Cryptocurrencies or cryptocurrencies have become very popular in the last 2 years. One of the starting points for its presence was the emergence of Bitcoin, the first and most valuable cryptocurrency.
Bitcoin or cryptocurrency investment continues to attract public interest. So what was the actual price of Bitcoin when it was first introduced to the public? Seeing its fantastic value in recent times, it is natural that many people are wondering.
Quoting Time.com, Thursday (7/4/2022), Bitcoin was created in 2009 in the midst of an economic recession. Bitcoin was created to be an electronic peer-to-peer cash system, but has also attracted investors interested in the cryptocurrency as a store of value currency, comparable to gold.
How Bitcoin Works
Bitcoin’s maximum supply is 21 million and that’s all there will be. When a cryptocurrency is released, the creator can set its parameters (how much, rules for buying and selling, how new Bitcoins are added to the market, etc), which cannot be changed after the fact
Locked in from the start, these rules effectively make Bitcoin a truly scarce resource, with a limit to the total amount that will ever be available.
“No one, not the government, not Satoshi himself, can change it now that it’s released, you can’t duplicate Bitcoin, you can’t recreate it,” said Ollie Leech, Editor of CoinDesk, a leading cryptocurrency news outlet.
That’s where the comparison to gold falls a little flat, as gold is constantly entering the market as new ores and pockets are discovered, making it a relatively rare resource.
Bitcoin is also much more transferable and easier to store compared to resources such as gold. If you want to move gold, it will cost a lot of money (armored transport, security, storage costs in secure facilities, etc.). Bitcoins can basically be stored on a USB stick in something known as a cold or hard wallet.
The digital currency Bitcoin is becoming increasingly popular thanks to the many billionaires who buy Bitcoin in large quantities. One of them is Elon Musk, who made a purchase of 1.5 billion US dollars or around IDR 21 trillion in February 2021. Reporting from Pintu Academy, the following is the history of the emergence of Bitcoin and the price when it was first introduced to the public.
History of the emergence of Bitcoin
The price of Bitcoin was first closely related to the history of its emergence. In January 2009, Bitcoin appeared in an internet transaction. The transaction was carried out by a group of developers using the name Satoshi Nakamoto with a Bitcoin user. Previously, Bitcoin was released in 2008 and only became known as open source software the following year.
The Bitcoin concept was published in a white paper written by an anonymous figure under the pseudonym Satoshi Nakamoto. No one knows the true identity of the author or whether it was one person rather than a group of people. Nakamoto admitted that he started the Bitcoin project in 2007. However, he only made it public in 2008 in a report entitled The Cryptography Mailing List.
In the report, he described the digital currency Bitcoin. In the next few years, the Bitcoin exchange system began to develop. Inspired by Wei Dai’s digital currency concept which emerged in 1999, Nakamoto created a more protected security system. They modify the Bitcoin system periodically.
Bitcoin’s Future Potential
Even though it is very volatile, many people are now interested in investing in Bitcoin. Like the action of one of the richest people in the world, Elon Musk, buying Bitcoin after replying to a tweet with Michael Saylor, CEO of MicroStrategy Inc, while also supporting this digital currency. In Indonesia, the government has also started to consider the legality of using cryptocurrency. This is proven by the regulations issued in 2019 which regulate the Technical Provisions for Organizing the Physical Market for Crypto Assets on the Futures Exchange.
To maintain legality, the Commodity Futures Trading Supervisory Agency (BAPPEBTI) has also appointed 13 crypto exchange service providers based on the results of administrative and security selection. Currently, you can make transactions using 229 types of cryptocurrencies that have been recognized in Indonesia. According to experts’ predictions, the value of Bitcoin has the opportunity to continue to rise until it reaches US$397,000 to US$500,000 per coin in 2030. This fantastic figure is certainly not a definite number so the public needs to be careful in responding to it.
