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The secret history of Bitcoin … a journey from nothing to $ 49,000

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The most popular virtual currency, Bitcoin, broke the barrier of $ 49,000 in early trading on Sunday, amid the growing demand for digital currencies.

On a daily basis since the beginning of this year, Bitcoin has received support from markets in Asia, Europe and North America, and has become an approved currency in many markets, which gave it an official status along with the major real currencies.

These currencies depend on cryptography, as this currency is characterized as a “decentralized currency”, meaning that it is not controlled by anyone but its users, and it is not subject to a censor such as a “government or central bank” like the rest of the currencies in the world.

With the beginning of its official exit into the buying and selling space in the end of 2008 and the beginning of 2009, one US dollar was worth about 1309 bitcoins, while its market value was about $ 1,200, while the currency was not to gain confidence from customers at that time.

The Bitcoin Market was established as a Bitcoin exchange in February 2010 and the first real global dealings using it occurred when 10,000 Bitcoins were paid for a pizza on the Bitcoin forum; At that time, the exchange rate for buying pizza was about $ 25.

The currency began to slowly gain confidence in many markets, to record its price of nearly two dollars by 2011, this slowdown, in some cases, due to technical and technical difficulties for opening digital portfolios, creating an account, and trading operations.

In 2012, the currency became trading in the range of 3 dollars and 50 dollars per unit, with a total number of units in circulation at that time amounted to 1.2 million units, in a currency whose source or nationality is unknown, and without any guarantees.

By the year 2013, Bitcoin was one of nearly 493 virtual currencies around the world, currencies that, with the exception of a few of them, did not gain customer confidence, with the most famous unit of currency by the end of that year amounting to $ 737.

In the US market, the currency crossed the threshold of one thousand dollars during 2013, and the sudden rise of this currency led to central banks in China, France, and India panicking; That year, Apple authorized the circulation of currency use through its apps.

With the currency gaining momentum after 2013, the number of units in circulation rose to about 5.2 million units around the world, but their price fluctuated significantly in the following year 2014, bringing the average price per unit to about $ 320.

The reason for the expansion of the currency purchase in 2014 was due to the fact that online stores accepted Bitcoin as a purchase currency, in addition to universities in the United Kingdom accepting payment of premiums in that currency, while Bloomberg designed an index of currency price movements.

And among the official support and warning of many central banks, the price of the Bitcoin unit fell in 2015 to an average of $ 250, with the increase in the purchase of units around the world, to nearly 8 million units, as the decline is due to the occurrence of a digital wallet hacking and the theft of 19 thousand Bitcoin

The virtual currency regained market confidence, and in 2016 it began to record highs towards $ 1,000 again, and the pace of adoption of the currency as an investment tool accelerated in 2017, to exceed in June of that year the barrier of $ 2,500.

Great confidence and Corona

But confidence in the currency was greater in the second half of 2017, and that year closed at its highest historical level, which reached 19.7 thousand dollars per unit, after which global waves of warnings began, including currency circulation.

In 2018, many Arab and international central banks issued statements warning the public against dealing with Bitcoin, as it is an unmetered and highly volatile currency, and it does not have a legal wall to rely on.

The currency’s price declined to an average of $ 3,500 by the beginning of 2019, but it regained the public’s confidence in it, and the number of companies and entities that adopt the currency as an investment and payment tool increased, and by the end of 2019, it rose to an average of $ 10,000.

In 2020, the currency was hit hard in March due to the outbreak of the Corona virus, before it gained momentum from dealers who found it a feasible investment tool, after the fall of the dollar and the rise of gold to historical levels.

In November 2020, Bitcoin broke its previous record high price of $ 19.7 thousand and crossed the $ 20 thousand barrier for the first time in its history.

He caught the attention of adults

During the current year, Bitcoin has witnessed significant speculation and an increase in trading volume on it, the champion of these speculations was the CEO of Tesla, the American electric car company, Elon Musk.

A document issued by Tesla earlier last week showed the adoption of Bitcoin as part of its investment tools and pumped an investment of $ 1.5 billion, days after the company’s CEO, Elon Musk, made statements about the currency.

This announcement led Bitcoin’s crazy rallies to reach levels of $ 48.9 thousand, its highest historical level on Tuesday (February 9), before it fell near levels of $ 46.5 thousand, and then rose today to 49 thousand.

The number of traded units of the most famous virtual currency in the global market as of this morning reached 18.624 million units out of 21 million, which is the total number of units available for sale and circulation, with a market value of more than $ 905 billion.

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