Cryptocurrency has been a buzzword for more than a decade since the advent of Bitcoin BTC in October 2008 by an anonymous individual or group “Satoshi Nakamoto”, in a white paper introducing the concept of “payment system peer-to-peer electronic”.
A user named Teppy wrote on Slashdot in July 2010, “How about a disruptive technology,” he enthusiastically quoted his thoughts on BTC as a peer-to-peer, network-based, no-central-bank, no-fee virtual currency transaction without involvement of any governing body. He explains the use of the proof-of-work concept, nodes burn CPU cycles which would ultimately give people “bitcoins”.
Crypto-King BTC has been discussed in several topics and criticisms. Chris DeRose, former co-host of the Bitcoin Uncensored podcast, shared his thoughts with the Financial Times in September 2021, stating that “the difficulty of technology in those days filtered out the technical inept”.
“And this has increased the ability to understand the nuances and cultivate the constructive value of skepticism,” he added.
Stephen Diehl, a cryptosceptic software engineer, once said that “Crypto is essentially an economic cult that taps into very base human instincts of fear, greed and tribalism.”
“However, if you look at bitcoin off screen, what you will see is a decline in merchant acceptance, zero evidence of blockchain implementation or efficiency, and mostly just a lot of promotional events offering cures to whatever ails you. “, he added.
Although its price is volatile, it is rapidly gaining popularity. However, massive fluctuations are the main deterrent.
According to investopedia, BTC price trends have become similar to that of the stock market from November 2021 to June 2022. There are many factors affecting its price, mainly supply and demand. It is a fact that only 21 million BTC can be mined. As the amount of BTC left to mine decreases, the more its value will increase.
Bitcoins are created by mining software and hardware by solving complex mathematical problems for which miners are rewarded with bitcoins. The Russia-Ukraine war, the European energy crisis, the Covid-19 pandemic, etc. they devastated the markets in 2022. BTC hit its all-time high of $68,789.63 on Nov. 10, 2021, according to data from CoinMarketCap, and BTC’s future price is yet to be known.
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