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Cryptocurrency has been a buzz word 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 “peer-to-peer electronic cash system.”
A user named Teppy wrote on Slashdot in July 2010, “How’s this for a disruptive technology,” eagerly mentioned his thoughts on BTC as a peer-to-peer, network-based virtual currency with no central bank, no transaction fees without involvement of any government body. He explains the usage of proof-of-work concept, nodes burn CPU cycles that would eventually give people with “bitcoins.”
Crypto-King BTC was discussed in several arguments 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 the technology in those days filtered out the technical inept.”
“and this increased the ability to comprehend nuance and cultivate the constructive value of scepticism,” he added.
Stephen Diehl, a crypto-sceptic software engineer, said once 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 the screen, what you’ll see is declining merchant uptake, zero evidence of blockchain deployment or efficiency, and mostly just a lot of promotional events offering cures to whatever ails you,” he added.
Though its price is volatile, it is gaining popularity rapidly. However, massive fluctuations are the leading deterrent.
According to investopedia, BTC price trends have gone similar to those of the stock market since November 2021 till June 2022. There are many factors that affect its price, mainly its supply and demand. It is a fact to be noted, that only 21 million of BTCs can be mined. As the amount of BTC left to be mined falls, the more its value will rise.
Bitcoins are created by mining softwares and hardware by solving complex mathematical problems for which the miners are rewarded bitcoins. The Russia-Ukraine war, Europe energy crisis, Covid-19 pandemic, etc ravaged markets in 2022. BTC touched its all-time high of $68,789.63 on November 10th, 2021, as per the data from CoinMarketCap and the future price of BTC is yet to be known.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
