Why Bitcoin Emerged (Why Bitcoin Has a Market)
Why Bitcoin Emerged Bitcoin was born in 2014, initially designed by Satoshi Naka
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Why Bitcoin Emerged Bitcoin was born in 2014, initially designed by Satoshi Nakamoto. On January 3, 2009, at midnight, after reaching a block height of 148,888, Bitcoin was mined. On May 2, 2010, around 4:05 PM, the first cryptocurrency called “Bitcoin” appeared, with over 2,000 nodes participating in the network at that time. On October 17, 2011, at 9:30 AM, a brand new digital token called BTC (Bitcoin) emerged. In early August of 2013, prominent cryptographer and cypherpunk, Hal Finney, announced his involvement in this novel decentralized system, which would become the world’s first electronic cash system without central control. By the end of 2017, due to government disapproval of a ban on Bitcoin and regulatory restrictions, the price of Bitcoin temporarily dropped below $1,000. Since the beginning of 2017 until now, Bitcoin’s price has risen by nearly 80%, and its increase throughout 2020 has exceeded 40%. Why did Bitcoin emerge? Why did Bitcoin’s emergence lead to such a result? Let’s first examine its mechanism. Firstly, it involves computer programs, meaning that computers can generate and verify transactions, but the computational process is not as simple as people imagine. Secondly, it involves blockchain. Since blockchain is a distributed database, anyone can use it to construct data structures or record these codes and upload them onto the internet, and in this situation, all operations are publicly visible. Lastly, it involves the concept of smart contracts.
Why Bitcoin Has a Market
According to cryptoglobe news, Bitcoin has experienced a surge in price in recent months. Starting from the beginning of the year until mid-March, the price of BTC has reached over $60,000. However, as the cryptocurrency market continues to develop and expand, it is also influenced by other factors. These factors include global economic instability, new US sanctions against Russia, and the use of Bitcoin as a means of payment. This indicates that investors are increasingly paying attention to the Bitcoin market as they hope to achieve greater investment returns. Therefore, it is reasonable to believe that Bitcoin’s market value can be attributed to its scarcity.
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