks and conversation starters were also about Bitcoin. Social Media were filled with news and facts of bitcoin. The topic of Bitcoin was trending not only among the enthusiasts but with everyone in some way or the other. Some economists and finance professionals warned that rapidly increasing cryptocurrency prices could create a burst of the "bubble."
So just like every other headline grabber, bitcoin too started to vanish from headlines and conversations at a gradual pace. Though it gave a new perspective in trading, still it was not sufficient to make any change in the world economy because in 2018 the Cryptocurrency Crash also known as the Bitcoin crash was the sell-off of most cryptocurrencies from January 2018. The price of Bitcoin fell by about 65 per cent during the month from 6 January to 6 February 2018. Subsequently, nearly all other cryptocurrencies also peaked from December 2017 through January 2018 and then followed Bitcoin. By September 2018, cryptocurrencies collapsed 80% from their peak in January 2018, making the 2018 cryptocurrency crash. By 26 November, Bitcoin also fell by over 80% from its peak, having lost almost one-third of its value in the previous week.
Coincheck, Japan's largest cryptocurrency market was hacked on January 26, 2018, and the loss incurred was the largest ever by an incident of theft, which caused Coincheck to indefinitely suspend trading. On late March 2018 Facebook, Google and Twitter banned the advertisements for initial coin offerings and token sales of cryptocurrencies.
Few Statistical Insights on Bitcoin:
First Block (Bitcoin creation date): 2009-01-09
Blockchain Size (Bitcoin database size): 317.90 GB
Average tweets per day #Bitcoin: 28790
Total Bitcoin (sum of all currently existing Bitcoin): 18,330,976 BTC
Bitcoin's all-time high value: $19,783.06 (December 17 2017)
Though Bitcoin still continues to exist and has a market value, the risk of it going obsolete is imminent with the unprecedented boom in quantum computing. At present trading using Bitcoin has been banned in several nations and a lot of institutions has stopped accepting bitcoin as a mode of payment.
Comments