How Bitcoin Gained Dominance over the Decade

Every one in the financial world is familiar with Bitcoin by now. This cryptocurrency is insanely popular and is deemed as one of the best investment options. However, Bitcoin has seen its fair share of ups and downs in the past 10 years. At the beginning of its release in 2009, the concept of cryptocurrencies was completely new and investors weren’t really interested in putting their money in Bitcoins. The value of a Bitcoin that reached over $19,000 in 2017 was fairing for just $0.08 in 2010.

From 2009 to 2019, it has been quite a journey for Bitcoin. There have been some huge ups and downs but it sure has proven out to be the investment of the decade. The first formal Bitcoin exchange market was formed in 2010 allowing the users to trade Bitcoins for cash or stuff. Over time, businesses started accepting payments in Bitcoins and companies started listing Bitcoin as an official payment method making it easier for the currency holders to use their money. The University of Nicosia was the first to accept Bitcoins as a payment method for the tuition fee of students. There have been many allegations of fraud and security issues and with time governments started monitoring and restricting the cryptocurrency transactions. Some governments even amended their financial laws for better regulations.

Bitcoin Competitors

Once Bitcoin started gaining momentum and popularity many competitors started coming up. Some were able to get attention and popularity like Ethereum, Tether, Litecoin, etc. Big tech giants like Facebook have launched their own currency. Facebook’s Libra cryptocurrency offers some incentives over Bitcoins like faster transactions, more acceptibility, etc. However, most of the other cryptocurrencies like CoinEye, Dogecoin, Whopercoin were never adopted by people. In fact, many of these altcoins had serious security issues and are currently facing many lawsuits.

Nonetheless, Bitcoin kept on growing its value. More and more people were interested in understanding Bitcoins and investing in it. Traders invest in Bitcoins to exchange it and make more money.

Bitcoin broke all the records and took the financial world by storm in 2017. It reached the value of $19,783.06 by mid-December. Although Bitcoin sharply dropped within 24-hours this number still remains the highest value ever gained by the Bitcoin but who knows in the upcoming years we can see a new record.

The Bitcoin Timeline

Let us have a look at the rise of Bitcoin, year by year. This infographic by Betway Casino gives a clear picture of the key happenings over the last 10 years that made Bitcoin the investment of the decade. Right after its inception by Satoshi Nakamoto in January 2009 up to 2019 this infographic summarises how Bitcoin made a billion-dollar investment industry.

Bitcoin is a volatile currency and no one can predict the future of this cryptocurrency. The competition is definitely increasing and with its increasing demand and limited supply the growth is predicted to be positive.

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