How Bitcoin made money

How Bitcoin made money

In July 2010, in the beginning stages, Bitcoin cost only $0.08 for 1 Bitcoin. By February 2011, Bitcoin hit$1.00 per Bitcoin. By July 8th 2011 Bitcoin cost $31.00 for 1 Bitcoin. In September 2017 Bitcoin fell from$5,000 per Bitcoin to $2,900 on September 12 2017, but rose sharply to$5,600 (only a month later). It continued to rise sharply to $8,100 per Bitcoin on November 20th 2017. In less than a month, at its highest point on December 15th, it reached its peak at$17,900 per Bitcoin, but the price fell $13,800 only a week later on December 22nd 2017. As of May 31st 2017, the current Bitcoin value was$7,546.11 per Bitcoin.

A person who invested $100 in Bitcoin in July 2010 would have reached$2,905,970. According to makeuseof.com, “One of the earliest Bitcoin transactions was in 2010, when Florida programmer Laszlo Hanyecz exchanged the 10,000 Bitcoins he had mined for two piping-hot pizzas. If he had held onto them, his coins would have been easily worth over $4 million today.”

Bitcoin has many advantages in day to day life. One major advantage is the fact that Bitcoin transfers can occur any time, even when banks are closed. It only take a few seconds for Bitcoin transfers to take place, and they are settled within an hour, compared to waiting days for a transfer within a bank. Banks also charge additional international fees, but Bitcoin does not.

The charges on Bitcoin transfers are the same whether the transfer is 1 Bitcoin or 500 Bitcoin, causing money to be saved from higher fees being charged through a financial institution. Bitcoin is increasingly being accepted by different places. According to www.makeusof.com, “While Bitcoin ATMS are very much a novelty in most of the world, In Greece they’re about to become mainstream, as according to CNBC, one company has plans to roll out 1,000 of them.” Bitcoin is accepted as payment by companies and places such as Dell Computers, AirBaltic airline tickets, CheapAir (hotel rooms and flights), Expedia (hotels), Bitcoin Coffee, FoldCoffee, PizzaForCoins (Domino’s, Pizza Hut, and Papa John’s), and online sites such as Overstock, TigerDirect, and NewEgg.

According to Forbes.com, “With the price of cryptocurrencies and circulating supply over $370 billion, there are many opportunities to utilize and apply this technology.” A few years ago, Bitcoin was the only cryptocurrency. Now, though, according to www.fool.com/investing, the number of cryptocurrencies was already at 1,658 different types as of March 16th 2018. Of those cryptocurrencies, the largest is Bitcoin, followed by (in order), Ethereum, Ripple, Bitcoin Cash, and Litecoin.

It is very clear to see that the transition to cryptocurrency is inevitable and has already started taken place. With online retailers such as overstock.com and expedia.com accepting Bitcoin, many other large retailers will continue to follow. If you haven’t started investing in Bitcoin and cryptocurrency, it appears that now is the time.

Is Bitcoin and other types of cryptocurrency such as Ethereum, Bitcoin Cash, and Litecoin the future? We most certainly believe so… tell us your thoughts!

@lightreflections