bitcoin payment

The basic information about Bitcoin Cryptocurrency

Bitcoin cryptocurrency has been known for decades as the oldest and popular cryptocurrency worldwide. Bitcoin cryptocurrency consists of three primary aspects, how it works/ the facts behind its technology, and its utility as bitcoin price.

The history of bitcoin cryptocurrency

Bitcoin cryptocurrency was introduced back in 2009, by a team of developers known as Satoshi Nakamoto. Another unique fact about the Bitcoin network doesn’t have any central governor that controls its operations; additionally, the user does not require mediators to execute financial transactions. Furthermore, BTC cryptocurrency is electronically stored.

Features of BTC cryptocurrency

BTC doesn’t physically exist; it’s independently mined by wealthy individuals who have purposed to do it. Also, it’s maintained and stored using strong cryptography passwords or keys, and that’s why it’s referred to as cryptocurrency. BTC crypto operates in a distributed ledger technology identified as Blockchain, which records transactions done within the BTC network.

The price history of Bitcoin

Since the start of Bitcoin crypto, its price has been rising steadily from $0.30, that was back 2011, and by the time it reached 2017, its prize was $19,783.06. However, the price of bitcoin typically influenced by various factors; no individual can define that. The following are the significant price of bitcoin since it was developed.

2011 to 2012

BTC crypto was first acknowledged internationally by the non-profit virtual rights group recognized as Electronic-Frontier-Foundation. However, later they decided to terminate Bitcoin due to uncertainty regulatory. Then in 2012, it was relaunched with over 1000 merchants who accept it as the ideal payment option.

2013 to 2014

The cost of one BTC gain to $22 in Feb 2013 and later in 2014 its endorsement in the United States from Commodity-Future-Trading-Commission (CFTC) about OTC listing product based on Bitcoin price, which makes the first BTC financial product approved.