The idea of cryptocurrencies had been around for some time prior to the creation of Bitcoin, but it had never really taken off in a big way. However, in 2008 when Bitcoin first came to light, and in 2009 following the release of the digital currency, suddenly everything changed.
Bitcoin was created by Satoshi Nakamoto – but no one knows who this is. Keeping themselves anonymous, it is unclear as to whether Satoshi Nakamoto is an individual, male or female, young or old, a group of people or even a group of robots, or simply the name of a company. No one knows anything, and while there have been several guesses as to who it is, there has never been anything confirmed.
Satoshi Nakamoto created Bitcoin following a research paper they published titled Bitcoin: A Peer-to-Peer Electronic Cash System. This paper essentially outlined all the need to know information about Bitcoin, how it would work as a cryptocurrency and all the benefits of it being used. It didn’t take very long at all for his Satoshi Nakamoto’s ideas on paper to become a reality.
Since then, Bitcoins growth has been very up and down. It took a while for the trend to catch on; people were unsure about this new currency made entirely from digitally generated code, with no real coins. Other people were intrigued by the idea and liked the fact that it didn’t have any ties to official banks or governments, allowing a sense of freedom and also for all transactions using the currency to be a little speedier than with ordinary money.
Bitcoins value peaked in 2014 before dropping quite rapidly but has been on a steady rise since then. By the end of 2015, the Bitcoin was worth double what it was at the end of 2014, and by the end of 2016, the value had doubled again. Economic experts now expect Bitcoin to keep on doubling in value until one Bitcoin is worth about £2000. However, as with all currencies, the value is ever changing and only time will tell what lies in store for the Bitcoin.